Core Viewpoint - Jianfa Zhixin (301584.SZ) is set to go public on the ChiNext board with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, indicating strong growth potential in the medical device distribution sector [1] Group 1: Business Overview - Jianfa Zhixin primarily engages in direct sales and distribution of medical devices, providing centralized operation services for medical consumables (SPD) to hospitals, and holds a significant market position in the medical device distribution field [1] - The company has established a nationwide distribution network and maintains long-term partnerships with over 100 well-known domestic and international medical device manufacturers [2] - The company has achieved full coverage of the distribution industry chain, connecting manufacturers and end medical institutions, and offers a wide range of direct sales services to over 3,300 medical institutions across 31 provinces and municipalities [1][2] Group 2: Financial Performance - Jianfa Zhixin's projected revenue for 2024 is 17.923 billion yuan, with a net profit of 274 million yuan, and a five-year compound annual growth rate (CAGR) of over 20% in revenue [1] - The revenue composition indicates a strong focus on high-value consumables, with vascular intervention business generating 9.967 billion yuan and surgical medical devices contributing 3.847 billion yuan, totaling over 13.8 billion yuan [2][3] Group 3: Market Position and Growth Potential - The high-value medical consumables market is expected to grow significantly, driven by factors such as an aging population and improved healthcare standards, with the market share projected to reach 16% in 2024 [3][4] - Jianfa Zhixin aims to expand its sales scale in various medical device sectors, including IVD, surgical, oral, and ophthalmic products, while consolidating its high-value consumables business [4] Group 4: Innovation in Business Model - The company has rapidly developed its SPD business model, managing the operation and logistics of medical consumables within hospitals while allowing hospitals to retain selection and procurement rights [5] - By the end of 2024, Jianfa Zhixin has signed contracts with 60 hospitals for its SPD services, managing over 10 billion yuan in medical consumables [5][6] - The SPD model enhances the efficiency of medical consumables management and reduces costs for healthcare institutions, while also creating synergies with the company's direct sales and distribution businesses [6]

Core Viewpoint - The company is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, providing centralized operation services for medical consumables to hospitals [2] Summary by Category Company Overview - The company started its subscription on September 16, with an issue price of 7.05 yuan per share, a pre-issue market value of 25.25 billion yuan, and an issue price-to-earnings (P/E) ratio of 13.29 times, compared to the industry average P/E ratio of 25.73 times [2] Financial Performance - Revenue projections from 2022 to 2024 are 11.88 billion, 15.44 billion, and 17.92 billion yuan, respectively, with a year-on-year growth of 16.06% in 2024 [2] - Net profit for the same period is projected to be 189.2 million, 226.9 million, and 273.8 million yuan, with a year-on-year growth of 20.68% in 2024 [2] - For the third quarter of 2025, the company expects revenue growth of 10% to 15% year-on-year, and net profit growth of 30% to 40%, with non-recurring net profit growth of 26% to 40% [2] Valuation Comparison - In comparison with peer companies, the company's dynamic and static P/E ratios indicate a relatively low valuation, with a dynamic P/E of 10.65 and a static P/E of 13.29 [3] - The company has a total market value of 29.71 billion yuan and a circulating market value of 4.46 billion yuan, with an issue price considered inexpensive [3] Market Sentiment - The company is state-owned, with a 51% shareholding by state-owned enterprises, and the expected price increase on the first day of trading is between 248.1% and 413.5% [3]

Core Viewpoint - The company Jianfa Zhixin (301584.SZ) has initiated its subscription with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.29 times, positioning itself as a national high-value medical device distributor [1] Company Overview - Jianfa Zhixin operates primarily in the direct sales and distribution of medical devices, providing centralized operation services for medical consumables (SPD) to hospitals across China [1] - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and end medical institutions [1] - It offers direct sales services to over 3,300 medical institutions across 31 provinces, municipalities, and autonomous regions in China, with a wide range of product specifications [1] - The company has established a nationwide distribution network, focusing on high-value interventional products, and maintains long-term partnerships with over 100 well-known domestic and international medical device manufacturers [1] Industry Context - The medical device distribution industry is evolving towards channel integration and flattening due to policies like centralized procurement and the "two-invoice system" [2] - The company is leveraging information technology in traditional distribution operations to enhance service capabilities for upstream and downstream clients [2] - Technological innovations include the application of information management and IoT technologies to optimize supply chain efficiency and reduce costs [2] - The company has developed a digital supply chain management system for medical devices, addressing issues like "one product, multiple codes" through unique identification and management [2] Financial Performance - The company reported revenues of approximately 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were approximately 189 million yuan, 227 million yuan, and 274 million yuan [3] - Total assets as of December 31 for 2022, 2023, and 2024 were approximately 90.57 billion yuan, 111.71 billion yuan, and 131.12 billion yuan, respectively [3] - The company's equity attributable to shareholders increased from approximately 10.497 billion yuan in 2022 to 14.812 billion yuan in 2024 [3] - The asset-liability ratio for the parent company rose from 73.92% in 2022 to 79.32% in 2024, while the consolidated asset-liability ratio showed a slight decrease from 87.39% in 2022 to 86.45% in 2024 [3]

