冲刺IPO！在集采重压下，一家骨科耗材企业迈过关键节点

Core Viewpoint - The listing of Aide Technology on the Beijing Stock Exchange represents both a culmination of efforts and a timely opportunity, occurring at a pivotal moment in the orthopedic consumables industry, which is undergoing a reshuffle due to normalized bulk purchasing practices [2]. Industry Background: "Re-distribution" After Bulk Purchasing - The past two years have seen comprehensive coverage of bulk purchasing in the spine, trauma, and joint segments, shifting hospital procurement logic from "price comparison" to "supply chain," "service," and "long-term stability" [3]. - Demand for orthopedic surgeries continues to grow due to factors like aging, osteoporosis, and the expansion of grassroots hospitals, maintaining the volume of consumables while reshaping the competitive landscape among companies [3]. - Discussions at this year's COA have shifted from mere "replacement" to efficiency, supply chain security, and the practical implementation of intelligent systems [3]. Company Profile: A Path Built on Fundamentals - Founded in 2006, Aide Technology specializes in four main product categories: spine, trauma, sports medicine, and wound repair, primarily focusing on consumables in the orthopedic sector [4]. - The company excels in two areas: the vertebroplasty system, where it holds a leading market position, and its channel system targeting lower-tier hospitals and non-top-tier public institutions [4]. Technical Reserves and Market Strategy - Aide Technology holds 110 patents, including 45 invention patents, and has 33 Class III certificates, with some core products certified by CE [6]. - Unlike leading companies that focus on major hospitals, Aide Technology targets the "basic market" of city-level and county hospitals, which presents both strong customer loyalty and significant challenges [6]. Capital Journey: A Bumpy Path Over Ten Years - The recent approval for listing is not Aide Technology's first attempt; the company has made three attempts over ten years, reflecting its evolving path in the capital market [7][8]. - The company has consistently focused on its orthopedic core business, with its path choices influenced by industry cycles, company size, and product structure [8]. Financial Performance: Volatility Reflecting Industry Logic - Aide Technology's financial performance shows volatility, with profits declining from a peak in 2022 and expected to stabilize in a tighter range from 2023 to 2025 [11]. - Key financial data includes total assets of approximately 652 million yuan as of June 30, 2025, and a net profit of about 38 million yuan for the same period [12]. - The primary revenue source is spinal products, which have been significantly impacted by bulk purchasing, leading to direct revenue pressure [13]. Inquiry Focus: Real Risks and Improvement Directions - During the listing review, regulators raised concerns about the ongoing impact of bulk purchasing, the standardization of the distribution system, and the robustness of management and internal controls [18]. - The company has faced issues such as frequent changes in distributors and high dependency on key personnel, necessitating a more standardized regional channel management system [19]. Fundraising Direction: Importance of Expansion, R&D, and Channels - The 197 million yuan raised will be allocated to three key areas: expansion, R&D, and channel development, all aimed at ensuring the company's long-term operational capability in the new industry environment [21]. - Expansion focuses on stabilizing production capabilities under price pressures, while R&D aims to address structural shortcomings in product development [22][23]. - Channel development seeks to enhance regional coverage, standardize training and delivery, and ensure transparency in the distribution system, all of which are crucial for future order stability [24]. Conclusion - Aide Technology's journey reflects the challenges and opportunities faced by mid-sized companies in the orthopedic industry, particularly in the context of bulk purchasing impacts and the need for standardization [25]. - The recent listing is not merely a celebration but a strategic move for the company to recalibrate itself within the industry during a period of structural upgrades [26].