Core Viewpoint - Guangdong JianKe, established on December 25, 2013, is a leading service provider in the construction engineering inspection and testing sector in China, set to be listed on the Shenzhen Stock Exchange on August 12, 2025 [1] Group 1: Business Performance - In Q3 2025, Guangdong JianKe achieved a revenue of 724 million yuan, ranking 9th in the industry, below the industry leader Huace Testing's 4.702 billion yuan and the second-ranked Guangdian Measurement's 2.416 billion yuan, and also below the industry average of 981 million yuan [2] - The main business composition includes: construction and municipal services at 361 million yuan (72.84%), water conservancy at 39.52 million yuan (7.97%), safety production at 39.36 million yuan (7.93%), energy conservation and environmental protection at 28.27 million yuan (5.70%), transportation at 21.99 million yuan (4.43%), and others at 5.59 million yuan (1.13%) [2] - The net profit for the period was 13.73 million yuan, ranking 16th in the industry, significantly lower than Huace Testing's 810 million yuan and Zhonggang Tianyuan's 260 million yuan, as well as below the industry average of 101 million yuan and the median of 56.59 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Guangdong JianKe's debt-to-asset ratio was 21.04%, lower than the industry average of 26.67%, indicating strong solvency [3] - The gross profit margin for the period was 43.56%, up from 40.76% in the previous year, and higher than the industry average of 43.39%, reflecting strong profitability [3] Group 3: Management and Shareholder Information - The chairman, Chen Shaoxiang, has a salary of 798,300 yuan for 2024, while the general manager, Yang Shichao, has a salary of 769,400 yuan [4] - As of September 30, 2025, the number of A-share shareholders decreased by 51.21% to 31,400, with an average holding of 2,192.75 shares, an increase of 104.97% [5] - The company is backed by the Guangdong Provincial State-owned Assets Supervision and Administration Commission and has established a high-quality talent team with advanced laboratories and equipment [5] Group 4: Future Projections - According to Huajin Securities, the company is projected to achieve revenues of 1.072 billion yuan, 1.154 billion yuan, and 1.197 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 103 million yuan, 99 million yuan, and 107 million yuan [5] - For the first half of 2025, the company anticipates a revenue growth of 3.26% year-on-year to 709 million yuan and a net profit increase of 1.05% to 102.3 million yuan [5]

Core Insights - Guangdong JianKe's stock price remained unchanged at 0.00% on October 13, with a trading volume of 128 million yuan [1] - The company experienced a net financing outflow of 536,700 yuan on the same day, with total financing and margin trading balance reaching 114 million yuan [1] - The company reported a revenue of 502 million yuan for the first half of 2025, a year-on-year decrease of 3.95%, while net profit attributable to shareholders increased by 2.74% to 33.55 million yuan [2] Financing Summary - On October 13, Guangdong JianKe had a financing buy-in amount of 13.92 million yuan, with a current financing balance of 114 million yuan, accounting for 5.66% of the circulating market value [1] - The company had no short-selling activity on October 13, with zero shares sold or repaid [1] Company Profile - Guangdong JianKe, established on December 25, 2013, is located in Tianhe District, Guangzhou, Guangdong Province, and specializes in inspection and testing technology services in the construction engineering sector [1] - The company's main business revenue composition includes: construction and municipal projects (72.84%), water conservancy (7.97%), safety production (7.93%), energy conservation and environmental protection (5.70%), transportation (4.43%), and others (1.13%) [1] Shareholder Information - As of August 12, Guangdong JianKe had 64,400 shareholders, an increase of 93,189.86% compared to the previous period, with an average of 1,069 circulating shares per shareholder [2]

Core Insights - Guangdong JianKe's stock price increased by 0.70% on September 11, with a trading volume of 183 million yuan [1] - The company reported a net financing purchase of 13.58 million yuan on the same day, with a total financing and securities balance of 136 million yuan [1] - The company's main business involves inspection and testing technology services in the construction engineering sector, with revenue contributions from various segments [1] Financing Summary - On September 11, Guangdong JianKe had a financing purchase of 31.64 million yuan, with a current financing balance of 136 million yuan, accounting for 6.25% of the circulating market value [1] - There were no securities sold or repaid on that day, resulting in a securities balance of 0 [1] Shareholder Information - As of August 12, the number of shareholders for Guangdong JianKe reached 64,400, an increase of 93,189.86% compared to the previous period [2] - The average circulating shares per shareholder stood at 1,069 shares, with no change from the previous period [2] Financial Performance - For the first half of 2025, Guangdong JianKe reported an operating income of 502 million yuan, a year-on-year decrease of 3.95% [2] - The net profit attributable to the parent company was 33.55 million yuan, reflecting a year-on-year growth of 2.74% [2]

