募资“腰斩” 招股书“打架” 联川生物IPO困局何解？

Group 1: Industry Overview - The gene sequencing sector is expected to be one of the hottest segments in the A-share market by 2025, driven by an aging population and supportive policies like "Healthy China 2030" and the "14th Five-Year Plan" for the bio-economy [2] - The domestic gene sequencing industry has seen significant activity in both primary and secondary markets, with 10 gene sequencing companies securing financing since 2025, and the Tonghuashun Gene Sequencing Index rising over 40% from approximately 1280 points to around 1800 points [2] Group 2: Company Profile - Lianchuan Biotechnology - Lianchuan Biotechnology has submitted its IPO application to the Beijing Stock Exchange, aiming to raise 300 million yuan, significantly down from a previous target of 608 million yuan when applying to the Shanghai Stock Exchange [3][9] - The company specializes in various types of gene testing services, including nucleic acid extraction, library preparation, sample testing, and data analysis, indicating a high technical barrier in its operations [3] Group 3: Market Potential - The gene testing research service market in China is projected to grow from 4.68 billion yuan in 2019 to 9.08 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.2%, and is expected to reach 17.43 billion yuan by 2030 [5][6] Group 4: Financial Performance - Lianchuan Biotechnology's revenue has shown rapid growth, with figures of 235 million yuan, 287 million yuan, and 367 million yuan for the years 2022, 2023, and 2024 respectively, alongside net profits of approximately 52.76 million yuan, 53.49 million yuan, and 60.06 million yuan [9] Group 5: Supply Chain Challenges - The company heavily relies on Illumina, which accounted for 32.34% of its procurement in 2022, raising concerns due to recent sanctions against Illumina that restrict its ability to supply products to China [13][15] - The shift from the Shanghai Stock Exchange to the Beijing Stock Exchange for the IPO is attributed to increased uncertainty stemming from these supply chain issues [15] Group 6: R&D Investment - Lianchuan Biotechnology's R&D expenditure has been decreasing as a percentage of revenue, from 13.61% in 2022 to 8.38% in 2024, which is lower compared to competitors like BGI and Novogene [16][17] - The largest portion of the IPO proceeds is planned for the expansion and upgrade of its gene technology products and services platform, amounting to 200 million yuan, which is 66.67% of the total fundraising [18]