爱舍伦IPO之路：境外大客户支撑业绩，汇率影响下降价争订单

Core Viewpoint - The IPO process of Aisheren Medical Technology Group Co., Ltd. has faced setbacks due to the suspension of its listing application by the Beijing Stock Exchange, attributed to the expiration of financial documentation [1] Group 1: Company Overview - Aisheren focuses on rehabilitation care products and surgical infection control products, with a product line that includes medical care pads, medical ice bags, surgical gowns, and surgical drapes [1] - The company plans to raise 300 million yuan through its IPO for the construction of a public health medical supplies industrial park under its wholly-owned subsidiary, Anhui Kaipule Medical Technology Co., Ltd. [1] Group 2: Financial Performance - Aisheren has shown stable revenue growth from 2021 to 2024, with revenues of 573 million yuan, 574 million yuan, 575 million yuan, and 692 million yuan respectively, achieving a revenue growth rate of 20.36% in 2024 [1] - In contrast, comparable companies in the industry, such as Aomei Medical, Zhend Medical, and Jianer Kang, experienced revenue declines in 2023, while Aisheren's revenue increased [1] Group 3: Market Dynamics - The company's growth is significantly supported by its expansion into overseas markets, with a notable increase in sales revenue from the United States [1] - In 2023, Aisheren achieved positive growth in sales revenue from foreign customers, while domestic sales revenue declined, mirroring the performance of some industry peers [1] Group 4: Profitability Challenges - Despite stable revenue growth, Aisheren's profitability is relatively low compared to its peers, with gross margins consistently below the industry average [4] - The decline in gross margin for surgical infection control products is attributed to a decrease in prices following a resolution of resource shortages, while the gross margin for rehabilitation care products fell due to rising raw material costs and price reductions to secure more orders [4] Group 5: Customer Concentration - Aisheren has a high customer concentration, with over 78% of revenue coming from its top five customers, which has been increasing year by year [5] - This high customer concentration may impact the company's profitability, similar to the situation faced by Jianer Kang, which has a comparable gross margin and customer concentration [5] Group 6: Future Outlook - Although the IPO process is currently on hold, Aisheren's stable performance and deep collaborations with global medical device leaders provide a solid foundation for future development [9] - Key challenges for Aisheren moving forward include improving profitability and reducing customer concentration risk [9]