金达莱重金跨界押注医疗新兴赛道

Core Viewpoint - Company Jindalai (688057) is diversifying into the medical sector by investing in two companies focused on stem cell research and medical robotics, following a decline in its performance since its IPO. The market reacted positively to these announcements, with a stock price increase of over 11% on December 22 [1][4]. Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, and CNY 30 million in Zhongke Hongtai Medical Technology Co., acquiring a 10% stake [3][4]. - Jici Medical specializes in autologous cell technology and has conducted safety and efficacy validations for over 30 clinical indications [3]. - Zhongke Hongtai focuses on medical robotics and has completed clinical trials for its vascular intervention surgery robot [3][4]. Financial Performance - Jindalai has faced declining revenues and profits since its IPO, with revenues dropping from CNY 9.71 billion in 2020 to CNY 4.09 billion in 2024, and net profits decreasing from CNY 3.87 billion to CNY 1.37 billion in the same period [9]. - For the first three quarters of 2024, Jindalai reported revenues of approximately CNY 236 million, a 23.5% year-on-year decline, and net profits of CNY 75 million, down 30.14% [9]. Risks and Concerns - Both target companies present financial risks: Zhongke Hongtai has not yet achieved profitability, while Jici Medical has negative net assets, indicating it is in a state of insolvency [6][7]. - The investments are made at a premium, with Jici Medical's valuation at CNY 544 million, raising concerns about the potential for future returns [8]. - The medical technology sector is characterized by high barriers to entry and significant R&D costs, which may pose challenges for Jindalai, a company primarily focused on environmental services [10].