IPO雷达｜对赌之下博迈医疗“背水一战”，参加学术会议花掉千万，拟补流1亿

Core Viewpoint - Guangdong Boma Medical Technology Co., Ltd. has received acceptance for its IPO on the ChiNext board, focusing on high-performance vascular interventional medical devices and leading in the domestic market for vascular balloon catheters [1] Group 1: IPO and Fundraising - The company aims to raise 1.7 billion yuan through its IPO, which will be used for the global headquarters project, production base upgrades, R&D projects, marketing network construction, and working capital [1] - The total investment for the projects funded by the IPO is approximately 18.15 billion yuan, with specific allocations for each project detailed in the financial table [2] Group 2: Financial Performance - The company reported revenues of 207 million yuan, 335 million yuan, 460 million yuan, and 303 million yuan over the reporting periods, with net profits of -30.26 million yuan, 28.50 million yuan, 77.44 million yuan, and 35.80 million yuan, indicating a rapid growth trend [3] - The revenue from the distribution model accounted for 89.15%, 88.38%, 90.60%, and 88.61% of total revenue during the reporting periods, highlighting the reliance on distributors [4] Group 3: R&D and Expenses - R&D expenditures for the years 2022, 2023, and 2024 were 55.76 million yuan, 60.47 million yuan, and 76.53 million yuan, totaling 193 million yuan, with R&D expenses as a percentage of revenue decreasing over time [6] - The company’s sales expenses were 41.78 million yuan, 62.80 million yuan, 86.69 million yuan, and 53.07 million yuan, with a decreasing trend in sales expenses as a percentage of revenue [8] Group 4: Market Challenges and Risks - The company faces potential challenges in international expansion due to complex trade environments and increasing policy uncertainties, particularly in Europe and Asia-Pacific regions [4] - The reliance on distributors poses risks to brand reputation and operational stability, as any misconduct by distributors could adversely affect the company [4] Group 5: Shareholder Agreements - The actual controller and major shareholders are subject to a buyback agreement, which may be triggered if the company fails to meet certain performance targets post-IPO [11] - If the IPO is unsuccessful, the buyback obligations will be reinstated, potentially requiring the actual controller to repurchase shares from investors [12]