Core Insights - Zhonghong Medical's subsidiary, Kelong Medical, has successfully participated in bulk procurement projects across multiple provinces, enhancing its market presence in the medical consumables sector [1][2]. Group 1: Procurement Success - Kelong Medical has won bids for essential medical consumables such as vacuum blood collection tubes, nebulizers, intravenous catheters, and infusion sets in various provinces including Fujian, Beijing, and Yunnan [2]. - The selected products are recognized as clinical necessities, indicating stable market demand and a strong competitive edge [2][3]. Group 2: Product Strength and Market Performance - The products selected for procurement have established a solid reputation and customer base, demonstrating their market competitiveness through consistent performance [3]. - Kelong Medical's core products have maintained robust market performance, supported by precise understanding of clinical needs and ongoing product optimization [3]. Group 3: Market Expansion and Long-term Development - The bulk procurement initiative is a significant opportunity for Kelong Medical, promising stable market orders and expanded market space [4]. - The procurement rules ensure that medical institutions prioritize Kelong Medical's selected products, which will enhance market share and brand influence [4]. - This breakthrough in procurement is a critical advancement for Zhonghong Medical in the medical consumables sector, allowing for better alignment with industry trends and improved supply chain efficiency [4]. Group 4: Future Growth Prospects - The successful procurement is a testament to Kelong Medical's long-term focus on product quality and market strategy [5]. - With the anticipated signing and execution of procurement contracts, Kelong Medical is expected to further increase market coverage and share, driving sustainable growth for Zhonghong Medical [5]. - This achievement opens new development avenues and positions the company to lead in the high-quality development wave of the medical consumables industry [5].

Core Viewpoint - Kangji Medical has received shareholder approval for its privatization plan, which is expected to take effect on December 5, 2025, with the company's shares delisted from the Hong Kong Stock Exchange on December 9, 2025 [1][6]. Group 1: Privatization Details - Knight Bidco Limited's proposal to privatize Kangji Medical has been approved by shareholders, with the share cancellation price set at HKD 9.25, valuing the company at approximately USD 1.4 billion [1]. - The privatization plan is based on the Cayman Islands Companies Law and will make Kangji Medical a wholly-owned subsidiary of Knight Bidco Limited [1][6]. - The plan requires approval from the Grand Court of the Cayman Islands and will be registered before it can take effect [6]. Group 2: Financial Performance - In the first half of 2025, Kangji Medical reported revenue of CNY 497 million, an increase of 8.32% year-on-year, driven by sales growth in disposable products [2]. - The net profit attributable to shareholders was CNY 265.8 million, a slight decrease of 7.03% year-on-year [2]. - Revenue growth from 2018 to 2024 showed significant increases, with annual growth rates of 42.89%, 42.36%, 1.59%, 34.95%, 13.92%, 17.76%, and 8.92% [2]. Group 3: Industry Challenges - The Chinese medical device industry is undergoing significant structural adjustments, with intensified regulatory pressures and challenges from centralized procurement policies affecting product pricing and profit margins [3]. - Kangji Medical faces increased competition and the need for greater investment in research and development to maintain its market position [3]. - The company's stock performance has been volatile, with a significant decline from its initial listing price of HKD 23.679 to a low of HKD 3.803, resulting in a cumulative drop of over 64% [3]. Group 4: Strategic Rationale for Privatization - Kangji Medical believes that maintaining its listing status offers limited benefits and that privatization will reduce costs associated with being publicly listed [4]. - The company aims to alleviate pressure related to short-term performance metrics and focus on broader strategic decisions post-privatization [4]. - The approval of the privatization plan is seen as a significant milestone, reflecting strong support from shareholders [5].

Group 1 - The company actively participates in government centralized procurement for blood glucose test strips, focusing on regional projects [2] - Currently, the company has successfully implemented five procurement projects across 62 cities in 13 provinces nationwide [2] - The company aims to enhance its market competitiveness by improving product quality control, optimizing production costs, and enhancing sales services [2]

