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].

Group 1: Company Overview - The company operates as a national high-value medical device distributor, focusing on direct sales and distribution of medical devices, as well as providing centralized operation services for medical consumables to hospitals [2] - As of the signing date of the prospectus, Xiamen Jianfa Medical Health Investment Co., Ltd. holds 51.02% of the company's shares, making it the controlling shareholder [2] - The actual controller of the company is the Xiamen State-owned Assets Supervision and Administration Commission, which indirectly holds 51.02% of the company's shares through its ownership of Jianfa Group and Jianfa Medical [2] Group 2: Fundraising and Financials - The company plans to raise approximately 484.24 million yuan for projects including information system upgrades, centralized operation services for medical consumables, and to supplement working capital [2] - The initial public offering (IPO) price is set at 7.05 yuan per share, with an expected total fundraising amount of 445.51 million yuan, and a net fundraising amount of approximately 363.33 million yuan after deducting issuance costs [3] Group 3: Industry Context - The company plays a crucial role in the medical device supply chain, acting as a hub that connects manufacturers, distributors, and end medical institutions [2] - The reference industry price-earnings ratio for the wholesale industry is 25.73, while the company's offering price results in a price-earnings ratio of 13.29, indicating a potential undervaluation compared to industry peers [1]

Company Overview - The company operates as a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, and provides centralized operation services for medical consumables to end hospitals [5]. Financial Performance - The company's revenue for 2022 was 118.82 billion, projected to increase to 154.43 billion in 2023 and 179.23 billion in 2024 [6]. - Net profit for 2022 was 1.89 billion, expected to rise to 2.27 billion in 2023 and 2.74 billion in 2024 [6]. - Cash flow from operating activities was -1.75 billion in 2022, improving to -1.05 billion in 2023, and projected to be 0.46 billion in 2024 [6]. Industry Context - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and healthcare institutions [5]. - The high-value medical device market is expanding, driven by improvements in national healthcare insurance coverage and increasing public demand for higher quality medical services [11]. SWOT Analysis - Strengths include a vertically integrated management system and a unified business system for medical device distribution, enhancing operational efficiency [11]. - Opportunities arise from the growing market for high-value medical devices and supportive government policies promoting industry development [11][12]. - Weaknesses include a gap in management and operational standards compared to international peers, as well as high operational costs and significant capital requirements [12].

Core Viewpoint - Jianfa Zhixin (301584.SZ) has initiated its subscription with an issue price of 7.05 CNY per share and a price-to-earnings ratio of 13.29, positioning itself as a national high-value medical device distributor [1] Company Overview - The company operates as a national distributor of high-value medical devices, engaging in both direct sales and distribution services, and provides centralized operation services for medical consumables (SPD) to hospitals [1] - It serves over 3,300 terminal medical institutions across 31 provinces, municipalities, and autonomous regions in China, offering a wide range of direct sales services [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 reforms such as 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 in the supply chain [2] Technological Innovation - The company has developed a digital supply chain management system for medical devices, utilizing information technology and IoT to optimize operational efficiency and reduce costs [2] - It has implemented a unique identification system (UDI) for medical devices, addressing issues of multiple codes for a single product and ensuring compliance, accuracy, traceability, and safety in the distribution process [2] Financial Performance - The company reported revenues of approximately 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were approximately 189 million CNY, 227 million CNY, and 274 million CNY [3] - Total assets increased from approximately 9.057 billion CNY in 2022 to about 13.112 billion CNY in 2024, with equity attributable to shareholders rising from approximately 1.050 billion CNY to about 1.481 billion CNY [3] - The company's asset-liability ratio for the parent company increased from 73.92% in 2022 to 79.32% in 2024, while the consolidated asset-liability ratio showed a slight decrease from 87.39% to 86.45% over the same period [3]

Core Viewpoint - The company, Jianfa Zhixin, is a national high-value medical device distributor that has initiated its IPO with a price of 7.05 yuan per share and a price-to-earnings ratio of 13.29 times, under the sponsorship of CITIC Securities [1] Company Overview - Jianfa Zhixin primarily engages in 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 products [1] - The company has established long-term partnerships with over 100 well-known domestic and international medical device manufacturers [1] Industry Trends - 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 the characteristics of high-value medical devices to enhance information management in traditional distribution operations [2] - The use of modern technologies such as information technology and IoT is aimed at reducing manual dependency, optimizing operational efficiency, and lowering costs [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 asset-liability ratio increased from 73.92% in 2022 to 79.32% in 2024 [3]

Group 1 - The core viewpoint of the news is that Jianfa Zhixin successfully held its online roadshow for the initial public offering (IPO) and will begin subscription on September 16 [1] - Jianfa Zhixin was founded in 2010 and is headquartered in Shanghai, operating as a member of Jianfa Group, primarily engaged in the direct sales and distribution of medical devices [1] - The company has established long-term stable partnerships with over 100 well-known domestic and international high-value medical device manufacturers [1] Group 2 - The financial director of Jianfa Zhixin, Ren Gaofeng, indicated that the revenue from direct sales has shown a growth trend due to the company's efforts to enhance sales beyond vascular interventional devices [2] - The direct sales business is primarily composed of vascular interventional devices, which accounted for 78.23%, 70.96%, and 68.60% of direct sales revenue in the reporting periods, showing a year-on-year decline in percentage [2] - The decline in the percentage of vascular interventional devices is attributed to the company's diversification of its product offerings, while overall direct sales revenue continues to grow [2]