IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

hyzqdatemark 2025 年 08 月 11 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 证券研究报告 | 北交所定期报告 | | --- | 重组胶原蛋白赛道景气度较高，北交所相关标的有锦波生物和三元基因 ——北交所消费服务产业跟踪第二十六期（20250810） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 重组胶原蛋白产品份额不断提升，预计 2027 年零售端规模或将达 1145 亿元。重组 胶原蛋白相较于传统动物来源的胶原蛋白在生物活性、生物相容性、低免疫原性、 降低漏检病原体风险、水溶性、无细胞毒性等方面表现出优越性，重组胶原蛋白产 品份额不断提升，2023 年规模或超过动物性胶原蛋白。中国重组胶原蛋白市场规模 增速较高，根据弗若斯特沙利文数据分析，2019 到 2023 年中国胶原蛋白零售端市 场规模从 168 亿元增至 584 亿元，CAG ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301027 | 华蓝集团 | 16.70 | -17.81% | 35.63万 | | 6.34亿 | | 301505 | 苏州规划 | 22.97 | -4.17% | 12.87万 | | 2.986.Z | | 300492 | 华图山路 | 61.90 | -3.66% | 4.25万 | | 2.55亿 | | 301365 | 矩阵股份 | 19.44 | -3.52% | 6 8.01万 | | 1.57亿 | | 300500 | 启迪设计 | 15.14 | -3.44% | 16.54万 | | 2.54亿 | | 301024 | 霍普股份 | 45.40 | -2.20% | 1.87万 | | 8500.63万 | | 603017 | 中衡设计 | 9.71 | -1.52% | 11.96万 | | 1.16亿 | | 300844 | 山水比德 | 43.53 | -1.20% | 6995.6 ...

Financial Data and Key Metrics Changes - Adjusted EPS grew 25% to $1.62, supported by 7% net revenue growth and significant year-over-year margin expansion [4][6] - Adjusted EBITDA increased by more than 13% to $314 million, with an adjusted EBITDA margin of 14.1%, an increase of 80 basis points year-over-year [14][15] - Consolidated backlog rose 14% year-over-year to a record $22.7 billion, with a trailing twelve-month book-to-bill ratio of 1.2x [15][22] Business Line Data and Key Metrics Changes - Water and Environmental adjusted net revenue grew over 5% in Q3, with expectations for similar growth in Q4 [16] - Life Sciences and Advanced Manufacturing adjusted net revenue also increased approximately 5% in Q3, with anticipated growth in Q4 [16] - Critical Infrastructure adjusted net revenue rose over 6% year-on-year, with Energy and Power being the fastest-growing sector [17] Market Data and Key Metrics Changes - Strong demand in the water sector, with significant project wins in wastewater treatment and environmental modernization [9][12] - Data centers are becoming the fastest-growing submarket, with increased scope in power and water requirements [10][29] - Growth in transportation and energy sectors in Europe and the Middle East, driven by stabilization in government budgets [55] Company Strategy and Development Direction - The company aims to redefine the asset lifecycle, focusing on expanding addressable markets with core clients [8][25] - Continued investment in digital twin technologies and partnerships, such as with NVIDIA, to enhance service offerings [10][30] - The strategy includes leveraging global expertise in capital project execution to meet energy and sustainability goals [12][13] Management's Comments on Operating Environment and Future Outlook - Management feels positive about the operating environment, citing secular growth drivers in various sectors [5][22] - The company expects to build on strong Q3 performance into Q4 and fiscal year 2026, with revenue growth anticipated to exceed fiscal year 2025 [23][24] - Management highlighted the importance of backlog growth and pipeline strength as indicators of future success [25] Other Important Information - Free cash flow for Q3 was $271 million, with significant share repurchases and capital returns to shareholders [20][21] - The company is on track to return over 100% of adjusted free cash flow in fiscal year 2025 [21][22] - The updated outlook for fiscal year 2025 includes adjusted net revenue growth of approximately 5.5% and adjusted EPS in the range of $6 to $6.1 [22] Q&A Session Summary Question: Can you expand on the data center submarket growth? - The company is seeing increased scope in data center projects, including power and water requirements, and is expanding its delivery model to full project delivery [29][30] Question: What is the makeup of the backlog and the expected pace of burn? - The backlog is growing in advanced facilities and water sectors, with longer duration projects expected to provide visibility beyond fiscal year 2026 [32][35] Question: How do you assess the impact of new federal policies on business? - The company sees stability in state and local government spending, particularly in transportation and water, as a net positive for business [40][42] Question: What are the expected one-time costs associated with the separation? - One-time restructuring costs are expected to be between $75 million and $95 million, significantly lower than the previous fiscal year [45][46] Question: What is the outlook for fiscal year 2026 growth? - The company expects growth in fiscal year 2026 to exceed that of fiscal year 2025, driven by life sciences, data centers, and water sectors [49][51] Question: How is the environmental sector performing? - The environmental sector experienced a slowdown but is expected to recover as regulatory environments stabilize [97] Question: What is the status of the investment in PA Consulting? - The dialogue with PA Consulting continues positively, with a focus on performance and synergistic value moving forward [100][101]

