Core Viewpoint - Zhongcheng Consulting has successfully passed the listing review by the Beijing Stock Exchange, meeting the issuance, listing, and information disclosure requirements [1] Industry Overview - The engineering consulting market is experiencing steady growth, driven by new urbanization and infrastructure investment, with total fixed asset investment in China increasing from 49.32 trillion yuan in 2020 to 52.09 trillion yuan in 2024 [5] - The demand for engineering consulting services is also being boosted by the rural revitalization strategy, which has led to an increase in rural infrastructure needs [8] - The revenue from engineering cost consulting in China grew from 66.12 billion yuan in 2017 to 114.5 billion yuan in 2022, with a compound annual growth rate (CAGR) of 11.5% [8] Company Situation Performance - Revenue for Zhongcheng Consulting from 2022 to 2024 is projected to be 303 million yuan, 368 million yuan, and 396 million yuan, respectively, with a CAGR of 15.1% [11] - The company's net profit attributable to shareholders for the same period is expected to be 64.36 million yuan, 81.06 million yuan, and 105.39 million yuan, with a CAGR of 27.97% [15] Revenue Structure - Engineering cost consulting is the primary revenue source, consistently accounting for over 50% of total revenue from 2022 to 2024 [13] - In 2024, the revenue breakdown includes: - Engineering cost: 21.01 million yuan (53.26%) - Bidding agency: 3.18 million yuan (8.07%) - Engineering supervision and management: 5.30 million yuan (13.42%) - Whole-process consulting: 4.49 million yuan (11.38%) - Other technical services: 5.47 million yuan (13.87%) [14] Competitive Advantages - Zhongcheng Consulting is one of the early adopters of the whole-process consulting model, which enhances project quality and safety while improving efficiency and reducing costs [16] - The company has invested in R&D, with expenses rising from 14.13 million yuan in 2022 to 20.71 million yuan in 2023, representing 4.66% and 5.62% of revenue, respectively [17] - The company has established a strong presence in Jiangsu Province, with over 96% of its revenue coming from this region from 2022 to 2024 [19] Future Plans - The company plans to raise 200 million yuan through its IPO to fund projects related to engineering consulting service network construction and R&D [22]