Summary of Key Points Core Viewpoint - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. is set to list its ordinary shares on the Shenzhen Stock Exchange's ChiNext board on September 25, 2025, following approval from the Shenzhen Stock Exchange [1]. Company Overview - Stock Name: Jianda Zhixin - Stock Code: 301584 - Total Shares Post-IPO: 421,288,509 shares - Number of New Shares Issued: 63,193,277 shares, with no existing shares being transferred [5]. Industry Context - The company belongs to the "F51 Wholesale Industry" as per the classification by the China Association of Listed Companies [3]. - As of September 10, 2025, the average static P/E ratio for the "F51 Wholesale Industry" was 25.73 times [3]. Financial Metrics - The IPO price is set at 7.05 RMB per share, which corresponds to a diluted P/E ratio of 13.29 times based on the lower of the 2024 net profit attributable to the parent company, excluding non-recurring gains and losses [3]. - This P/E ratio is lower than the industry average of 25.73 times but higher than the average P/E ratio of comparable listed companies, which is 11.27 times, indicating a premium of approximately 17.92% [3]. Market Risks - The ChiNext board is characterized by higher investment risks, including unstable performance, operational risks, and a greater likelihood of delisting [3]. - Investors are advised to be aware of the potential for stock price declines and to assess the reasonableness of the IPO pricing carefully [3].

Group 1: Company Overview - Jianfa Zhixin (301584.SZ) is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, providing centralized operation services for medical consumables to hospitals [1][4] - The company is a subsidiary of Xiamen Jianfa Group, with the State-owned Assets Supervision and Administration Commission of Xiamen City indirectly holding 51.02% of its shares [4] - In 2024, Jianfa Zhixin's revenue is expected to be divided into three main segments: direct sales (110.32 billion CNY, 61.69%), distribution (67.38 billion CNY, 37.68%), and service (1.12 billion CNY, 0.63%) [4] Group 2: Financial Performance - Jianfa Zhixin's initial public offering (IPO) price was 7.05 CNY per share, with a market capitalization of 29.70 billion CNY and an issuance price-to-earnings ratio of 13.29 [2] - The company has a high asset-liability ratio, with figures of 87.39%, 87.19%, and 86.45% from 2022 to 2024, indicating a capital-intensive business model [5] Group 3: Fundraising and Investment Plans - Jianfa Zhixin plans to allocate raised funds as follows: 1.40 billion CNY (28.94%) for information system upgrades, 1.04 billion CNY (21.49%) for centralized operation services, and 2.40 billion CNY (49.56%) for working capital [3] Group 4: Joint Power Company Overview - United Power (301656.SZ) was established in 2016 as a spin-off from the A-share giant Huichuan Technology, focusing on providing power systems for new energy vehicles [6][10] - The company is a leader in the new energy vehicle power system industry, participating in over 20 national standard formulations and providing solutions for more than 40 vehicle manufacturers [10] Group 5: Financial Performance of United Power - United Power's IPO price was 12.48 CNY per share, with a market capitalization of 300.1 billion CNY and an issuance price-to-earnings ratio of 32.87 [6] - The company reported accounts receivable values of 18.5 billion CNY, 36.1 billion CNY, and 56.8 billion CNY from 2022 to 2024, representing 20.37%, 29.38%, and 31.45% of total assets respectively [11] Group 6: Fundraising and Investment Plans of United Power - United Power intends to invest raised funds as follows: 26.12 billion CNY (53.77%) for core component production, 13.23 billion CNY (27.24%) for R&D center construction, and 8.00 billion CNY (16.47%) for working capital [8][9] Group 7: Jin Hua New Material Company Overview - Jin Hua New Material focuses on the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent and hydroxylamine salt sectors [12][16] - The company has a market share of 27.85%, 31.60%, and 38.16% in silane crosslinking agents from 2022 to 2024 [16] Group 8: Financial Performance of Jin Hua New Material - The IPO price for Jin Hua New Material was 18.15 CNY per share, with an issuance price-to-earnings ratio of 11.52 [13] - The company has highlighted potential risks related to market demand fluctuations in downstream industries, particularly in real estate and photovoltaic sectors [17]

