Group 1 - The A-share ChiNext index reached a three-year high, driven by strong performances in sectors such as gaming, AI applications, nuclear fusion, and computing hardware [1][4] - Technology stocks showed significant gains, with major players like Inspur Information and Zhongke Shuguang hitting historical highs [1][4] - The copper sector also experienced a surge, with companies like Jingyi Co. and Luoyang Molybdenum hitting their daily limit [3] Group 2 - Recent favorable developments for technology stocks include the announcement of a nationwide computing power identification system, enhancing the efficiency of public computing resources [6] - Alibaba's collaboration with NVIDIA and its commitment to a 380 billion yuan investment in AI infrastructure are expected to boost the AI sector [7] - Market research indicates a substantial growth forecast for the global big data IT investment, projected to reach approximately $413.4 billion by 2025, with a compound annual growth rate of 16.4% [7][8] Group 3 - Three new stocks listed on the ChiNext saw significant first-day gains, with N Jianfa Zhi rising by 418.58% [9][11] - N Jianfa Zhi, a high-value medical device distributor, reported projected revenues of 118.82 billion yuan for 2022, increasing to 179.23 billion yuan by 2024 [11]

Core Viewpoint - The article highlights the upcoming listing of Jianfa Zhixin Medical Technology Group Co., Ltd. on the Shenzhen Stock Exchange, emphasizing its role as a state-owned enterprise and a national high-value medical device distributor, focusing on direct sales and distribution, as well as providing centralized operation services for medical consumables [1]. Industry Overview - The medical device market is experiencing continuous growth driven by factors such as an aging population, rising chronic disease rates, and improved health awareness among residents [2]. - Despite the promising outlook, the medical device distribution sector faces significant challenges, including a fragmented supply chain, low operational efficiency, and issues with product identification and data standardization [2][3]. Company Innovations - Jianfa Zhixin is innovating through a "national integrated medical device distribution hub" model, which aims to improve management costs and efficiency while addressing traceability issues in the distribution of medical consumables [4][5]. - The company has developed a centralized management system for medical consumables, enhancing operational efficiency and reducing human resource demands through automation and smart technology [5][7]. Market Position and Growth - Jianfa Zhixin has strategically positioned itself in the high-value medical consumables market, achieving significant growth with contracts signed for centralized operation services with 60 hospitals, managing over 10 billion yuan in medical consumables [9]. - The company has reported impressive revenue growth, with projected revenues of 118.82 billion yuan in 2022, 154.43 billion yuan in 2023, and 179.23 billion yuan in 2024, reflecting a compound annual growth rate of 22.81% from 2022 to 2024 [9][10]. Competitive Advantage - Jianfa Zhixin's innovative solutions and operational efficiency have positioned it as a leader in the medical device distribution industry, with the highest revenue growth rate among major competitors [10][11]. - The company's focus on addressing industry pain points through its integrated distribution model and advanced supply chain management systems has garnered market recognition and facilitated rapid project implementation [11].

此次上市，建发致新预计实际募集资金总额4.46亿元，通过募集资金投资项目，持续加强信息系统的建 设和SPD业务项目拓展建设，这些新增投资将进一步提升公司精细化、智能化管理能力，为公司快速扩 大的业务规模与精益管理提供有力的技术支撑，努力成为中国领先的医疗器械流通服务商。 差异化定位 打造专业器械流通平台 在竞争激烈的医疗器械市场中，建发致新走出了一条独特的发展道路，与同行业企业形成了差异化。 区别于传统医药商业公司，建发致新专注于医疗器械领域，尤其是高值医用耗材流通，公司在血管介 入、外科医疗器械、骨科等高端医疗耗材的流通服务方面经验丰富，通过专业团队和精细化管理，打 造"全国一体化医疗器械流通枢纽"，为医疗器械行业上下游提供覆盖渠道管理、合规管理、商务管理、 仓储管理、数据管理等多方面的综合服务，并为终端医疗机构提供院内医用耗材集约化管理服务，打通 医疗器械流通链条的"最后一公里"。 医疗器械流通商，通俗来说，就是连接医疗器械生产厂家和医院等终端医疗机构的"中间商"，其核心作 用是确保医疗器械从工厂高效、安全地抵达使用场景，有利于维持医疗器械供销稳定。 9月25日，上海建发致新医疗科技集团股份有限公司（简称 ...

