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 - Sichuan Ruijian Medical Technology Co., Ltd. has suspended its IPO review process due to the need for supplementary audits of its financial reports, as indicated by the Beijing Stock Exchange's second round of inquiries regarding various aspects of the company's operations and financial practices [1][3]. Group 1: IPO Review and Suspension - The company received a second round of inquiries from the Beijing Stock Exchange regarding the fairness of related party transactions, authenticity of sales expenses, compliance of R&D capitalization, and stability of the overseas equity structure [1][3]. - The IPO review has been suspended due to the company's application for supplementary audits of its financial reports [1][3]. Group 2: Company Overview - Established in 2013, the company specializes in the research, production, and sales of blood purification products, including blood dialysis machines and blood perfusion devices [3]. - The company obtained medical device registration certificates for various products in 2024, covering major equipment and consumables in the blood dialysis process [3]. Group 3: Related Party Transactions - The company has been questioned about the authenticity and fairness of sales to Lepu Medical's subsidiary in India, with sales revenue reported at 19.42 million, 25.12 million, and 42.99 million yuan over the reporting periods, representing 5.63%, 6.12%, and 8.90% of total sales respectively [4]. - The gross profit margins for sales to Lepu India were reported at 20.38%, 29.03%, and 37.29%, which are below the company's average gross margin of approximately 45% [4]. Group 4: Sales and Marketing Expenses - The company's sales expense ratios were reported at 5.36%, 5.82%, and 7.31%, significantly lower than comparable companies in the industry, which reported sales expense ratios around 20% [6]. - The company’s total sales expenses for 2024 were 35.30 million yuan, primarily consisting of marketing, employee salaries, and travel expenses [6]. Group 5: R&D Capitalization - The company reported capitalized R&D expenses of 3.81 million, 12.16 million, and 8.58 million yuan over the reporting periods, raising questions about the prudence and compliance of its accounting treatment compared to peers who do not capitalize R&D expenses [9][10]. Group 6: Revenue and Sales Verification - The company’s revenue from distributors approached 100%, with a significant number of distributors and frequent changes in the reporting periods [11]. - The company’s overseas distributor revenue was reported at 38.50 million, 69.88 million, and 127.72 million yuan, with 2024 accounting for 26.49% of total sales [11]. Group 7: Equity Structure and Control - The company’s equity structure involves a complex arrangement through offshore entities, raising concerns about the legitimacy and stability of its control [13][14]. - The actual controller's relationship with Lepu Medical's controller has been highlighted, with potential implications for the company's independence and operational integrity [14][16]. Group 8: Market Conditions and Future Outlook - The company faces challenges due to the implementation of centralized procurement policies affecting the pricing and gross margins of its blood dialysis products, which have shown a downward trend [17]. - The company plans to raise 480 million yuan despite having nearly 500 million yuan in cash, prompting questions about the necessity and rationale behind the fundraising [18].