Core Viewpoint - Jianfa Zhixin Medical Technology Group Co., Ltd. officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, with a stock price surge of over 550% on the first day, reflecting strong market interest and potential growth in the medical device sector [1]. Company Overview - Jianfa Zhixin, a subsidiary of Xiamen Jianfa Group, focuses on the direct sales and distribution of medical devices, providing centralized operation services for medical consumables to hospitals [1]. - The company reported a revenue growth from 11.882 billion yuan in 2022 to 17.923 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.81% [1]. - Net profit is projected to reach 274 million yuan in 2024, showing a CAGR of over 20% from 189 million yuan in 2022, indicating strong adaptability to industry policies [1]. Market Positioning - Jianfa Zhixin differentiates itself in the competitive medical device market by focusing on high-value medical consumables, establishing itself as a comprehensive service provider in the supply chain [3]. - The company has established partnerships with over 100 well-known medical device manufacturers, providing services to more than 3,300 medical institutions across 31 provinces in China [4]. Product and Service Strategy - The company maintains a "core + diversified" product strategy, focusing on vascular intervention and expanding into surgical instruments and in vitro diagnostics (IVD) [5]. - Revenue from direct sales accounted for approximately 65.71% in 2022, while distribution and service business revenues are also growing, indicating a balanced revenue model [5]. SPD Service Innovation - Jianfa Zhixin's SPD (Supply Chain Management) service is a key innovation, providing centralized management of medical consumables, which significantly reduces inventory costs for hospitals [7]. - The penetration rate of SPD services in public hospitals is currently at 15.29%, indicating substantial growth potential in the market [7]. - The company has signed contracts for SPD services with 60 hospitals, managing over 10 billion yuan in medical consumables by 2024 [7]. Competitive Advantages - Compared to independent SPD service platforms, Jianfa Zhixin benefits from brand strength, financial resources, risk control capabilities, and integrated supply chain management [8]. - The company's focus on understanding hospital needs and investing in technology development enhances its competitive edge and customer loyalty [8].

Core Points - Shanghai Jianda Zhixin Medical Technology Group Co., Ltd. (stock code: 301584.SZ) was listed on the Shenzhen Stock Exchange's ChiNext board, closing at 36.56 yuan with a significant increase of 418.58% on the first day of trading, achieving a total market capitalization of 15.402 billion yuan [1][2] Company Overview - Jianda Zhixin primarily engages in the direct sales and distribution of medical devices and provides centralized operation services for medical consumables to terminal hospitals [1] - The company plays a crucial role in the medical device supply chain, acting as a hub connecting manufacturers, distributors, and end medical institutions [1] Shareholding Structure - Before the IPO, Xiamen Jianda Medical Health Investment Co., Ltd. held 51.02% of Jianda Zhixin's shares, making it the controlling shareholder [2] - Xiamen Jianda Group Co., Ltd. and Xiamen Huayi Industrial Trade Co., Ltd. hold 95% and 5% of Jianda Medical, respectively, with Jianda Group fully owning Huayi, leading to Jianda Group indirectly controlling Jianda Zhixin [2] Financial Performance - Jianda Zhixin's revenue for 2022, 2023, and projected for 2024 are 118.82 billion yuan, 154.43 billion yuan, and 179.23 billion yuan, respectively [5] - The net profit attributable to the parent company for the same years is 1.7428 billion yuan, 1.9630 billion yuan, and 2.2831 billion yuan, respectively [5] - The company reported a significant increase in R&D expenses, with figures of 2.7035 million yuan, 4.7915 million yuan, 13.6210 million yuan, and 16.0078 million yuan over the reporting periods [3] IPO Details - Jianda Zhixin planned to issue 63,193,277 shares at an initial price of 7.05 yuan per share, raising a total of 445.51 million yuan, with a net amount of 363.33 million yuan after expenses [4] - The total issuance costs amounted to 82.18 million yuan, including underwriting fees of 39.19 million yuan [5] Cash Flow and Projections - The company experienced negative cash flow from operating activities in previous years, with net cash flow of -6.2788 billion yuan in 2022, -3.7457 billion yuan in 2023, and a projected -1.3917 billion yuan for the first half of 2025 [6][8] - For the first half of 2025, Jianda Zhixin expects revenue between 1.48 billion yuan and 1.55 billion yuan, with a net profit forecast of 200 million yuan to 221.9 million yuan, indicating a year-on-year growth of 30% to 40% [8]

