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建发致新:深耕医疗器械流通领域多元布局筑牢“护城河”

Core Viewpoint - Jianfa Zhixin has successfully listed on the Shenzhen Stock Exchange's ChiNext board, achieving a closing price of 36.56 yuan per share on September 25, with a remarkable increase of 418.58% and a total market capitalization of approximately 15.4 billion yuan [1] Company Overview - Established in 2010, Jianfa Zhixin primarily engages in the direct sales and distribution of medical devices, providing centralized operation services for medical consumables to terminal hospitals [1] - The company offers direct sales services for over 10,000 types of products to more than 3,300 terminal medical institutions across 31 provinces and regions in China [2] Market Position and Financial Performance - Jianfa Zhixin has become a leading enterprise in the vascular intervention device distribution industry, with a market share of 16.47% in 2023 [2] - The company's revenue figures are projected to be 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan for the years 2022, 2023, and 2024, respectively [2] - Revenue from vascular intervention devices for the same years is expected to be 7.583 billion yuan, 9.205 billion yuan, and 9.967 billion yuan, accounting for 63.90%, 59.72%, and 55.73% of total revenue [2] Product Line and Business Strategy - The company adopts a diversified layout strategy, expanding into various medical device segments such as IVD, surgical, and ophthalmic devices while leveraging its expertise in vascular intervention [3] - Jianfa Zhixin emphasizes innovation in medical device distribution, aligning with national policies that encourage the development of innovative medical devices [3] Integrated Management Approach - The company has established a "national integrated medical device distribution hub," collaborating with numerous manufacturers and over 3,300 key hospitals [3] - Jianfa Zhixin's unique advantage lies in its vertically integrated management, supported by self-developed core business systems that enhance digital transformation [4] Information Technology and Digitalization - The company has focused on information technology and IoT to build a digital supply chain management system for medical devices [6] - Jianfa Zhixin has implemented a unique identification management system (UDI) to address challenges in traditional distribution processes, ensuring effective control over logistics, financial flows, and information [6] Fundraising and Future Plans - The funds raised from the IPO will be allocated to information system upgrades, centralized operation services for medical consumables, and working capital, with planned investments of 140 million yuan, 104 million yuan, and 240 million yuan, respectively [7] - The company aims to enhance its refined and intelligent management capabilities to support its rapidly expanding business scale and improve service quality [7]