爱舍伦IPO：年销2亿片护理垫 短债压力逐年攀升

Core Viewpoint - Jiangsu Aisheren Medical Technology Group Co., Ltd. is undergoing a third-round review by the Beijing Stock Exchange, addressing questions related to product differences compared to competitors, industry competition, and future business growth points [2] Company Overview - Aisheren was established in 2015, focusing on the research, production, and sales of disposable medical consumables for rehabilitation care and medical protection, offering products such as medical care pads, ice bags, surgical gowns, and surgical kits through ODM/OEM methods [4] - The company plans to raise 300 million yuan through its IPO to fund the construction of the Keple Public Health Medical Supplies Industrial Park [4] Financial Performance - From 2021 to 2024, Aisheren's revenue increased from 573 million yuan to 692 million yuan, while net profit declined from 100 million yuan to 81 million yuan, highlighting a revenue growth without profit increase [4] - In the first half of 2025, Aisheren's revenue and net profit growth rates were 44.81% and 11.91%, respectively, with net profit margin decreasing from 17.42% in 2021 to 11.28% [5] Business Model and Client Concentration - Aisheren's business model is centered around large clients and overseas sales through ODM/OEM, with a high client concentration, where the largest client, Medline Group, accounts for over 70% of revenue [5] Cash Flow and Debt Situation - As of June 2025, Aisheren reported a net cash inflow for the first time in five years, with cash balance increasing by 7 million yuan to 80 million yuan; however, short-term interest-bearing loans rose significantly by 85.12% to 224 million yuan, indicating increasing debt repayment pressure [5]