Core Viewpoint - Jianfa Zhixin (301584.SZ) is set to go public on the ChiNext board with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, indicating strong growth potential in the medical device distribution sector [1] Group 1: Business Overview - Jianfa Zhixin primarily engages in direct sales and distribution of medical devices, providing centralized operation services for medical consumables (SPD) to hospitals, and holds a significant market position in the medical device distribution field [1] - The company has established a nationwide distribution network and maintains long-term partnerships with over 100 well-known domestic and international medical device manufacturers [2] - The company has achieved full coverage of the distribution industry chain, connecting manufacturers and end medical institutions, and offers a wide range of direct sales services to over 3,300 medical institutions across 31 provinces and municipalities [1][2] Group 2: Financial Performance - Jianfa Zhixin's projected revenue for 2024 is 17.923 billion yuan, with a net profit of 274 million yuan, and a five-year compound annual growth rate (CAGR) of over 20% in revenue [1] - The revenue composition indicates a strong focus on high-value consumables, with vascular intervention business generating 9.967 billion yuan and surgical medical devices contributing 3.847 billion yuan, totaling over 13.8 billion yuan [2][3] Group 3: Market Position and Growth Potential - The high-value medical consumables market is expected to grow significantly, driven by factors such as an aging population and improved healthcare standards, with the market share projected to reach 16% in 2024 [3][4] - Jianfa Zhixin aims to expand its sales scale in various medical device sectors, including IVD, surgical, oral, and ophthalmic products, while consolidating its high-value consumables business [4] Group 4: Innovation in Business Model - The company has rapidly developed its SPD business model, managing the operation and logistics of medical consumables within hospitals while allowing hospitals to retain selection and procurement rights [5] - By the end of 2024, Jianfa Zhixin has signed contracts with 60 hospitals for its SPD services, managing over 10 billion yuan in medical consumables [5][6] - The SPD model enhances the efficiency of medical consumables management and reduces costs for healthcare institutions, while also creating synergies with the company's direct sales and distribution businesses [6]

Core Viewpoint - Jianfa Zhixin (301584.SZ) is set to go public on the ChiNext board with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, indicating strong growth potential in the medical device distribution sector [1] Group 1: Business Overview - Jianfa Zhixin is a national medical device distributor engaged in direct sales and distribution, providing centralized operation services for medical consumables (SPD) to hospitals [1][2] - The company has established a comprehensive distribution network covering over 3,300 medical institutions across 31 provinces, with partnerships with over 100 well-known medical device manufacturers [2][3] - The company has achieved a compound annual growth rate of over 20% in revenue over the past five years, with projected revenue of 17.923 billion yuan and a net profit of 274 million yuan for 2024 [1][4] Group 2: Market Position and Strategy - Jianfa Zhixin focuses on high-value medical consumables, with significant revenue contributions from vascular intervention (9.967 billion yuan) and surgical medical devices (3.847 billion yuan), totaling over 13.8 billion yuan [4] - The high-value medical consumables market is expected to grow, driven by factors such as an aging population and improved healthcare standards, with a market share of 16% in 2024 [5][6] - The company aims to expand its sales in IVD, surgical, dental, and ophthalmic medical device sectors while consolidating its core vascular intervention product sales [6] Group 3: Innovation in Business Model - Jianfa Zhixin has developed an integrated national medical device distribution hub, utilizing innovative platform management to provide comprehensive services across the supply chain [3] - The SPD business model has been rapidly developed, managing over 100 billion yuan in medical consumables for 60 signed hospitals, with a significant revenue increase projected for 2025 [7][8] - The SPD model enhances collaboration with hospitals, improving procurement efficiency and reducing costs, while also creating synergies with direct sales and distribution operations [8]