IPO雷达｜北交所二问睿健医疗：向印度乐普销售存利益输送嫌疑？实控人向销售总监转款1640万元未还？账上资金近5亿元仍拟募资？

Core Viewpoint - The Beijing Stock Exchange has issued a second round of inquiry regarding the IPO of Sichuan Ruijian Medical Technology Co., Ltd., focusing on issues such as the fairness of related party transactions, authenticity of sales expenses, compliance of R&D capitalization, and the stability of the overseas equity structure [1][2][3] Group 1: IPO Inquiry and Suspension - Sichuan Ruijian Medical disclosed the second round of inquiry from the Beijing Stock Exchange on September 30, 2025, regarding its IPO materials [1] - The company has applied to suspend its IPO review due to the need for supplementary audits of financial reports [2] - The latest IPO progress for Ruijian Medical is marked as "suspended" [1] Group 2: Related Party Transactions - The Beijing Stock Exchange raised concerns about the sales to Lepu Medical's subsidiary in India, questioning the fairness of pricing and the authenticity of receivables [3] - Sales to Lepu Medical in India showed lower gross margins compared to the company's average gross margin, raising suspicions of potential benefit transfer [3][4] - The company provided a credit period of 150 days to Lepu Medical, significantly longer than the 15-90 days offered to other overseas clients [3] Group 3: Sales Expenses and Financial Integrity - The sales expense ratio of Ruijian Medical is significantly lower than that of comparable companies, raising questions about the completeness and authenticity of sales expenses [7] - The actual controller transferred a total of 16.4 million yuan to the sales director, which remains unpaid, drawing attention to potential financial irregularities [8] - The company reported sales expenses of 35.3 million yuan in 2024, primarily consisting of market promotion, employee salaries, and travel expenses [7] Group 4: R&D Capitalization - Ruijian Medical's R&D expenses capitalized during the reporting period amounted to 3.8 million yuan, 12.2 million yuan, and 8.6 million yuan, raising questions about the prudence and compliance of its accounting treatment [10] - The company has capitalized R&D expenses for several projects, while comparable companies have not capitalized any R&D expenditures [10][11] Group 5: Revenue and Market Dynamics - The company reported that nearly 100% of its revenue comes from distributors, with a significant increase in the number of overseas distributors during the reporting period [12] - The implementation of centralized procurement policies is expected to impact the sales prices and gross margins of the company's blood dialysis products [19] - The company plans to raise 480 million yuan despite having nearly 500 million yuan in cash, questioning the necessity and reasonableness of the fundraising [20][21] Group 6: Corporate Governance and Control - The overseas equity structure of Ruijian Medical involves complex arrangements, with concerns about the stability of control and potential conflicts of interest due to relationships between the actual controllers [14][15] - The company has been asked to clarify the compliance and commercial rationale behind its overseas equity structure and any potential impacts on its independence [16][17]