Core Viewpoint - The announcement by Zhonghong Medical on November 4 indicates that its subsidiary, Jiangxi Kelong Medical Device Manufacturing Co., Ltd. (referred to as "Kelong Medical"), has participated in bidding for centralized procurement projects in multiple cities and provinces, with potential selection of several products [1] Group 1: Procurement Projects - Kelong Medical is involved in bidding for centralized procurement projects in Putian City, Fuzhou City, Beijing, and Qujing City [1] - The products targeted for selection include disposable vacuum blood collection tubes, disposable nebulizers, and disposable intravenous indwelling needles [1] Group 2: Market Impact - If selected, the medical institutions in the procurement regions will prioritize the use of Kelong Medical's products during the procurement cycle, ensuring the completion of the agreed procurement volume [1] - The subsequent signing of sales contracts and implementation will help expand the market sales of the selected products, increase market share, and enhance brand influence, positively impacting the company's long-term development [1]

Core Viewpoint - The company anticipates pressure on domestic revenue and profits in 2025 due to the full implementation of policies such as centralized procurement, disassembly of testing packages, and standardization of charging [2] Group 1: Domestic Market Strategy - The company's self-produced revenue is primarily composed of biochemical products, with most biochemical projects included in the centralized procurement scope after three rounds of inter-provincial alliance procurement for liver function, kidney function, and glucose metabolism [2] - The company plans to enhance refined management, implement large-scale production, optimize the supply chain, and increase operational efficiency to improve market share and brand influence in the immunological products sector [2] Group 2: Growth Initiatives - The company will accelerate its overseas market expansion and aims to create new performance growth points domestically through precision diagnostic products such as mass spectrometry and precise blood lipid testing [2]

Core Viewpoint - The Beijing Stock Exchange has issued a second round of inquiry regarding the IPO of Sichuan Ruijian Medical Technology Co., Ltd., focusing on issues such as the fairness of related party transactions, authenticity of sales expenses, compliance of R&D capitalization, and the stability of the overseas equity structure [1][2][3] Group 1: IPO Inquiry and Suspension - Sichuan Ruijian Medical disclosed the second round of inquiry from the Beijing Stock Exchange on September 30, 2025, regarding its IPO materials [1] - The company has applied to suspend its IPO review due to the need for supplementary audits of financial reports [2] - The latest IPO progress for Ruijian Medical is marked as "suspended" [1] Group 2: Related Party Transactions - The Beijing Stock Exchange raised concerns about the sales to Lepu Medical's subsidiary in India, questioning the fairness of pricing and the authenticity of receivables [3] - Sales to Lepu Medical in India showed lower gross margins compared to the company's average gross margin, raising suspicions of potential benefit transfer [3][4] - The company provided a credit period of 150 days to Lepu Medical, significantly longer than the 15-90 days offered to other overseas clients [3] Group 3: Sales Expenses and Financial Integrity - The sales expense ratio of Ruijian Medical is significantly lower than that of comparable companies, raising questions about the completeness and authenticity of sales expenses [7] - The actual controller transferred a total of 16.4 million yuan to the sales director, which remains unpaid, drawing attention to potential financial irregularities [8] - The company reported sales expenses of 35.3 million yuan in 2024, primarily consisting of market promotion, employee salaries, and travel expenses [7] Group 4: R&D Capitalization - Ruijian Medical's R&D expenses capitalized during the reporting period amounted to 3.8 million yuan, 12.2 million yuan, and 8.6 million yuan, raising questions about the prudence and compliance of its accounting treatment [10] - The company has capitalized R&D expenses for several projects, while comparable companies have not capitalized any R&D expenditures [10][11] Group 5: Revenue and Market Dynamics - The company reported that nearly 100% of its revenue comes from distributors, with a significant increase in the number of overseas distributors during the reporting period [12] - The implementation of centralized procurement policies is expected to impact the sales prices and gross margins of the company's blood dialysis products [19] - The company plans to raise 480 million yuan despite having nearly 500 million yuan in cash, questioning the necessity and reasonableness of the fundraising [20][21] Group 6: Corporate Governance and Control - The overseas equity structure of Ruijian Medical involves complex arrangements, with concerns about the stability of control and potential conflicts of interest due to relationships between the actual controllers [14][15] - The company has been asked to clarify the compliance and commercial rationale behind its overseas equity structure and any potential impacts on its independence [16][17]

