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中达安回复定增审核问询函:剖析经营困境与发展策略
Xin Lang Cai Jing· 2025-09-25 11:52
Core Viewpoint - The company, Zhongda An Co., Ltd., is facing challenges with negative net profit and declining gross margins due to increased competition and macroeconomic factors, but it is taking measures to enhance its operational efficiency and capitalize on new opportunities in the engineering consulting industry [2][3][4]. Financial Performance - The company's net profit attributable to the parent company has been negative for the years 2022 to 2024, with figures of -181.69 million, -7.74 million, and -47.95 million respectively [2]. - Gross margins have decreased from 27.45% in 2022 to 16.97% in 2024, attributed to heightened competition and rising costs in the engineering consulting sector [3]. - The asset-liability ratio has increased significantly from 55.33% in 2022 to 70.69% in 2024, indicating rising debt levels and financial pressure [4]. Operational Challenges - The company is experiencing a decline in revenue from its engineering supervision business due to market saturation and economic slowdowns, but it maintains a strong order reserve and a capable workforce [2]. - The company has implemented strategies to improve service quality, adjust market strategies, and optimize organizational structure to enhance efficiency [2]. Accounts Receivable and Bad Debt Provisions - As of June 30, 2025, the company reported accounts receivable of 231.33 million, with 45.29% aged over one year, and contract assets of 788.02 million, with 61.35% aged over one year [5]. - The company has adequately provisioned for bad debts, with a provision rate of 30.34% for contract assets, which is higher than the industry average [5]. Related Party Transactions - The company has engaged in transactions with its controlling shareholder, Licheng Holdings, for consulting services, which are deemed necessary and fair, although changes in control may affect future transactions [7]. Investment Strategy - The company’s investments in other entities are strategically aligned for business collaboration rather than classified as financial investments, indicating a focus on operational synergies [8]. Revenue and Gross Margin Verification - The company’s internal controls regarding revenue recognition have been verified as effective, with no significant or abnormal changes in revenue or gross margins reported [9].
中诚咨询过会:今年IPO过关第38家 东吴证券过首单
Zhong Guo Jing Ji Wang· 2025-08-05 02:56
Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 38th company to pass the review this year, with a focus on providing comprehensive engineering consulting services [1]. Company Overview - Zhongcheng Consulting aims to offer professional technical services including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1]. - The company is controlled by Xu Xuele and Lu Jun, with Xu holding a direct stake of 57.40% and an indirect stake of 29.58%, giving them a total voting power of 86.98% [1]. IPO Details - The company plans to publicly issue up to 14 million shares, with an option for an additional 2.1 million shares through an over-allotment option, bringing the total potential issuance to 16.1 million shares [2]. - The funds raised, totaling approximately 199.9 million yuan, will be allocated to projects for building an engineering consulting service network and for research and information technology development [2]. Review Opinions - The review committee has requested the issuer to clarify the authenticity of sales returns from real estate clients and the adequacy of bad debt provisions for accounts receivable [3]. - The committee also inquired about the compliance and innovation of the information system procurement process and the necessity of the information technology construction project [4]. Market Position and Performance - The issuer is required to explain the market potential for its comprehensive consulting and EPC (Engineering, Procurement, and Construction) services, as well as the reasons for performance volatility compared to peers [4].