Core Viewpoint - Guangdong JianKe experienced a decline of 0.47% on September 5, with a trading volume of 230 million yuan, indicating a challenging market environment for the company [1] Financing Summary - On September 5, Guangdong JianKe had a financing buy-in amount of 9.39 million yuan and a financing repayment of 18.63 million yuan, resulting in a net financing outflow of 9.24 million yuan [1] - As of September 5, the total financing and securities lending balance for Guangdong JianKe was 120 million yuan, with the current financing balance accounting for 5.50% of the circulating market value [1] Securities Lending Summary - On September 5, there were no shares repaid or sold in the securities lending market for Guangdong JianKe, resulting in a selling amount of 0.00 yuan and a remaining balance of 0.00 yuan [1] Company Overview - Guangdong JianKe, established on December 25, 2013, is located in Tianhe District, Guangzhou, Guangdong Province, and specializes in inspection and testing technology services in the construction engineering sector [1] - The company's main business revenue composition is as follows: inspection and testing (98.65%), other services (0.85%), and supplementary services (0.50%) [1] Financial Performance - For the first half of 2025, Guangdong JianKe reported an operating income of 502 million yuan, a year-on-year decrease of 3.95%, while the net profit attributable to shareholders was 33.55 million yuan, reflecting a year-on-year increase of 2.74% [1] - As of August 12, 2025, the number of shareholders for Guangdong JianKe reached 64,400, representing a significant increase of 93,189.86% compared to the previous period, with an average of 1,069 circulating shares per person [1]

Core Viewpoint - Guangdong Provincial Academy of Building Research Group Co., Ltd. (hereinafter referred to as "Guangdong Jian Ke") is preparing for its initial public offering (IPO) on the ChiNext board, with a focus on providing high-tech services in the construction engineering field, particularly in inspection and testing [1][2]. Group 1: Company Overview - The registered capital of Guangdong Jian Ke is 31.39 million yuan, and it was established on December 25, 2013, with its shares incorporated on December 16, 2014 [1]. - The company is recognized as a large-scale construction technology service provider in Guangdong Province and has received multiple national honors, including "National High-tech Enterprise" and "National Model Enterprise for Scientific and Technological Reform" [2][3]. Group 2: Main Business and Services - Guangdong Jian Ke's primary business involves inspection and testing technology services in the construction engineering sector, which is a key area supported by the national government [3][4]. - The company has developed over 4,100 recognized testing standards and holds various qualifications, including comprehensive Class A qualifications for highway engineering and all five categories of Class A qualifications for water conservancy engineering [3][4]. Group 3: Technological Capabilities - The company emphasizes technological research and development, having established multiple provincial and national-level innovation platforms, including the only national green building quality inspection and testing center in South China [5][6]. - Guangdong Jian Ke has participated in over 20 national scientific and technological projects and has received 89 national and provincial-level scientific and technological awards [6][7]. Group 4: Industry Impact and Recognition - The company has provided inspection and testing services for major projects such as the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport, contributing to significant economic and social benefits [6][7]. - Guangdong Jian Ke has been awarded titles such as "National AAA Credit Enterprise in the Construction Industry" and "National Green Building Pioneer Award," reflecting its strong reputation in the industry [6][7].

Core Viewpoint - Guangdong JianKe is launching an IPO with a subscription price of 6.56 yuan per share, which is lower than the industry average P/E ratio, indicating a potential investment opportunity [1] Company Overview - Guangdong JianKe focuses on inspection and testing technology services in the construction engineering sector, covering various areas such as municipal, transportation, water conservancy, energy conservation, environmental protection, and safety production [1] - The company has undertaken significant projects including the Hong Kong-Zhuhai-Macao Bridge and Guangzhou Baiyun International Airport [1] Financial Performance - Revenue for 2022, 2023, and projected 2024 is approximately 1.072 billion, 1.154 billion, and 1.197 billion yuan respectively, with inspection and testing services accounting for over 98% of total revenue [2] - Net profit for the same years is reported as 102 million, 98 million, and 105 million yuan, with a gross margin of 48.44%, 47.72%, and 48.44% respectively [2] - The decline in net profit in 2023 is attributed to increased credit and asset impairment losses, along with a slight decrease in gross margin [2] Key Financial Data - For 2024, the projected operating income is 119.74 million, with net profit expected to be 105.47 million [3] - In Q1 2025, the company reported an operating income of 20.23 million, showing a slight increase, but a net loss of 14.29 million, reflecting a 34.32% decline year-on-year [5] Risks - The company faces risks related to revenue concentration in Guangdong, with over 97.45% of revenue coming from this region, which may increase competition and impact growth [6] - There are concerns regarding accounts receivable and contract assets, with significant amounts at risk due to the slowdown in the real estate sector and long settlement cycles for large projects [6] Fundraising and Investment Plans - The IPO aims to raise 480 million yuan, which will be allocated to the construction of an innovation technology research institute and the establishment of a testing and marketing service network [7]