Financial Data and Key Metrics Changes - Adjusted EPS grew 25% to $1.62, supported by 7% net revenue growth and significant year-over-year margin expansion [4][6] - Adjusted EBITDA increased by more than 13% to $314 million, with an adjusted EBITDA margin of 14.1%, an increase of 80 basis points year-over-year [13][14] - Consolidated backlog rose 14% year-over-year to a record $22.7 billion, with a trailing twelve-month book-to-bill ratio of 1.2x [14][20] Business Line Data and Key Metrics Changes - In the water and environmental sector, adjusted net revenue grew over 5% in Q3, with expectations for similar growth in Q4 [15] - Life sciences and advanced manufacturing also saw adjusted net revenue growth of approximately 5% in Q3, with data centers becoming the fastest-growing submarket [15][9] - Critical infrastructure adjusted net revenue increased over 6% year-on-year, with energy and power being the fastest-growing sector [16] Market Data and Key Metrics Changes - Strong demand in the water sector, with significant project wins in wastewater treatment and environmental modernization [8][11] - Growth in the cities and places vertical in the Middle East, driven by upcoming major events [52] - Positive trends in the UK and European markets, particularly in transportation infrastructure spending [51] Company Strategy and Development Direction - The company is focused on redefining the asset lifecycle and expanding addressable markets with core clients [7][12] - Continued investment in digital twin technologies and partnerships, such as with NVIDIA, to enhance service offerings in AI data centers [9][10] - The strategy aims to leverage global expertise in capital project execution to meet energy and sustainability goals [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, citing secular growth drivers in various sectors [5][25] - The company expects to build on strong Q3 performance into Q4 and anticipates revenue growth ahead of FY 2025 in FY 2026 [23][25] - Management highlighted the importance of backlog growth and pipeline strength as indicators of future performance [25] Other Important Information - Free cash flow for Q3 was $271 million, with significant share repurchases totaling $653 million year-to-date [20] - The company plans to return over 100% of adjusted free cash flow in FY 2025, supported by a strong balance sheet [20][22] - Adjusted net revenue growth for FY 2025 is now expected to be approximately 5.5% year-over-year [22] Q&A Session Summary Question: Can you expand on the data center submarket growth? - The company is seeing increased scope in data center projects, including power and water requirements, and is expanding from design to full project delivery [28][30] Question: What is the makeup of the backlog and the expected pace of burn? - The backlog is growing in advanced facilities and water sectors, with longer duration projects expected to provide visibility beyond FY 2026 [32][34] Question: How do you assess the impact of new federal policies on business? - Management sees stability in state and local government spending, particularly in transportation and water, as a net positive for the business [40][42] Question: What are the expected one-time costs associated with the separation? - One-time restructuring costs are expected to be between $75 million and $95 million, significantly lower than the previous fiscal year [44][45] Question: What is the outlook for FY 2026 growth? - The company expects growth in FY 2026 to be ahead of FY 2025, driven by life sciences, data centers, and water projects [48][50] Question: How is the environmental sector performing? - The environmental sector experienced a slowdown but is expected to recover as regulatory environments stabilize [95] Question: What is the status of the investment in PA Consulting? - Ongoing discussions with PA Consulting are positive, focusing on performance and synergistic value moving forward [98]

