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天星医疗转战港股：支柱产品集采后遗症逐步显现 境外依赖与关联交易风险交织
Xin Lang Zheng Quan·2025-09-26 08:53

Core Viewpoint - Tianxing Medical has submitted a listing application to the Hong Kong Stock Exchange, marking its second attempt at going public in two years after a failed IPO on the STAR Market due to the withdrawal of its sponsor [1][2]. Group 1: Financial Performance - Tianxing Medical's revenue grew from 147 million to 327 million from 2022 to 2024, with net profit increasing from 40.34 million to 95.38 million [2]. - In the first five months of 2025, the company achieved revenue of 111 million and net profit of 32.6 million, reflecting a year-on-year growth of 142% [2]. Group 2: Product Dependency and Pricing Pressure - The company's revenue is heavily reliant on implant products, which accounted for 79.8%, 78.2%, and 76.4% of total revenue from 2022 to 2024 [2]. - The average price drop for selected products in the recent national procurement was 60%, impacting the company's financials, with gross margin decreasing from 74.3% in 2023 to 69.6% in 2024 [2]. Group 3: Supply Chain Challenges - Tianxing Medical faces high dependency on foreign suppliers, particularly for core raw materials sourced from DSM Biomedical, with procurement amounts rising from 6.436 million to 14.915 million from 2021 to the third quarter of 2024 [3]. - A contractual dispute arose with DSM Biomedical regarding the disclosure of agreement details, raising concerns about the stability of this supply relationship [3]. Group 4: Related Party Transactions - The company has ongoing transactions with Guangzhou Tianying Precision Tools, controlled by the former shareholder's family, which has been a major supplier since 2020, accounting for 15.80% of purchases in 2024 [4]. - Despite the former shareholder's exit in 2019, the close business ties have raised questions about the fairness of these transactions [4]. Group 5: Ownership and Management Changes - Tianxing Medical was founded in 2017, and its ownership structure has changed significantly, with the actual controller's share dropping from 55% to 4.9% before the STAR Market IPO attempt [5]. - The founder's significant cashing out and changes in control have led to concerns about management's confidence in the company's long-term prospects [6].