圣桐特医再度递表，财务紧绷难解

Core Viewpoint - Saintong Special Medical Foods has refiled its IPO application with the Hong Kong Stock Exchange after an initial failure, highlighting the significant growth potential in China's special medical food market, which is expected to reach 53.1 billion yuan by 2029, with a current penetration rate of only 3% compared to 40% in mature markets like Europe and the US [1][3]. Financial Performance - Revenue for Saintong Special Medical Foods from 2022 to the first half of 2025 is projected to be 491 million yuan, 654 million yuan, 834 million yuan, and 397 million yuan, respectively, with profits of 83.9 million yuan, 170 million yuan, 94.1 million yuan, and 88.5 million yuan during the same period [3]. - The company holds a market share of 6.3% in the domestic special medical food market, ranking fourth overall, and leads in the infant special medical food segment with a 9.5% share, trailing behind Nestlé and Danone [3]. Inventory and Debt Concerns - Saintong has established a large sales network with 326 to 346 distributors from 2022 to 2024, selling to over 700 hospitals and medical institutions [4]. - However, the company's inventory turnover days have increased significantly from 54 days in 2022 to 155 days in 2024, indicating liquidity issues due to high inventory levels [4]. - As of December 31, 2024, the company reported a total deficit of 318 million yuan and net current liabilities of 405 million yuan, with liquidity ratios below 1, indicating substantial short-term debt pressure [4][5]. R&D Investment - Research and development (R&D) expenditures from 2022 to 2024 were 6.51 million yuan, 10.81 million yuan, and 13.33 million yuan, representing only 1.3% to 1.7% of total revenue, which is significantly lower than the industry average of 6.8% in 2023 [6][7]. - The company relies heavily on allergy prevention products, which accounted for over 85% of its revenue, limiting its ability to diversify into other segments [6][7]. Dividend Distribution - Despite financial constraints, Saintong has distributed dividends totaling approximately 467 million yuan before its IPO, which is nearly equivalent to 94% of its adjusted net profit over the same period [7][8]. - This high dividend payout amidst significant debt raises concerns about the company's financial governance and may impact its IPO approval process [8].