中国经济网北京8月5日讯 北京证券交易所上市委员会2025年第17次审议会议于昨日上午召开。审 议结果显示，中诚智信工程咨询集团股份有限公司(以下简称"中诚咨询")符合发行条件、上市条件和信 息披露要求。这是今年过会的第38家企业(其中，上交所和深交所一共过会22家，北交所过会16家)。 中诚咨询的保荐机构为东吴证券股份有限公司，保荐代表人为陈昌兆、邓红军。这是东吴证券今年 保荐成功的首单IPO项目。 公司致力于为客户提供工程造价、招标代理、工程监理及管理、BIM服务、工程设计等专业技术服 务及全过程咨询服务。 公司控股股东为许学雷，实际控制人为陆俊、许学雷夫妇。截至招股说明书签署日，许学雷直接持 有公司29,109,222股股份，直接持股比例为57.40%，并通过担任诚来恒和诚兴恒执行事务合伙人控制公 司15,000,000股股份，间接控股比例为29.58%，许学雷合计支配公司44,109,222股股份，合计支配公司 86.98%表决权。陆俊虽未持有公司股份，但担任公司董事长、总经理并在公司经营决策中发挥重要作 用。因此，陆俊、许学雷夫妇系公司实际控制人。 中诚咨询拟向不特定合格投资者公开发行股票不超过1, ...

本次冲击上市，中诚咨询拟募集资金约2亿元，扣除发行费用后拟用于工程咨询服务网络建设项目、研 发及信息化建设项目。 在上市委会议现场，上市委要求中诚咨询结合报告期内房地产客户的经营情况、诉讼纠纷、销售金额、 销售回款资金来源、期后回款进度、资金流水核查等情况，说明销售回款是否真实，对房地产客户应收 账款坏账准备计提是否及时、充分、准确。 据了解，中诚咨询主要从事工程造价、招标代理、工程监理及管理、BIM服务、工程设计等专业技术服 务及全过程咨询服务。公司北交所IPO于2023年12月28日获得受理，2024年1月24日进入问询阶段。 北京商报讯（记者 马换换 王蔓蕾）8月4日，北交所官网显示，中诚智信工程咨询集团股份有限公司 （以下简称"中诚咨询"）IPO于当日上会获得通过。 上市委还要求中诚咨询说明信息系统的采购开发流程合规性、创新性及核心竞争优势；说明募投项目中 信息化建设项目的必要性及合理性。此外，说明全过程咨询业务及EPC业务的市场空间；说明盈利预测 结论审慎性，公司业绩波动幅度大于可比公司的原因，是否存在持续下滑风险。 ...

犀牛之星讯，8月4日消息，北京证券交易所上市委员会2025年第17次审议会议结果出炉：中诚咨询（839962）符合发行条件，上市条件和信息披露要求，成 功过会。 犀牛之星APP显示，中诚咨询依托优秀的技术团队及丰富的项目经验，致力于为客户提供工程造价、招标代理、工程监理及管理、BIM服务、工程设计等专 业技术服务及全过程咨询服务。 公司是江苏省创新型中小企业、江苏省民营科技企业、江苏省文明单位、江苏省优秀劳动关系和谐企业、苏州首批新兴服务业领军企业、2023年度苏州市服 务业领军企业、2024年度江苏省省级专精特新中小企业，曾被江苏省科学技术厅评为科技型中小企业，被中国建设工程造价管理协会评为全国工程造价咨询 营业收入百名企业，并被江苏省工程造价管理协会评为AAAAA级企业信用等级，被苏州市发改委评为2024年苏州市服务业数字化转型成效明显企业。 公司工程造价业务典型案例 资料来源：招股说明书 一、工程咨询市场增速较平稳 1.新型城镇化与基建投资驱动行业扩容 工程咨询行业的市场空间与全社会固定资产投资规模密切相关。根据国家统计局公布数据，2020年至2024年我国全社会固定资产投资完成额从49.32万亿元 增 ...