Core Viewpoint - The successful IPO of Jianfa Zhixin marks a significant milestone for the company, which is a leading player in the medical device supply chain management sector, reflecting its strong market position and innovative service model [1][9]. Company Overview - Jianfa Zhixin has been approved for its IPO on the Shenzhen Stock Exchange with an initial price of 7.05 yuan per share, opening at 36.00 yuan, representing a 427% increase on the first day [1]. - The company focuses on enhancing the efficiency of medical device distribution and has developed an integrated service system covering direct sales, distribution, and SPD (supply chain management) services [2][3]. Business Model and Innovation - The company employs a unique "direct sales + distribution + SPD" model, which strengthens its competitive edge by enhancing customer loyalty and operational efficiency [3]. - Jianfa Zhixin is committed to digitalization and precision management, which drives service enhancement and operational improvements, allowing clients to reduce costs and increase efficiency [4][6]. - The SPD service represents a shift from traditional distribution to high-value service output, embedding the company deeply into hospital operations and creating long-term partnerships [5][9]. Financial Performance - In the first half of 2025, Jianfa Zhixin reported a revenue of 9.829 billion yuan, a 12.2% increase year-on-year, and a net profit of 137 million yuan, up 42.4% [7]. - The company's total assets reached 13.885 billion yuan, a 5.9% increase from the end of 2024, indicating a robust capital structure and operational efficiency [7]. - Cash flow from operating activities improved significantly, narrowing the net cash outflow to 139 million yuan from 393 million yuan in the previous year, attributed to better management of accounts receivable and inventory turnover [8]. Industry Context - The medical device distribution industry is undergoing structural upgrades due to increased demand for efficient and centralized operations amid cost control measures in hospitals [8][9]. - The implementation of UDI (Unique Device Identification) is raising standards for supply chain information and compliance, benefiting leading companies like Jianfa Zhixin that possess technological advantages [8][9].

9月25日，建发致新（301584）正式在创业板上市，A股迎来一家全国性的医疗器械流通头部企业。 招股书显示，建发致新2024年度实现营业收入179.23亿元，同比增长16.06%，净利润2.74亿元。2022年 至2024年，建发致新营业收入复合增长率达22.81%，处于快速增长通道中。 业绩快速增长，行业景气度高 建发致新作为全国性的高值医疗器械流通商，主要从事医疗器械直销及分销业务，并为终端医院提供医 用耗材集约化运营(SPD)等服务。公司目前在国内医疗器械流通领域地位稳固，竞争优势明显。 我国医疗器械流通领域市场空间广阔，近年来市场规模持续增长。建发致新深耕该领域多年，其营业收 入、净利润逐年增长。 招股书显示，2022年至2024年，建发致新分别实现营业收入118.82亿元、154.43亿元、179.23亿元。 2023年、2024年，建发致新的营业收入分别同比增长29.97%和16.06%，最近三年复合年增长率 22.81%，其收入处于快速上升通道。 与此同时，建发致新保持着良好的盈利能力。2022年至2024年，建发致新分别取得净利润1.89亿元、 2.27亿元、2.74亿元。2024年公司净利 ...

9月25日，创业板的建发致新（301584.SZ）和联合动力（301656.SZ）、北交所的锦华新材 （920015.BJ）上市。 建发致新是全国性的高值医疗器械流通商，主要从事医疗器械直销及分销业务，并为终端医院提供医用 耗材集约化运营（SPD）等服务。在医疗器械产业链中，建发致新主要承担医疗器械的流通职能，是串 联生产厂商、经销商、终端医疗机构的枢纽，在产业链中起到承上启下的重要作用。 | 打新早知道 | | | 南财快讯 | | --- | --- | --- | --- | | 今日上市 | | | | | 301584.SZ 建发致新 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值 ( 亿元 ) | | | 7.05 | 7.08 | 29.70 | 医疗用品及器材 | | | | | 批发 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 13.29 | 25.73 | 国药控股 | 7.87 | | | | 九州通 | 9.07 | | | | 嘉事堂 | 39.82 | | 业绩情况 | | | | | 200.0 - | | | 35% ...

