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 ...

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 - 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]

Group 1: Company Overview - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, providing centralized operation services for medical consumables to hospitals [1][3] - The company is a subsidiary of Xiamen Jianfa Group, with the Xiamen State-owned Assets Supervision and Administration Commission indirectly holding 51.02% of Jianfa Zhixin's shares [3][4] - In 2024, Jianfa Zhixin's revenue is projected to be divided into three main segments: direct sales (11.03 billion, 61.69%), distribution (6.74 billion, 37.68%), and service (112 million, 0.63%) [3][4] Group 2: Financial Metrics - Jianfa Zhixin's asset-liability ratios from 2022 to 2024 are 87.39%, 87.19%, and 86.45%, indicating a high level of debt [5] - The company's liquidity ratios are relatively low, with current ratios of 1.13, 1.12, and 1.12, and quick ratios of 0.90, 0.86, and 0.81 over the same period [5] Group 3: Market Position and Clients - Jianfa Zhixin serves over 3,300 medical institutions across 31 provinces, providing a wide range of products from various well-known manufacturers [4] - The company is positioned as a leader in the high-value interventional device distribution sector, collaborating with major clients such as Beijing Anzhen Hospital and Jilin University First Hospital [4] Group 4: Joint Power Company Overview - United Power, established in 2016, is a spinoff from the A-share giant Huichuan Technology, focusing on providing power systems for new energy vehicles [5][10] - The company is a leader in the new energy vehicle power system sector, participating in over 20 national standard formulations and key R&D projects [10] Group 5: Financial Metrics and Risks - United Power's accounts receivable from 2022 to 2024 are projected to be 1.85 billion, 3.61 billion, and 5.68 billion, representing 20.37%, 29.38%, and 31.45% of total assets respectively [11] - The company has a significant customer base, including over 40 vehicle manufacturers, with a projected output of over 4.5 million power system products in 2024 [10] Group 6: Jin Hua New Material Overview - Jin Hua New Material specializes in the research, production, and sales of ketoxime series fine chemicals, being a leader in the silane crosslinking agent and hydroxylamine salt sectors [12][14] - The company's silane crosslinking agent products have a domestic market share of 27.85%, 31.60%, and 38.16% from 2022 to 2024 [14][15] Group 7: Financial Metrics and Market Risks - Jin Hua New Material plans to invest 5.07 billion (85.74%) in a high-end coupling agent project, with additional funds allocated for R&D and operational support [14] - The company faces potential risks from market demand fluctuations in downstream industries, particularly in real estate and photovoltaic sectors [16]

Group 1 - The listing ceremony for Shanghai C&D INNOSTIC Medical Technology Group Co., Ltd. is scheduled for September 25, 2025, from 08:55 to 09:30, and will be live-streamed by Quanjing Roadshow [1][3] - Shanghai C&D INNOSTIC, established in 2010 and headquartered in Shanghai, is a member of the C&D Group and operates as a national medical device distributor [3] - The company engages in direct sales and distribution of medical devices and provides centralized operation services for medical consumables to hospitals, maintaining long-term partnerships with over 100 well-known domestic and international high-value medical device manufacturers [3] Group 2 - The agenda for the listing ceremony includes watching a promotional video, speeches from leaders, ringing the opening bell, and a group photo session [3]

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 ...

Group 1 - The company, Jianfa Zhixin, is a leading player in the domestic high-value medical device distribution sector, backed by the Xiamen State-owned Assets Supervision and Administration Commission [2] - The company has an issuance price of 7.05 yuan and a total market value of 2.525 billion yuan [2] - The issuance price-earnings ratio is 13.29, indicating the company's valuation in relation to its earnings [2] Group 2 - The company is actively extending its services to downstream medical institutions, including comprehensive services such as Supply Chain Management (SPD) [2] - The subscription rate for the issuance is 0.02%, reflecting investor interest [2]

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 - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. is set to go public on the ChiNext board, with an initial offering price of 7.05 yuan per share, reflecting a diluted P/E ratio of 13.29 times, which is approximately 17.92% higher than the industry average of 11.27 times [2] Financial Performance - The company reported revenues of 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan for the years 2022 to 2024, with net profits attributable to shareholders of 174 million yuan, 196 million yuan, and 228 million yuan, respectively, indicating a growth trend [3] - The vascular intervention products are the main revenue source, accounting for 63.90%, 59.72%, and 55.73% of total revenue during the reporting period, with a market share of 16.47% in 2023 [3] Profitability and Margin - The gross profit margin for the vascular intervention products is expected to decline from 5.57% in 2023 to 4.43% in 2024 due to regional centralized procurement policies affecting upstream suppliers [3] - The overall gross profit margins for the main business were 7.67%, 7.80%, and 7.46% during the reporting period [3] Debt and Liquidity - The company has a significantly high debt ratio, with consolidated asset-liability ratios of 87.39%, 87.19%, and 86.45% at the end of each reporting period, compared to the industry average of 68.91%, 66.26%, and 59.55% [4][5] - The liquidity ratios are low, with current ratios of 1.13, 1.12, and 1.12, and quick ratios of 0.90, 0.86, and 0.81, indicating potential liquidity challenges [4] IPO and Fundraising - The company plans to issue 63,193,277 new shares, raising approximately 484.24 million yuan, with nearly half of the funds allocated for working capital [6] - The total fundraising target is higher than the expected financing scale of 445.51 million yuan based on the offering price [6] Disclosure Issues - There are discrepancies in financial disclosures related to subsidiaries, including inconsistencies in reported financial data for Gansu Zhixin Kande Medical Supply Chain Management Co., Ltd. [7] - The company has faced scrutiny regarding customer sales data, with significant changes in customer relationships and sales figures that raise questions about transparency [8][9]

Core Viewpoint - The company Jianfa Zhixin has initiated its subscription process, offering a total of 63.1933 million shares at a price of 7.05 yuan per share, with an issuance price-to-earnings ratio of 13.29 times, which is significantly lower than the industry average of 25.73 times [1][2]. Group 1: Issuance Information - The total number of shares issued is 63.1933 million, with 10.1105 million shares available for online subscription [1][2]. - The subscription code is 301584, and the maximum subscription limit for a single account is 10,000 shares, with subscriptions required to be in multiples of 500 shares [1][2]. - The subscription date is set for September 16, 2025, with the announcement of the winning numbers and payment date on September 18, 2025 [2]. Group 2: Fundraising Purpose - The funds raised will be allocated as follows: 240 million yuan for working capital, 140.1595 million yuan for information system upgrades, and 104.0776 million yuan for medical consumables centralized operation services [3]. Group 3: Financial Indicators - The company's total assets have increased from 90.57 billion yuan in 2022 to 131.12 billion yuan in 2024 [4]. - Net profit has risen from 1.74 billion yuan in 2022 to 2.28 billion yuan in 2024, indicating a positive growth trend [4]. - The weighted return on equity (ROE) is 16.71% for 2024, slightly down from 17.06% in 2023 [4].