Core Viewpoint - The company, Jianfan Biological (300529.SZ), provided insights on its sales performance related to centralized procurement and its overseas market expansion efforts. Group 1: Centralized Procurement Impact - In 2024, the sales revenue from high-flow and low-flow blood dialysis machines through centralized procurement is projected to be 9.62 million yuan, accounting for 0.36% of the total revenue during the same period [1] - The sales revenue from blood dialysis tubing through centralized procurement is expected to be 3.36 million yuan, representing 0.13% of the total revenue [1] - For the first half of 2025, the sales revenue from high-flow and low-flow blood dialysis machines through centralized procurement is anticipated to reach 15.2 million yuan, which will be 1.34% of the total revenue [1] - The sales revenue from blood dialysis tubing through centralized procurement in the same period is projected to be 2.45 million yuan, accounting for 0.22% of the total revenue [1] - Currently, the company's main product, blood perfusion devices, has not been included in the centralized procurement scope at the national or provincial levels [1] Group 2: Overseas Market Development - In the first half of 2025, the company expects to achieve revenue of 34.44 million yuan from overseas markets, which will constitute 3.04% of the total revenue [1] - The company plans to focus on international market expansion by actively engaging in cross-border research collaborations, refining its overseas distributor network, recruiting overseas marketing personnel, and concentrating on key countries [1] - The strategy aims to tap into overseas market opportunities and drive growth in international business through a dual approach of "chronic diseases + acute critical illnesses" [1]

Core Viewpoint - Zhonghong Medical (300981.SZ) announced that its subsidiary, Jiangxi Kelong Medical Device Manufacturing Co., Ltd. (referred to as "Kelong Medical"), participated in a bidding project for centralized procurement of disposable pressure extension tubes and syringes in Fujian Province, Zhangzhou City, indicating potential selection for the procurement project [1] Group 1: Company Developments - Kelong Medical's syringe sales revenue for 2024 is projected to be 64.13 million yuan, accounting for 34.84% of Kelong Medical's total revenue and 2.61% of the company's overall revenue for the same year [1] - The selected products will be prioritized for use in medical institutions within the procurement region, ensuring the completion of the agreed procurement volume, which is expected to enhance market sales and brand influence [1] Group 2: Market Impact - The successful procurement and subsequent signing of sales contracts are anticipated to positively impact the long-term development of the company by increasing market share and brand recognition [1]

Core Viewpoint - The company has successfully increased its market share in the in vitro diagnostics (IVD) sector while maintaining stable gross margins, thanks to its core technology and strategic responses to national procurement policies [1] Market Share and Procurement - Since the second half of 2021, the company has actively participated in multiple centralized procurement projects, leveraging its multi-product line advantage in the IVD field to expand market share [1] - The company's market ranking in the chemiluminescence business has improved to third place domestically, while its biochemical business has surpassed a 15% market share for the first time [1] - The company has successfully won multiple bids for high-value consumables in 2024, including ultrasound knives and laparoscopic anastomosis devices, breaking into top-tier hospitals [1] Profitability and Cost Management - The company has managed to maintain its gross margin despite increased market share, primarily due to its mastery of core technologies [1] - The company aims to reduce the cost of chemiluminescence reagents by at least 50% over three years through increased self-manufacturing of core raw materials [1] - The introduction of new high-end ultrasound devices has allowed the company to double the price compared to previous models due to significant improvements in image performance [1] Innovation and Marketing - The company's technological innovations are increasingly competitive with imported brands, with some products leading in technology, which accelerates the acquisition of high-end clients [1] - The strategy to increase the revenue share of flow-type businesses, such as IVD reagents and high-value consumables, is expected to positively impact future profitability [1] Employee Engagement and Management - The company conducts regular employee surveys to assess management effectiveness and drive improvements, with a participation rate of 92.64% in the latest survey [1] - Survey results indicate that 84.78% of employees are engaged, and 80.23% express overall recognition of the company's management, culture, and development [1] - Approximately 89.16% of employees are confident in the company's future development [1]

上海建发致新医疗科技集团 股份有限公司 （上海市杨浦区杨树浦路 288 号 9 层） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年九月 股票简称：建发致新 股票代码：301584 上海建发致新医疗科技集团股份有限公司 上市公告书 特别提示 上海建发致新医疗科技集团股份有限公司（以下简称"建发致新"、"本公司"、 "公司"或"发行人"）股票将于 2025 年 9 月 25 日在深圳证券交易所上市。 创业板公司具有业绩不稳定、经营风险高、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与《上海建发致新医疗科技集团 股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股说明书"） 中的相同。如本上市公告书中合计数与各加数直接相加之和在尾数上存在差异，系由于 ...