Group 1 - The stock of N Jianfa surged over 400% at the beginning of trading [1] - Jianfa Zhi Xin is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices [1] - The company provides centralized operation services for medical consumables (SPD) to end hospitals [1]

医疗器械流通行业正经历深刻变革。 当集采常态化压缩中间环节利润、DRG/DIP医保支付改革倒逼医院控费增效时，传统多级分销模式已无法匹配产业升 级需求，资源整合能力与精细化服务正成为行业新竞争内核。 此背景下，国内领先的高值医疗器械流通商——建发致新（301584.SZ），已于近期启动创业板证券发行工作。依托 于覆盖全国的直销及分销网络、自主开发的医用耗材集约化运营（SPD）管理系统，以及从厂商到医院的一体化服务 模式，建发致新已然成为医疗器械流通行业重塑浪潮中的有力领跑者。 不妨就此来深度剖析其背后的业务韧性与成长逻辑。 产业变局：政策重塑与效率革命，踏准发展脉搏 按自上而下的投资逻辑审视，医疗器械流通行业在供需双侧的政策变革推动下，正从单纯的物流中转站升级为供应链 价值整合者。 于供给端，两票制与集采深化持续压缩流通环节。 随着产业链的深度整合成为必然，上下游整合加速，建发致新这类兼具渠道广度、服务深度与数字化能力的流通平 台，正在成为提升整个医疗器械供应链效率和服务质量的关键节点。 核心优势：构建立体壁垒，多维度彰显成长性 例如，国家《治理高值医用耗材改革方案》推行的"两票制"有效减少了流通层级，显著降 ...

在业务形态方面，建发致新实现了直销、分销和SPD三大业务模式全覆蓋，流通产业链全流程覆蓋生产 厂家和终端医疗机构。根据招股书，在直销业务方面，建发致新可为全国31个省、自治区、直辖市超过 3300家终端医疗机构，提供上万种规格型号的直销服务。 同时，公司建立了辐射全国范围的分销网络，并与国内外超过100家知名医疗器械生产厂商建立并保持 了长期、稳定的合作关系。另外，建发致新也立足医疗器械特点，积极推动信息化管理在传统流通业务 中的应用，并为终端医院客户提供SPD服务，进一步对产业链上游、下游客户服务赋能。 9月16日，建发致新(301584.SZ)开启网上申购，发行价格为7.05元/股，发行市盈率13.01倍。这家全国性 的医疗器械流通商迎来上市关键节点，公司即将登陆创业板。 建发致新主要从事医疗器械直销及分销业务，并为终端医院提供医用耗材集约化运营(SPD)等服务，公 司在医疗器械流通领域拥有一定市场地位。 财务数据显示，公司2024年营业收入179.23亿元，净利润2.74亿元，公司五年营业收入复合增长率超过 20%，在医疗器械产业政策调整的背景下显示出较强的成长性和韧性。 管理模式创新：打造「全国一体化 ...

Core Viewpoint - The company Jianfa Zhixin (301584.SZ) has initiated its subscription with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.29 times, positioning itself as a national high-value medical device distributor [1] Company Overview - Jianfa Zhixin operates primarily in the direct sales and distribution of medical devices, providing centralized operation services for medical consumables (SPD) to hospitals across China [1] - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and end medical institutions [1] - It offers direct sales services to over 3,300 medical institutions across 31 provinces, municipalities, and autonomous regions in China, with a wide range of product specifications [1] - The company has established a nationwide distribution network, focusing on high-value interventional products, and maintains long-term partnerships with over 100 well-known domestic and international medical device manufacturers [1] Industry Context - The medical device distribution industry is evolving towards channel integration and flattening due to policies like centralized procurement and the "two-invoice system" [2] - The company is leveraging information technology in traditional distribution operations to enhance service capabilities for upstream and downstream clients [2] - Technological innovations include the application of information management and IoT technologies to optimize supply chain efficiency and reduce costs [2] - The company has developed a digital supply chain management system for medical devices, addressing issues like "one product, multiple codes" through unique identification and management [2] Financial Performance - The company reported revenues of approximately 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were approximately 189 million yuan, 227 million yuan, and 274 million yuan [3] - Total assets as of December 31 for 2022, 2023, and 2024 were approximately 90.57 billion yuan, 111.71 billion yuan, and 131.12 billion yuan, respectively [3] - The company's equity attributable to shareholders increased from approximately 10.497 billion yuan in 2022 to 14.812 billion yuan in 2024 [3] - The asset-liability ratio for the parent company rose from 73.92% in 2022 to 79.32% in 2024, while the consolidated asset-liability ratio showed a slight decrease from 87.39% in 2022 to 86.45% in 2024 [3]