１、网上投资者申购新股中签后，应根据本公告履行资金交收义务，确保其资金账户在２０２５年９月 １８日（Ｔ＋２日）日终有足额的新股认购资金，不足部分视为放弃认购，由此产生的后果及相关法律 责任由投资者自行承担。投资者款项划付需遵守投资者所在证券公司的相关规定。 网上投资者放弃认购的股份由保荐人（主承销商）包销。 登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示 敬请投资者重点关注本次发行的缴款环节，并于２０２５年９月１８日（Ｔ＋２日）及时履行缴款义 务，具体内容如下： ２０２５年９月１８日 ■ 凡参与本次网上定价发行申购建发致新Ａ股股票的投资者持有的申购配号尾数与上述号码相同的，则为 中签号码。中签号码共有４１，７０７个，每个中签号码只能认购５００股建发致新Ａ股股票。 发行人：上海建发致新医疗科技集团股份有限公司 保荐人（主承销商）：中信证券股份有限公司 ２、本次发行的股票中，网上发行的股票无流通限制及限售期安排，自本次公开发行的股票在深圳证券 交易所上市之日起即可流通。 ４、网上投资者连续１２个月内累计出现３次中签后未足额缴款的情形时，自结算参与人最近一次申报 其放弃认购的次日起６个月（按１８０个自然 ...

医疗器械流通行业正经历深刻变革。 当集采常态化压缩中间环节利润、DRG/DIP医保支付改革倒逼医院控费增效时，传统多级分销模式已无法匹配产业升 级需求，资源整合能力与精细化服务正成为行业新竞争内核。 此背景下，国内领先的高值医疗器械流通商——建发致新（301584.SZ），已于近期启动创业板证券发行工作。依托 于覆盖全国的直销及分销网络、自主开发的医用耗材集约化运营（SPD）管理系统，以及从厂商到医院的一体化服务 模式，建发致新已然成为医疗器械流通行业重塑浪潮中的有力领跑者。 不妨就此来深度剖析其背后的业务韧性与成长逻辑。 产业变局：政策重塑与效率革命，踏准发展脉搏 按自上而下的投资逻辑审视，医疗器械流通行业在供需双侧的政策变革推动下，正从单纯的物流中转站升级为供应链 价值整合者。 于供给端，两票制与集采深化持续压缩流通环节。 随着产业链的深度整合成为必然，上下游整合加速，建发致新这类兼具渠道广度、服务深度与数字化能力的流通平 台，正在成为提升整个医疗器械供应链效率和服务质量的关键节点。 核心优势：构建立体壁垒，多维度彰显成长性 例如，国家《治理高值医用耗材改革方案》推行的"两票制"有效减少了流通层级，显著降 ...

Group 1: New Stock Performance - The recent performance of new stocks on the Beijing Stock Exchange remains highly active, with the stock of Sanxie Electric rising by over 860% on its first day of trading, closing up 785.62%, marking the highest first-day increase of the year [1] - Aifenda also saw a first-day increase of 170.03%, with a single subscription yield exceeding 16,000 yuan [1] Group 2: Upcoming IPOs - This week, there are five new stocks available for subscription, including three from the Growth Enterprise Market, one from the Shenzhen Main Board, and one from the Beijing Stock Exchange [3] - The first stock available for subscription on September 15 is United Power, a leader in the new energy vehicle power system industry, collaborating with major automotive brands [1][5] Group 3: Financial Projections - United Power expects to achieve a net profit of 750 million to 900 million yuan in the first three quarters of 2025, representing a year-on-year growth of 31.05% to 57.26% [5] - The projected revenue for United Power in the same period is between 1.4 billion and 1.55 billion yuan, indicating a growth of 30.62% to 44.61% compared to the previous year [6] Group 4: Other Companies' Projections - Jianfa Zhixin anticipates a net profit of 200 million to 222 million yuan for the first three quarters of 2025, reflecting a growth of 30% to 40% [7] - Jin Hua New Materials expects a decline in revenue to 1.063 billion yuan for the full year 2025, down 14.25%, with a net profit of 199 million yuan, a decrease of 5.47% [9] - Rui Li Ke Mi forecasts a net profit of 196 million to 220 million yuan for the first three quarters of 2025, with a growth rate of 11.96% to 25.67% [10][11] - Yunhan Xincheng projects a net profit of 77 million to 80 million yuan for the first three quarters of 2025, with a growth of 38.71% to 44.11% [12][13]

Core Insights - Three companies, Jianfa Zhixin, United Power, and Jinhua New Materials, were listed on September 25, with Jianfa Zhixin being a national high-value medical device distributor, United Power focusing on new energy vehicle power systems, and Jinhua New Materials specializing in fine chemicals [1][3][5]. Group 1: Jianfa Zhixin - Jianfa Zhixin operates as a high-value medical device distributor, providing direct sales and distribution services, and offering centralized operation services for medical consumables [1][2]. - The company is a subsidiary of Xiamen Jianfa Group, with the Xiamen State-owned Assets Supervision and Administration Commission indirectly holding 51.02% of its shares [1][2]. - For 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (11.032 billion, 61.69%), distribution (6.738 billion, 37.68%), and service (112 million, 0.63%) [1]. Group 2: United Power - United Power, established in 2016, is a provider of power systems for new energy vehicles, having been spun off from the industrial automation giant, Inovance Technology [3][4]. - The company is positioned as a leader in the new energy vehicle power system industry, participating in over 20 national standard formulations and providing solutions for over 40 vehicle manufacturers [4][5]. - In 2024, United Power is expected to deliver over 4.5 million power system products, collaborating with major domestic and international automotive brands [4]. Group 3: Jinhua New Materials - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent market [5][6]. - The company's market share for silane crosslinking agents is projected to grow from 27.85% in 2022 to 38.16% in 2024 [6]. - Jinhua New Materials has received multiple honors, including being recognized as a national "little giant" enterprise and participating in the formulation of several national industry standards [6][7].

一、网上申购情况 保荐人（主承销商）根据深交所提供的数据，对本次网上发行的申购情况进行了统计，本次网上发行有 效申购户数为 13,472,178 户，有效申购股数为 105,070,116,500 股，配号总数为 210,140,233 个，配号起 始号码为000000000001， 截止号码为000210140233。 根据《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 板上市发行公告》公布的 回拨机制，由于网上初步有效申购倍数为10,392.17808 倍，高于100倍，发行人和保荐人（主承销商） 决定启动回拨机制，将扣除最终 战略配售数量后本次公开发行股票数量的20%（向上取整至500股的整 数倍，即 10,743,000 股）由网下回拨至网上。 回拨后，网下最终发行数量为32,860,785股， 约占扣除最终战略配售数量后本次发行数量的 61.18%； 网上最终发行数量为 20,853,500 股，约占扣除最终战略配售数量后本次发行数量的38.82%。回拨后本 次网上发行的中签率为0.0198472227%，申购倍数为5,038.48834倍。 二、回拨机制实施、发行结构及网上发行中签 ...

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]