Group 1: Investment Value - The company positions itself as a comprehensive digital supply chain service provider for medical devices, moving beyond traditional distribution models [1] - The long-term strategic layout of "1+3+N" focuses on solidifying the core supply chain business while nurturing three new growth engines: digital business, technology transfer, and international expansion [1][2] - Strong partnerships with global companies like Boston Scientific and Medtronic enhance business stability and risk resilience [2] Group 2: Business Development and Market Trends - The Chinese medical device market is expected to grow due to rigid demand, strong policies, disruptive technologies, and a global perspective [4] - The company’s digital platform addresses traditional distribution challenges, ensuring stability and safety in clinical supply under procurement policies [4] - The company aims to provide comprehensive commercialization solutions, enhancing market influence for medical device manufacturers [2] Group 3: Capital Operations and Future Plans - Currently, there are no specific capital operation plans; future actions will depend on market conditions and strategic needs [3] - The company will utilize capital market tools to promote high-quality development when appropriate [3] Group 4: Digital Business and CDMO Progress - The company has achieved 100% online management of business processes and developed a digital solution for manufacturers, distributors, and hospitals [5][6] - The CDMO (Contract Development and Manufacturing Organization) business is still in the exploratory phase and does not currently impact short-term performance [6]

Core Viewpoint - The company, Jianfa Zhixin, is set to go public with an IPO of over 63 million shares, aiming to leverage its strong growth in the high-value medical device distribution sector, which is experiencing intense competition and market consolidation [1]. Group 1: Company Overview - Jianfa Zhixin plans to issue 63.19 million shares with a price-earnings ratio of 13.29, lower than the industry average of 25.73 [1]. - The company reported revenues of 11.882 billion, 15.443 billion, and 17.923 billion yuan for 2022 to 2024, with a compound annual growth rate (CAGR) of 22.81% [1]. - The net profit attributable to the parent company for the same period is projected to be 169 million, 191 million, and 224 million yuan, with a CAGR of 14.99% [1]. Group 2: Industry Challenges and Innovations - The medical device distribution sector faces challenges due to the complexity of products and high-frequency, small-batch delivery requirements, necessitating higher professional standards [2]. - Jianfa Zhixin focuses on addressing core pain points in the medical device supply chain through innovations such as a national integrated distribution hub and modern technology applications [2][3]. - The company has developed a digital supply chain management system and a specialized information management system for medical devices, enhancing compliance, accuracy, traceability, and safety [2]. Group 3: Operational Efficiency and Market Reach - The company has established a unified management system for its warehouses and subsidiaries, improving information flow and operational efficiency across the supply chain [3]. - Jianfa Zhixin collaborates with over 100 well-known medical device manufacturers and serves more than 3,300 medical institutions across 31 provinces, including over 1,600 tertiary hospitals [4]. Group 4: SPD Model and Market Potential - The company has implemented the SPD (Supply Chain Management) model, which enhances management efficiency and supports the digital transformation of the medical device industry [5][6]. - As of Q3 2023, approximately 1,800 medical institutions have adopted the SPD model, with a penetration rate of 15.29% in public hospitals, indicating significant future market potential [5]. Group 5: Strategic Positioning - Jianfa Zhixin is adapting to changes in the economic environment and healthcare reforms by transforming hospital procurement departments from profit centers to cost centers, emphasizing the need for efficient medical supply chain capabilities [7]. - The company aims to create a win-win ecosystem by integrating upstream and downstream resources, establishing long-term partnerships with manufacturers, and achieving digital and transparent procurement processes [7].

Core Viewpoint - Guoke Hengtai aims to become a leading digital supply chain service provider in the medical device industry in China, focusing on distribution and direct sales of medical devices while offering comprehensive logistics and management services [6][12]. Company Overview - Guoke Hengtai specializes in the distribution and direct sales of medical devices, providing services such as warehousing, logistics, channel management, and hospital SPD (Supply, Processing, and Distribution) operations [6][10]. - The company is expanding from high-value medical consumables into various segments of the medical device market [7]. Key Services - **Warehousing and Logistics Services**: The company connects manufacturers with distributors and healthcare institutions, enhancing efficiency and reducing costs in the supply chain [7][8]. - **Channel Management Services**: Guoke Hengtai offers a one-stop distribution platform, managing the entire lifecycle of distributor relationships to improve communication and reduce management costs [8]. - **Information Management Services**: The company has developed a digital supply chain system with multiple patents and software copyrights, integrating various operational subsystems to enhance efficiency and decision-making [9][12]. - **Hospital SPD Operations**: The SPD model is increasingly adopted by hospitals, allowing for integrated management of medical supplies, which improves operational efficiency and reduces costs [10][11]. Financial Highlights - The company has not reported any need for retrospective adjustments to previous financial data, indicating stability in its financial reporting [13]. - As of April 16, 2024, Guoke Hengtai has repurchased 3,635,860 shares, representing 0.77% of its total share capital, with a total transaction amount of approximately 50.09 million yuan [15].