中诚咨询首发获北交所上市委会议通过
Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, aiming to raise funds for various projects including engineering consulting service network construction and business expansion [1] Financial Performance - The company reported revenues of 303 million yuan, 368 million yuan, and 396 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 7.39% in 2024 [1] - Net profits for the same years were 64.36 million yuan, 81.06 million yuan, and 105 million yuan, showing a significant increase of 30.02% in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 39.56 million yuan - Net profit attributable to shareholders: 10.54 million yuan - Basic earnings per share: 2.08 yuan - Weighted average return on equity: 33.87% [1]
中诚咨询北交所IPO过会,公司经营业绩稳定性等问题被追问
Bei Jing Shang Bao· 2025-08-04 13:40
Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. (hereinafter referred to as "Zhongcheng Consulting") has successfully passed the IPO review on August 4, 2023, and aims to raise approximately 200 million yuan for various projects [1] Company Overview - Zhongcheng Consulting specializes in engineering cost, bidding agency, engineering supervision and management, BIM services, and engineering design, providing professional technical services and comprehensive consulting [1] IPO Details - The IPO application was accepted on December 28, 2023, and entered the inquiry stage on January 24, 2024 [1] - The funds raised will be allocated to the construction of an engineering consulting service network, research and development, and information technology projects [1] Regulatory Requirements - The listing committee requested Zhongcheng Consulting to clarify the authenticity of sales receipts, particularly regarding the operating conditions of real estate clients, litigation disputes, sales amounts, and sources of sales receipts [1] - The company must explain the compliance, innovation, and core competitive advantages of its information system procurement and development processes [1] - The necessity and rationality of the information technology construction project within the fundraising plan must be justified [1] - The market potential for comprehensive consulting and EPC (Engineering, Procurement, and Construction) services needs to be detailed [1] - The company is required to provide a cautious conclusion on profit forecasts, reasons for performance volatility compared to peers, and any risks of sustained decline [1]
下周一上会!无经验项目“硬”募资上千万 夫妻档“掏空”分红又来“补血”
Guo Ji Jin Rong Bao· 2025-07-31 16:03
Core Viewpoint - Zhongcheng Consulting is set to undergo a review by the Beijing Stock Exchange for its IPO, aiming to raise approximately 200 million yuan, significantly reduced from the previously planned 330 million yuan [1][2]. Fundraising and Project Allocation - The company plans to allocate the raised funds primarily for the construction of an engineering consulting service network and research and information technology projects, with total investments of approximately 12.3 million yuan and 7.69 million yuan respectively [3][6]. - The initial fundraising plan included an EPC business expansion project with a proposed investment of 70 million yuan, which has now been removed from the updated plan [5][9]. Financial Background - Zhongcheng Consulting has a history of significant cash dividends, distributing a total of 85.43 million yuan from 2021 to 2023, with a substantial portion benefiting the controlling shareholder, Xu Xuele [12][13]. - The company has also maintained a considerable amount in financial products, with a balance of 172 million yuan as of December 31, 2024, indicating a strong liquidity position [11][10]. Regulatory Scrutiny - The Beijing Stock Exchange has raised concerns regarding the rationale behind the fundraising projects, particularly the EPC business expansion, given the company's lack of successful experience in this area [7][8]. - In response to inquiries, the company has emphasized the necessity of expanding into the EPC business due to industry policy support and existing project contracts, although the actual execution capability remains under scrutiny [8][9].
中诚咨询冲击北交所,为江苏苏州工程咨询服务商,面临应收账款回收风险
3 6 Ke· 2025-07-31 11:17
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]
中诚咨询冲击北交所,聚焦工程造价等业务,面临应收账款回收风险
Ge Long Hui· 2025-07-30 08:35
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]
中诚咨询IPO进行时:江苏业务独大,房地产坏账问题凸显
Sou Hu Cai Jing· 2025-07-29 20:03
Group 1 - Zhongcheng Zhixin Engineering Consulting Group is preparing for an IPO on the Beijing Stock Exchange, with its application accepted in December last year and scheduled for review on August 4 this year [1] - The company plans to raise 330 million yuan, primarily for the construction of its engineering consulting service network, R&D and information technology development, EPC business expansion, and to supplement liquidity [1] - Zhongcheng Consulting specializes in engineering consulting services, including project cost estimation, bidding agency, project supervision and management, BIM services, and overall consulting services [1] Group 2 - Despite a high business concentration, Zhongcheng Consulting claims that its regional business concentration aligns with industry characteristics, although its revenue from outside Jiangsu province is limited and growing slowly [3] - The company's accounts receivable have increased from 133 million yuan at the end of 2020 to 209 million yuan by the end of 2024, with a rising proportion of total revenue, indicating slower collection speed compared to peers [3] - The contribution of revenue from real estate clients has decreased by 6.22 percentage points in recent years, indicating a shift in customer structure and a reduction in reliance on the real estate industry [3] Group 3 - Zhongcheng Consulting was founded by Xu Xuele and his wife, with Xu having extensive experience in project cost estimation and supervision, while Lu Jun has held executive positions in multiple companies [7] - Under their leadership, the company has grown to nearly 400 million yuan in annual revenue [7] - The company is actively seeking solutions to address high business concentration, low accounts receivable turnover, and difficulties in collecting payments from real estate clients, with plans to expand its business outside Jiangsu, optimize customer structure, and enhance accounts receivable management [8]