财说｜业绩停滞背后，心脉医疗“内忧外患”

Core Viewpoint - The medical device company, Xinmai Medical, has experienced its slowest growth year since its IPO, with a slight increase in revenue and net profit compared to previous years, indicating a significant downturn in performance and cash flow [1][2]. Group 1: Financial Performance - In 2023, Xinmai Medical reported total revenue of 1.206 billion yuan, a year-on-year increase of 1.61%, and a net profit of 502 million yuan, up 1.96% year-on-year [1]. - The company's revenue and net profit growth rates had previously exceeded 30% from 2020 to 2023, maintaining double-digit growth even in 2022 [1]. - In the third and fourth quarters of 2024, the company saw a decline in revenue to 182 million yuan and 237 million yuan, respectively, and a net profit drop to 150 million yuan and a loss of 5.1 million yuan, compared to the same periods in 2023 [1]. - The net cash flow from operating activities deteriorated sharply, falling from 212 million yuan and 130 million yuan in the first half of 2024 to 33 million yuan and a negative 1.84 million yuan in the third and fourth quarters, respectively [1]. Group 2: Pricing and Regulatory Challenges - The performance issues are closely tied to the pricing controversy surrounding the core product, the Castor® stent, which faced scrutiny from the National Healthcare Security Administration (NHSA) regarding its pricing structure [2]. - The NHSA highlighted that the factory price of the Castor stent was approximately 50,000 yuan, while the hospital procurement price exceeded 120,000 yuan, indicating a markup of over 100% [2]. - Following public and regulatory pressure, Xinmai Medical announced a price reduction for the Castor stent to a maximum of 71,500 yuan, a decrease of 40.42% [2]. - The NHSA's intervention marks a significant shift in regulatory oversight, extending from pharmaceuticals to high-value medical devices, indicating a trend towards increased price transparency and cost control in the industry [3]. Group 3: Market Dynamics and Competition - The domestic aortic stent market is facing challenges of slowing growth and intensified competition, with a domestic market share exceeding 60% [3]. - Despite Xinmai Medical's leading position in the thoracic aortic market, it lags behind foreign competitors like Medtronic in the abdominal aortic segment [3]. - The ongoing centralized procurement initiatives are prompting foreign brands to lower prices, reshaping market dynamics and increasing competitive pressure on domestic players [4]. Group 4: Global Expansion and Strategic Moves - In response to domestic pricing pressures, Xinmai Medical is accelerating its global expansion, with overseas revenue growing by 75% in 2024, marking a first-time revenue contribution of over 10% [5]. - The company has invested 463 million yuan to acquire a 72.37% stake in European medical device company Optimum Medical, aiming to enhance local registration and sales in European and American markets [5]. Group 5: Internal Management and Compliance Issues - Xinmai Medical faced a setback when it lost its high-tech enterprise status due to failure to submit annual development reports for two consecutive years, leading to a tax repayment of approximately 60 to 70 million yuan [6]. - The cancellation of this status resulted in a significant impact on net profit, estimated to exceed 10% of the audited net profit for the most recent fiscal year [6]. - The company has since regained its high-tech enterprise certification, allowing it to continue benefiting from a preferential tax rate of 15% [7]. - However, the incident highlighted weaknesses in internal compliance and governance, raising concerns about management effectiveness and risk control capabilities [7]. Group 6: Research and Development Investment - In 2024, Xinmai Medical significantly reduced its R&D investment by 34.91% compared to the previous year, decreasing from 261 million yuan to approximately 171 million yuan [8]. - The proportion of R&D investment relative to revenue fell from 21.94% to 14.05%, indicating a strategic shift that may enhance short-term performance but could jeopardize long-term competitiveness [8]. - The company's net profit growth was minimal at 1.1%, while the non-recurring net profit saw a substantial decline of 15.3%, reflecting a deterioration in profit quality [8].