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北芯生命披露二轮回复背后:研发人员数量持续下降,销售费用率高于同行
Bei Jing Shang Bao·2025-07-09 13:03

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is undergoing a second round of inquiry for its IPO on the Sci-Tech Innovation Board, with concerns raised about declining net profits, high sales expense ratios compared to peers, and the feasibility of its fundraising projects [1][5][8]. Group 1: Core Technical Personnel Departure - The company has experienced departures of core technical personnel during the reporting period, which has raised concerns regarding its R&D capabilities [3][4]. - The number of R&D personnel has decreased from 151 in 2022 to 109 in 2024, with a notable departure of a key technical staff member, Li Hengwei [3][4]. - The company asserts that the departure of Li Hengwei will not significantly impact its ongoing projects or business operations, as he completed the necessary handover before leaving [4]. Group 2: Sales Expense Growth - The company has seen a significant increase in sales expenses, with figures rising from approximately 75.88 million yuan in 2022 to 109.58 million yuan in 2024, while the sales expense ratio decreased from 82.08% to 34.61% [5][7]. - The sales expense ratio remains substantially higher than the industry average, which was 26.04% in 2022 and 23.25% in 2023 [5][6]. - The company attributes the high sales expenses to the need for extensive market education and promotion of its innovative medical devices, as well as being in the early stages of commercialization [7]. Group 3: Capacity Expansion Feasibility - The company plans to raise 9.52 billion yuan for projects including the construction of a medical device industrialization base and marketing network [8]. - Concerns have been raised regarding the utilization rates of its main products, with FFR system utilization rates at 62.67% in 2022 and IVUS system rates reaching 98.64% in 2024 [8]. - Experts suggest that expanding capacity without sufficient demand could lead to overcapacity and increased costs, emphasizing the need for a clear market demand forecast [8].