一医疗企业IPO过会，主营低值医疗器械，毛利率逾50%

Core Viewpoint - Zhejiang Haisheng Medical Equipment Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of anesthesia and monitoring medical devices, with a significant market presence and a gross margin exceeding 50% [1][2]. Financial Performance - The company reported net profits attributable to the parent company of 75.11 million yuan and 68.04 million yuan for 2023 and 2024, respectively [2]. - Total assets increased from 319.68 million yuan in 2022 to 519.45 million yuan by June 30, 2025, indicating a growth trend [3]. - The company's gross margin for the reporting periods was consistently above 50%, with specific figures of 52.84%, 53.15%, 52.07%, and 51.56% [4]. Sales and Revenue - The company’s sales revenue from anesthesia consumables and monitoring products accounted for 48.51% and 38.80% of total revenue in the respective periods [3]. - The sales revenue from the "two-invoice system" was relatively low, contributing only 2.78% to 3.30% of total revenue across the reporting periods [8]. - Concentrated procurement sales revenue was 30.30 million yuan, 34.88 million yuan, and 46.88 million yuan for the years 2023, 2024, and 2025, respectively, representing 11.34% to 16.20% of total revenue [8]. Inventory and Accounts Receivable - The company's inventory value increased from 52.63 million yuan in 2022 to 41.64 million yuan in 2025, reflecting an upward trend as the business scales [5]. - Accounts receivable also rose, indicating a potential for sustained revenue growth, with values of 24.85 million yuan in 2022 and 32.88 million yuan in 2025 [5]. Research and Development - The company is investing in R&D for new medical devices, with ongoing projects for a research and marketing service base and headquarters, with a budget of 243 million yuan [6][7]. Customer Base and Distribution - The company relies heavily on a network of distributors, with 90.43% of revenue coming from distribution sales, and has a total of 919 distributors [13]. - The largest customer, Guangzhou Rongsheng Medical Equipment Co., Ltd., accounted for 8.09% of total revenue in the first half of 2025, indicating a concentration risk [13]. Sales Expenses - Sales expenses as a percentage of revenue were higher than the industry average, at 10.63% in the first half of 2025, compared to an average of 6.25% for comparable companies [16][17]. - The company’s sales expenses are primarily driven by employee compensation, promotional activities, and travel expenses [16]. Regulatory Environment - The impact of policies such as "two-invoice system" and "centralized procurement" on the company's operations is limited, as the company primarily deals with low-value medical devices [8][12].