圣桐特医IPO：左手“清仓式”分红右手募资补流 营收下滑、扣非净利增速骤降超五成生产依赖关联企业

Core Viewpoint - Saintong Special Medical Nutrition Technology Co., Ltd. has refiled its IPO application after a previous failure, with a pre-IPO valuation of 2.6 billion RMB, but faces significant operational and financial challenges, including declining revenue, profit volatility, and heavy reliance on a single business line [1][11]. Financial Performance - From 2022 to 2024, the company's revenue grew from 491 million RMB to 834 million RMB, with a compound annual growth rate of 30.4%. However, in the first half of 2025, revenue fell by 5.28% to 397 million RMB [2][12]. - The net profit showed instability, with a 103.18% increase in 2023 to 170 million RMB, followed by a 44.77% drop in 2024 to 94.14 million RMB. The company attributed the decline to losses from financial instruments, indicating sensitivity to non-operational factors [2][12]. - The adjusted net profit growth rate has decreased significantly, with figures of 44.94%, 13.97%, and 3.37% for 2023, 2024, and the first half of 2025, respectively, suggesting potential growth bottlenecks [2][12]. Product Line and Revenue Contribution - The company has five product lines, but revenue is heavily concentrated in allergy prevention products, which accounted for 90.3% of total revenue in 2024, increasing to 92.2% in the first half of 2025 [3][13]. - Other product lines, such as premature infant and lactose-free products, have seen significant revenue declines, with drops of 40.82% and 61.40%, respectively, contributing to an overall revenue decline of 5.25% [4][14]. Market Presence and Brand Recognition - Saintong Special Medical has low visibility in the consumer market, with reports indicating its products are rarely found in major supermarkets and baby product chains [5][15]. - Online sales are also weak, with the flagship product achieving only 2,000 sales compared to over 70,000 for a competitor's similar product, highlighting a significant gap in brand recognition [6][16]. Marketing and R&D Expenditure - The company spends approximately 40% of its revenue on marketing and distribution, yet this has not translated into increased brand recognition or market penetration [6][16]. - R&D spending has been low, totaling only 30.65 million RMB from 2022 to 2024, representing just 1.3%-1.6% of revenue, raising concerns about the company's ability to innovate and maintain competitive advantages [6][16]. Operational Efficiency - The company's operating cycle has lengthened, with days extending from 123.01 in 2023 to 179.91 in the first half of 2025, indicating potential inventory issues [7][17]. - Inventory turnover days have increased significantly, suggesting possible inventory buildup and cash flow issues, which could lead to future write-downs [7][17]. Governance and Financial Risks - Over 50% of the company's revenue relies on outsourced production, primarily from an associated company, raising concerns about supply chain independence and governance risks [8][18]. - The company has engaged in aggressive dividend payouts, distributing 4.67 billion RMB in dividends, which is about 94% of its adjusted net profit from 2022 to 2024, leading to questions about its financial strategy amid significant debt [9][19].