Group 1 - The actual controllers of Zhongcheng Consulting are Lu Jun and Xu Xuele, with Xu holding 86.98% of the shares, while Lu holds none [1] - Zhongcheng Consulting was founded in 2002 and underwent several changes, becoming a joint-stock company in 2016 and listing on the New Third Board [1] - Lu Jun was appointed as general manager and later as chairman within a month of joining the company in 2019 [1] Group 2 - Prior to the IPO, Zhongcheng Consulting identified Lu Jun as one of the actual controllers, violating disclosure regulations and receiving a warning from the Jiangsu Securities Regulatory Bureau [3] - Lu Jun has a significant background, having held key positions in companies under Suzhou High-tech (600736.SH), which is also Zhongcheng Consulting's largest client [3] - Suzhou High-tech Group has been a major client for years, contributing significantly to Zhongcheng Consulting's revenue [3] Group 3 - The initial fundraising plan for the IPO included projects for network construction, R&D, and business expansion, but the updated prospectus removed funding for working capital and EPC business expansion [4] - Zhongcheng Consulting distributed dividends totaling 55.4286 million yuan in 2022 and 2023, with most going to Xu Xuele [4] - The company is facing declining performance, with new orders significantly reduced and both revenue and net profit showing year-on-year declines [4] Group 4 - Despite recent revenue and profit growth, Zhongcheng Consulting faces challenges such as high concentration of business in Jiangsu Province, limiting national expansion [5] - The increasing accounts receivable, which constitute a high proportion of revenue, is putting pressure on the company's cash flow [5] - The company has raised funds multiple times before the IPO to supplement cash flow, raising questions about its financial health [5]

Core Viewpoint - The article discusses the unusual ownership structure and recent regulatory issues surrounding Zhongcheng Consulting Group Co., Ltd., highlighting the significant control held by the chairman's wife and the implications of the chairman's lack of shareholding [3][4]. Group 1: Ownership Structure - Zhongcheng Consulting's actual controller is Xu Xuele, who holds 86.98% of the shares, while her husband, Lu Jun, serves as chairman and general manager but holds no shares [3][4]. - Lu Jun was appointed as general manager in January 2019 and became chairman shortly thereafter, raising questions about the legitimacy of his control [4][6]. - In August 2023, the company retroactively recognized Lu Jun as a co-controller, leading to regulatory penalties for failing to disclose this information [4][8]. Group 2: Client Relationships - Suzhou High-tech Group, where Lu Jun previously held significant positions, is Zhongcheng Consulting's largest client, contributing revenues of 13.78 million, 24.57 million, and 22.92 million from 2022 to 2024, accounting for 4.54%, 6.67%, and 5.79% of total revenue respectively [8][10]. - The relationship between Lu Jun and Suzhou High-tech Group raises concerns about potential conflicts of interest and financial dependencies [10][12]. Group 3: Financial Performance - Zhongcheng Consulting's revenue has shown growth, with figures of 303 million, 368 million, and 396 million from 2022 to 2024, alongside net profits of 64.36 million, 81.06 million, and 105 million respectively [20][22]. - The company has a high level of accounts receivable, with amounts of 141 million, 175 million, and 209 million from 2022 to 2024, representing 46.5%, 47.52%, and 52.83% of total revenue [22]. - Despite healthy cash flow, the company has engaged in multiple rounds of fundraising, raising questions about the necessity of these actions given its financial health [14][19]. Group 4: Regulatory and Market Challenges - The company faces scrutiny from the Beijing Stock Exchange regarding its financial practices and the rationale behind its fundraising efforts [19]. - Zhongcheng Consulting's reliance on a single region for revenue and increasing accounts receivable may pose risks to its future growth and market position [22].