china-dd-meeting-prep

Purpose

Prepare for A-share Investment Due Diligence Management Meeting — structured meeting preparation with question lists and material review.

Data Sources

Primary: iFind MCP (Tier-1 paid) / AkShare MCP (Tier-2 free alternative)

get_stock_info(ticker)                        → Company overview
get_quote(ticker)                            → Valuation context
get_financials(ticker, "income")             → Financial performance
get_financials(ticker, "balance")            → Balance sheet
get_industry_stocks(industry="...")           → Peer context

Secondary Sources

CNINFO — company filings
Brokerage research reports — existing research
Public information — news, announcements

Workflow

Step 1: Research the Company

Pre-meeting research checklist:

Item	Source	Notes
Company history	CNINFO annual reports	Founding story, milestones
Equity structure	Annual reports / Qichacha	Ownership, actual controller
Business model	Annual reports, official website	How they make money
Financial performance	AkShare / CNINFO	Trends, quality
Industry position	Industry reports	Market share, positioning
Management background	Annual reports, official website	Experience, track record
Recent developments	Announcements, news	M&A, contracts, disputes

Step 2: Prepare Question List

Categorized questions:

Strategy & Vision (战略)

1. 公司未来3-5年的战略规划是什么？
   - 增长驱动因素：有机增长 vs 并购？
   - 重点发展的业务/区域？
   - 竞争策略是什么？

2. 行业整合怎么看？
   - 公司是否有意参与行业整合？
   - 对竞争对手的评估？

3. 技术/产品路线图？
   - 研发投入计划？
   - 核心技术壁垒？

Financial Performance (财务)

1. 收入增长驱动因素分解？
   - 量 vs 价 vs 产品组合？

2. 毛利率趋势？
   - 原材料成本压力？
   - 提价能力？

3. 资本配置优先级？
   - 分红 vs 再投资 vs 还债？

4. 现金流管理？
   - 经营现金流趋势？
   - 资本支出计划？

5. 债务结构？
   - 有息负债规模和期限？
   - 融资渠道？

Operations (运营)

1. 产能利用率？
2. 供应链管理？
   - 关键供应商？
   - 备选方案？
3. 客户结构？
   - 前五大客户占比？
   - 客户留存率？
4. 质量控制体系？
5. 渠道网络？
   - 经销商管理？
   - 直营 vs 经销？

Management & Organization (管理)

1. 管理层背景和经验？
   - 核心团队 tenure？
   -  succession planning？

2. 组织架构？
   - 关键岗位？
   - 人才流失率？

3. 激励机制？
   - 管理层激励？
   - 员工股权？

4. 企业文化？
   - 价值观, 执行力？

Competitive Position (竞争)

1. 核心竞争优势？
   - 护城河是什么？

2. 主要竞争对手？
   - 如何应对竞争？

3. 进入壁垒？
   - 新进入者威胁？

4. 替代品威胁？
   - 技术替代风险？

Growth & Investment (发展)

1. 增长机会？
   - 新产品/新市场？
   - 国际化计划？

2. 并购策略？
   - 是否有并购计划？
   - 整合能力？

3. 资本支出计划？
   - 未来 CapEx 需求？

Risk & Challenges (风险)

1. 关键风险因素？
   - 行业政策风险？
   - 原材料价格波动？
   - 竞争加剧？

2. 挑战应对？
   - 最担心的竞争对手动作？
   - 最大的 operational challenge？

3. 危机管理？
   - 过去遇到的重大挑战及应对？

Step 3: Prepare Presentation Materials

Materials to request (会前材料):

Company presentation PPT (Company presentation)
Audit reports for the last 3-5 years (Audit reports)
Recent financial projections (Financial projections)
Operational data (Operational data)
Org chart (Org chart)
Product/service overview (Product overview)

Materials to bring:

Question list (organized by category)
Industry overview
Peer comparison data
Financial model questions
Specific concerns to address

Step 4: Meeting Logistics

Meeting structure (typical 2-3 hour):

Time	Segment	Content
0:00-0:15	Opening	Introductions, process overview
0:15-0:45	Management presentation	Company overview by management
0:45-1:45	Q&A	Structured questioning
1:45-2:15	Break / informal chat	Relationship building
2:15-2:30	Wrap-up	Next steps, follow-up items

Step 5: Post-Meeting Actions

Immediate follow-up:

Send thank-you note / follow-up questions
Document key learnings
Update investment thesis based on meeting
Flag any red flags
Schedule next steps

Meeting minutes template:

【管理层会议纪要】[Company] [Date]

参会人员：
  买方：[Names, firms]
  卖方/管理层：[Names, titles]

一、管理层介绍
   [Summary of management presentation]

二、关键问题与回答
   1. [Question]: [Answer summary]
   2. [Question]: [Answer summary]
   ...

三、关键发现
   [Important insights from meeting]

四、红旗事项
   [Red flags or concerns]

五、后续事项
   [Follow-up items, deadlines]

六、投资逻辑更新
   [How meeting impacted thesis]

China-Specific Meeting Considerations

Business Culture

Aspect	Implication
Relationship building	Relationship building important before business
Hierarchy awareness	Address most senior person first
Face culture	Avoid confrontation, read between lines
Indirect expression	"We'll consider it" may mean no
Negotiation style	Patient, relationship-focused

Meeting Best Practices

Arrive on time (punctuality valued)
Bring senior team members (shows commitment)
Prepare bilingual materials if needed
Have local team member present
Be prepared for indirect answers
Read non-verbal cues
Follow up promptly

Key Questions for Chinese Companies

Topic	Specific Questions
Actual controller	Who is the actual controller? Control structure?
Related-party transactions	Related party transactions? Arm's length?
Government relations	Government relationships? Subsidies?
Competitive environment	How do you compete with state-owned peers?
Financing capability	Bank relationships? Credit access?
Internationalization	Overseas expansion plans?
Successor	Succession planning?

Quality Checks

Before meeting:

Company research complete
Question list prioritized
Materials organized
Team roles assigned
Logistics confirmed

After meeting:

Minutes documented promptly
Key findings captured
Follow-ups assigned
Thesis updated
Red flags addressed

Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.

ifind-only (strict): Use iFind only, error if unavailable

ifind-fallback (default): iFind preferred, fallback to AkShare

akshare-only, wind-only (Wind only), wind-fallback (Wind first, fallback to iFind → AkShare): Skip iFind, use AkShare only