/china-portfolio-monitoring

name: china-portfolio-monitoring
description: Track and report on A-share portfolio company performance for China-focused private equity funds. Monitors KPIs, financials, and strategic milestones. Adapted from the original portfolio-monitoring skill for Chinese portfolio companies. Triggers on "A股投后管理", "基金投后监控", "portfolio monitoring China", "monitor portfolio company", "投后报告", or "portfolio company review".

china-portfolio-monitoring

Purpose

Monitor **A股及中国市场投资组合公司表现** — financial performance, operational KPIs, strategic milestones, and risk indicators.

Data Sources

Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)

get_quote(ticker)                        → Stock performance
get_historical_data(ticker)              → Price trend
get_financials(ticker, "income")         → Revenue, profit
get_financials(ticker, "balance")        → Balance sheet health
get_financials(ticker, "cashflow")        → Cash generation
get_stock_info(ticker)                   → Company updates

Secondary Sources

• 巨潮公告 — material announcements
• 业绩说明会 — management updates
• Wind / Choice — ownership, institutional data
• 券商研报 — analyst updates

Workflow

Step 1: Define KPIs by Company

**Financial KPIs (standard):**

| KPI | Frequency | Target / Benchmark | |-----|-----------|-------------------| | Revenue growth (YoY) | Quarterly | >XX% | | Gross margin | Quarterly | >XX% | | Net margin | Quarterly | >XX% | | EBITDA | Quarterly | Growing | | Net debt/EBITDA | Quarterly | <Xx | | FCF | Quarterly | Positive | | ROE | Quarterly / Annual | >XX% |

**Operational KPIs (company-specific):**

| Sector | Key KPIs | |--------|---------| | 白酒 | 批价, 动销, 渠道库存, 回款 | | 半导体 | 产能利用率, 出货量, 良率 | | 新能源 | 装机量, 产能利用率, 技术参数 | | 医药 | 研发进度, 临床数据, 集采中标 | | 消费 | 门店数量, 同店增速, 库存周转 | | SaaS/科技 | ARR, 客户数, NRR, churn |

Step 2: Financial Monitoring

**Quarterly review template:**

【投后监控】[Company] [Q20XX] 回顾

一、财务表现
   营业收入: [XX亿] (YoY: [X%]) [vs plan: +/-X%]
   毛利率: [XX%] (vs plan: +/-X bps)
   净利润: [XX亿] (YoY: [X%]) [vs plan: +/-X%]
   EBITDA: [XX亿] (Margin: [XX%])
   经营现金流: [XX亿]
   资本支出: [XX亿]
   自由现金流: [XX亿]

二、资产负债表
   现金余额: [XX亿]
   有息负债: [XX亿]
   净债务: [XX亿]
   净资产: [XX亿]
   商誉: [XX亿] (% of equity: [XX%])

三、估值跟踪
   Current price: [¥XX.XX]
   Market cap: [XX亿]
   PE (TTM): [Xx]
   vs Entry valuation: [Premium/Discount X%]
   vs Sector median: [Premium/Discount X%]

四、关键运营指标
   [Sector-specific KPIs with trends]

五、重大事项
   [Announcements, management changes, M&A, etc.]

六、风险预警
   [Risk flags, concerns]

七、下一步
   [Actions, meetings, reviews]

Step 3: Strategic Milestones

**Milestone tracking:**

| Milestone | Target Date | Status | Notes | |-----------|-------------|--------|-------| | e.g., New product launch | Q2 2025 | On track | | | e.g., Capacity expansion | Q3 2025 | Delayed | 1 quarter | | e.g., Management hire | Q1 2025 | Complete | | | e.g., IPO filing | Q4 2025 | In progress | |

Step 4: Value Creation Tracking

**Value creation levers:**

| Lever | Status | Impact | |-------|--------|--------| | Revenue growth acceleration | | | | Margin expansion | | | | M&A consolidation | | | | International expansion | | | | Digital transformation | | | | Management upgrade | | |

Step 5: Risk Monitoring

**Red flag indicators:**

| Risk | Indicator | Threshold | Action | |------|-----------|-----------|--------| | 经营现金流 | Operating CF | Consecutive quarters negative | Escalate | | 毛利率 | Gross margin | Decline >500 bps | Review | | 有息负债 | Net debt/EBITDA | >4.0x | Review | | 应收账款 | AR days | >120 days | Review | | 存货 | Inventory days | >90 days | Review | | 股价 | Share price | -30% from entry | Review | | 解禁 | Lock-up expiry | <3 months | Monitor | | 质押 | Pledge ratio | >50% | Flag |

Step 6: Reporting

**Monthly / Quarterly report structure:**

【投后月度/季度报告】[Company]

一、期间概要
   [Executive summary of period]

二、财务更新
   [Financial KPI table with trends]

三、运营更新
   [Operational KPIs, milestones]

四、估值更新
   [Current valuation, mark-to-market]

五、风险与问题
   [Risk flags, mitigation status]

六、下一步行动
   [Board meeting, management call, DD items]

China-Specific Monitoring Considerations

Market Context

| Factor | Monitoring Implication | |--------|----------------------| | 涨跌停 | Price movement constraints | | 北向资金 | Foreign flow trends | | 龙虎榜 | Unusual trading activity | | 政策变化 | Regulatory impact on business | | 行业景气 | Sector cyclical position |

Common Issues in A-share Portfolio Companies

| Issue | Warning Signs | Response | |-------|--------------|----------| | 商誉减值 | Goodwill >30% of equity | Impairment testing | | 应收账款积压 | AR growth > revenue growth | Collections push | | 存货积压 | Inventory days rising | Discounting, write-downs | | 经营现金流差 | CF < Net income repeatedly | Working capital review | | 大股东质押 | Pledge ratio rising | Engagement, covenant | | 关联交易 | Related party revenue high | Monitor for leakage | | 退市风险 | *ST designation, losses | Exit planning |

Value Creation Levers (China-specific)

| Lever | Description | Typical Impact | |-------|-------------|----------------| | 精益管理 | Operational efficiency | 10-20% margin improvement | | 渠道优化 | Distribution optimization | 15-30% revenue uplift | | 数字化转型 | Digital transformation | 20-40% efficiency gain | | 并购整合 | Add-on acquisitions | 20-50% value creation | | 国际化 | Overseas expansion | New growth vectors | | 股权激励 | ESOP implementation | Management alignment | | 品牌建设 | Brand investment | Pricing power |

Quality Checks

Before delivering report:

• [ ] All financial data sourced and current
• [ ] KPIs tracked against targets
• [ ] Milestones updated
• [ ] Valuation current
• [ ] Risk flags addressed
• [ ] Action items clear

> **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`: Skip