Core Viewpoint - The Beijing Stock Exchange's listing committee has approved Jiangsu Aisheren Medical Technology Group Co., Ltd. for listing, but has raised concerns regarding customer stability, foreign trade policy changes, and exchange rate fluctuations impacting the company's performance [1] Group 1: Company Performance - Aisheren specializes in the research, production, and sales of disposable medical consumables for rehabilitation and medical protection, planning to raise 300 million yuan for a public health medical supplies industrial park project [2] - The company has shown stable revenue growth, with sales revenue of 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan for the years 2022, 2023, 2024, and the first half of this year, respectively [2] - The net profit attributable to shareholders for the same periods was 63 million yuan, 67 million yuan, 81 million yuan, and 50 million yuan [2] - For the first three quarters of this year, the company expects revenue between 658 million yuan and 673 million yuan, representing a year-on-year growth of approximately 36% to 39% [2] Group 2: Customer Concentration and Risks - From 2022 to the first half of this year, sales to the top five customers amounted to approximately 470 million yuan, 496 million yuan, 597 million yuan, and 387 million yuan, accounting for 81.99%, 86.27%, 86.27%, and 88.40% of total sales, indicating increasing customer concentration [3] - The high proportion of overseas sales revenue, which accounted for 90.99%, 94.25%, 94.71%, and 96.54% of total revenue during the same period, raises concerns about the impact of trade policies and customer relationships on the company's performance [3] Group 3: Research and Development Concerns - The company's R&D expenses from 2022 to the first half of this year were 3.66 million yuan, 4.91 million yuan, 7.86 million yuan, and 5.11 million yuan, with R&D expense ratios of 0.64%, 0.85%, 1.14%, and 1.17%, significantly lower than the industry average of around 3% [5] - As of June 2025, the company had only 11 R&D personnel, representing 0.57% of the total workforce, compared to over 150 in comparable companies [6] - Aisheren holds 46 utility model patents, 10 design patents, and 20 invention patents, with 18 of the invention patents obtained after September 2024, raising questions about the company's innovation capabilities [6]