建发致新IPO：净利率持续下跌逼近1%，分销模式收入占比持续升高背后疑有“猫腻”

Core Viewpoint - The pharmaceutical industry in China is facing significant challenges in IPOs, with only five new drug companies expected to list in 2024, a sharp decline compared to previous years. The only remaining candidate on the ChiNext board is Jianfa Zhixin Medical Technology Group Co., Ltd., which has faced delays in its registration process with the CSRC for nearly 1.5 years [2][3]. Company Overview - Jianfa Zhixin primarily engages in the wholesale of medical devices, boasting substantial revenue of over 10 billion yuan. However, its profitability is concerning, with a gross margin consistently below 10% and a net profit margin nearing 1% [2][4]. - The company has not progressed to the registration stage with the CSRC, likely due to its lack of innovation and issues such as absence of patents and abnormal increases in R&D expenses [2][4]. Financial Performance - Jianfa Zhixin's revenue for the years 2020 to 2023 (first half) was 8.542 billion yuan, 10.024 billion yuan, 11.882 billion yuan, and 7.499 billion yuan, respectively, with net profits of 168 million yuan, 176 million yuan, 189 million yuan, and 103 million yuan [4][11]. - The company's gross margins for the same periods were 6.12%, 7.02%, 7.71%, and 7.72%, indicating a persistent struggle to meet the entrepreneurial board's standards [4][5]. Market Position and Competition - Jianfa Zhixin operates in a low-margin, low-value-added segment of the medical device distribution industry, which contradicts the ChiNext's focus on growth-oriented innovative enterprises [3][9]. - Compared to its peers, Jianfa Zhixin's gross margin is significantly lower, with competitors like Guoyao Holdings and Jiuzhoutong averaging gross margins above 8% [5][6]. R&D and Innovation Concerns - The company has faced scrutiny regarding its R&D expenditures, which have surged from 2.7035 million yuan in 2020 to 16.0078 million yuan in the first half of 2023, raising questions about the authenticity of these expenses [12][13]. - Jianfa Zhixin lacks patents and has only a few software copyrights, leading to doubts about its innovation capabilities. The majority of its R&D spending appears to be on outsourced projects rather than internal development [12][15]. Regulatory Challenges - The company has been questioned by regulators about its compliance with the ChiNext's innovation requirements, particularly regarding its R&D spending and the nature of its business model, which does not involve direct product development [12][16]. - Jianfa Zhixin's significant increase in R&D personnel and expenditures has raised suspicions of "last-minute" efforts to meet regulatory standards, especially given its lack of tangible innovation outputs [15][17].