Group 1 - The listing ceremony for Shanghai C&D INNOSTIC Medical Technology Group Co., Ltd. is scheduled for September 25, 2025, from 08:55 to 09:30, and will be live-streamed by Quanjing Roadshow [1][3] - Shanghai C&D INNOSTIC, established in 2010 and headquartered in Shanghai, is a member of the C&D Group and operates as a national medical device distributor [3] - The company engages in direct sales and distribution of medical devices and provides centralized operation services for medical consumables to hospitals, maintaining long-term partnerships with over 100 well-known domestic and international high-value medical device manufacturers [3] Group 2 - The agenda for the listing ceremony includes watching a promotional video, speeches from leaders, ringing the opening bell, and a group photo session [3]

上海建发致新医疗科技集团 股份有限公司 （上海市杨浦区杨树浦路 288 号 9 层） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年九月 股票简称：建发致新 股票代码：301584 上海建发致新医疗科技集团股份有限公司 上市公告书 特别提示 上海建发致新医疗科技集团股份有限公司（以下简称"建发致新"、"本公司"、 "公司"或"发行人"）股票将于 2025 年 9 月 25 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与《上海建发致新医疗科技集团 股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明书"） 中的相同。如本上市公告书中合计数与各加数直接相加之和在尾数上存在差异，系由于 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，上海建发致新医疗科技集团股份有限公司（以 下简称"建发致新"、"公司"、"本公司"或"发行人"）发行的人民币普通股股 票将于2025年9月25日在深圳证券交易所创业板上市，上市公告书全文和首次公 开发行股票并在创业板上市招股说明书全文披露于中国证券监督管理委员会指 定的信息披露网站（巨潮资讯网，网址www.cninfo.com.cn；中证网，网址 www.cs.com.cn；中国证券网，网址www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址www.zqrb.cn；经济参考网，网址www.jjckb.cn）， 并置备于发行人、深圳证券交易所、本次发行的保荐人（主承销商）中信证券股 份有限公司的住所，供公众查阅。 所属网页二维码：巨潮资讯网 ，供投资者查阅。 一、上市概况 上海建发致新医疗科技集团股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：中信证券股份有限公司 （一）股票简称：建发致新 （二）股票代码：3 ...

中信证券股份有限公司 关于 上海建发致新医疗科技集团股份有限公司 首次公开发行股票并在创业板上市之 上市保荐书 保荐人（主承销商） 深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年九月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"）接受 上海建发致新医疗科技集团股份有限公司（以下简称"建发致新"、"发行人"或"公司"） 的委托，担任其首次公开发行股票并在创业板上市的保荐人。 中信证券股份有限公司及保荐代表人根据《公司法》《证券法》等有关法律、法规、 中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的 业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真实性、准 确性、完整性1。若因保荐人为发行人首次公开发行制作、出具的文件有虚假记载、误 导性陈述或者重大遗漏，给投资者造成损失的，保荐人将依法赔偿投资者损失。 1注：本文件所有简称释义，如无特别说明，均与招股说明书一致。 1 | 明 声 | 1 | | --- | --- | | 目 录 | 2 | | 一、发行人基本情况 | 3 | | 二、本次发行情况 | 16 | | ...

北京国枫律师事务所 关于上海建发致新医疗科技集团股份有限公司 首次公开发行股票在深圳证券交易所创业板申请上市的 法律意见书 国枫律证字[2022]AN142-47 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 北京国枫律师事务所 关于上海建发致新医疗科技集团股份有限公司 首次公开发行股票在深圳证券交易所创业板申请上市的 法律意见书 国枫律证字[2022] AN142-47号 致: 上海建发致新医疗科技集团股份有限公司（发行人） 根据本所与发行人签订的《律师服务协议书》,本所接受发行人的委托,担 任发行人本次发行上市的专项法律顾问,为其本次发行上市提供相关法律服务。 本所律师依据《公司法》《证券法》《首发注册办法》《上市规则》《证券 法律业务管理办法》《证券法律业务执业规则》等法律、法规、规章和规范性文 件的规定,并按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对发行 人提供的文件和有关事实进 ...