JDL(SH:688057) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-08 01:51Core Viewpoint - The recent investment by Jindalai (688057.SH) in stem cell company Jici Medical has raised questions from the stock exchange regarding the reasonableness of Jici Medical's immediate revenue generation and the significant increase in transaction valuation [1] Group 1: Revenue Generation - Jici Medical, established in August 2025, reported revenues of 8.6911 million yuan and 11.2273 million yuan for 2024 and the first three quarters of 2025, respectively, primarily from patent licensing and technical services [1] - The revenue sustainability and customer concentration risk have been highlighted, with the largest customer, an affiliate named Zhendijici, contributing 89.75% of revenue in 2024 and 99.02% in the first three quarters of 2025 [1] - The company plans to reduce dependency on this major client by expanding its partnerships with other institutions in the future [1] Group 2: Valuation Concerns - The transaction valuation for Jici Medical is set at 543.5961 million yuan, significantly higher than its book net assets, primarily due to the valuation of 30 unaccounted patents using the income approach [1] - The assessment assumes that revenue from the rFib cell storage business will grow from 250 million yuan in 2026 to 5 billion yuan by 2036, with a royalty rate for the patented technology set at 17.13% [1] - The company emphasized that this valuation is lower than comparable industry cases, such as Betta Pharmaceuticals' acquisition of RepuMed, which had a static price-to-sales ratio of 989 times, while this transaction is at 62.54 times [1]