Core Viewpoint - The company, Dongxing Medical, is terminating its IPO fundraising project for the Zihang Medical Device Component Intelligent Manufacturing and Expansion Project due to fluctuations in downstream market demand, and is delaying the completion date for the Weike Medical Minimally Invasive Surgical New Product Project to December 31, 2027 [1][2][7]. Summary by Sections IPO Fundraising Projects - Dongxing Medical announced the termination of the Zihang Medical Device Component Intelligent Manufacturing and Expansion Project and the extension of the Weike Medical Minimally Invasive Surgical New Product Project's completion date to December 31, 2027 [2][7]. - The company raised a net amount of 1.003 billion yuan from its IPO, which was allocated to three main projects [2][3]. Investment Progress - As of May 2025, Dongxing Medical has utilized 171 million yuan of the raised funds, achieving an overall investment progress of only 25.9% [3]. - The investment progress for the Zihang project is 24.6%, while the Weike project is at 16.97%, and the Medical Surgical Instrument R&D Center project is at 30.5% [3]. Financial Performance - Dongxing Medical has experienced a continuous decline in its net profit excluding non-recurring items for three consecutive years, with an overall decrease of approximately 35.5% [6][9]. - The company's revenue and net profit figures from 2021 to 2024 show a downward trend, with a slight recovery in 2024 [8][9]. Market Conditions - The decision to terminate the Zihang project is attributed to changes in market conditions, including intensified competition and a decrease in customer order demand [7]. - The company faces challenges from price drops due to volume-based procurement policies, which have pressured its performance [7]. Stock Performance - As of June 25, Dongxing Medical's stock price closed at 24.77 yuan per share, representing a nearly 44% decline from its IPO price of 44.09 yuan [10].
东星医疗增长乏力扣非三年降35.5% IPO募资仅用26%募投项目一延期一终止