Group 1: Company Listings - Jianfa Zhixin (建发致新) and United Power (联合动力) were listed on the Shenzhen Stock Exchange, while Jinhua New Materials (锦华新材) was listed on the Beijing Stock Exchange [1] Group 2: Jianfa Zhixin (建发致新) - Jianfa Zhixin is 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 hospitals [2] - The company raised a total of 445.51 million yuan, with a net amount of 363.33 million yuan after deducting issuance costs, which will be used for information system upgrades, centralized operation services for medical consumables, and to supplement working capital [2] Group 3: United Power (联合动力) - United Power aims to become a global leader in intelligent electric vehicle components and solutions, with main products including electric drive systems and power systems [3] - The company raised a total of 360.14 million yuan, with a net amount of 353.21 million yuan after deducting issuance costs, which will be allocated to the production of core components for new energy vehicles, R&D center construction, digital system development, and to supplement operating funds [4] Group 4: Jinhua New Materials (锦华新材) - Jinhua New Materials focuses on the R&D, production, and sales of ketoxime series fine chemicals, with main products including silane crosslinking agents and hydroxylamine salts [5] - The company raised a total of 59.29 million yuan, with a net amount of 54.91 million yuan after deducting issuance costs, which will be used for a high-end coupling agent project, a pilot project, and the construction of an intelligent factory for the ketoxime industry chain [5]

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 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 [2] Summary by Category Company Overview - The company started its subscription on September 16, with an issue price of 7.05 yuan per share, a pre-issue market value of 25.25 billion yuan, and an issue price-to-earnings (P/E) ratio of 13.29 times, compared to the industry average P/E ratio of 25.73 times [2] Financial Performance - Revenue projections from 2022 to 2024 are 11.88 billion, 15.44 billion, and 17.92 billion yuan, respectively, with a year-on-year growth of 16.06% in 2024 [2] - Net profit for the same period is projected to be 189.2 million, 226.9 million, and 273.8 million yuan, with a year-on-year growth of 20.68% in 2024 [2] - For the third quarter of 2025, the company expects revenue growth of 10% to 15% year-on-year, and net profit growth of 30% to 40%, with non-recurring net profit growth of 26% to 40% [2] Valuation Comparison - In comparison with peer companies, the company's dynamic and static P/E ratios indicate a relatively low valuation, with a dynamic P/E of 10.65 and a static P/E of 13.29 [3] - The company has a total market value of 29.71 billion yuan and a circulating market value of 4.46 billion yuan, with an issue price considered inexpensive [3] Market Sentiment - The company is state-owned, with a 51% shareholding by state-owned enterprises, and the expected price increase on the first day of trading is between 248.1% and 413.5% [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: Company Overview - Jianfa Zhixin (301584.SZ) 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][4] - The company is a subsidiary of Xiamen Jianfa Group, with the State-owned Assets Supervision and Administration Commission of Xiamen City indirectly holding 51.02% of its shares [4] - In 2024, Jianfa Zhixin's revenue is expected to be divided into three main segments: direct sales (110.32 billion CNY, 61.69%), distribution (67.38 billion CNY, 37.68%), and service (1.12 billion CNY, 0.63%) [4] Group 2: Financial Performance - Jianfa Zhixin's initial public offering (IPO) price was 7.05 CNY per share, with a market capitalization of 29.70 billion CNY and an issuance price-to-earnings ratio of 13.29 [2] - The company has a high asset-liability ratio, with figures of 87.39%, 87.19%, and 86.45% from 2022 to 2024, indicating a capital-intensive business model [5] Group 3: Fundraising and Investment Plans - Jianfa Zhixin plans to allocate raised funds as follows: 1.40 billion CNY (28.94%) for information system upgrades, 1.04 billion CNY (21.49%) for centralized operation services, and 2.40 billion CNY (49.56%) for working capital [3] Group 4: Joint Power Company Overview - United Power (301656.SZ) was established in 2016 as a spin-off from the A-share giant Huichuan Technology, focusing on providing power systems for new energy vehicles [6][10] - The company is a leader in the new energy vehicle power system industry, participating in over 20 national standard formulations and providing solutions for more than 40 vehicle manufacturers [10] Group 5: Financial Performance of United Power - United Power's IPO price was 12.48 CNY per share, with a market capitalization of 300.1 billion CNY and an issuance price-to-earnings ratio of 32.87 [6] - The company reported accounts receivable values of 18.5 billion CNY, 36.1 billion CNY, and 56.8 billion CNY from 2022 to 2024, representing 20.37%, 29.38%, and 31.45% of total assets respectively [11] Group 6: Fundraising and Investment Plans of United Power - United Power intends to invest raised funds as follows: 26.12 billion CNY (53.77%) for core component production, 13.23 billion CNY (27.24%) for R&D center construction, and 8.00 billion CNY (16.47%) for working capital [8][9] Group 7: Jin Hua New Material Company Overview - Jin Hua New Material focuses on the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent and hydroxylamine salt sectors [12][16] - The company has a market share of 27.85%, 31.60%, and 38.16% in silane crosslinking agents from 2022 to 2024 [16] Group 8: Financial Performance of Jin Hua New Material - The IPO price for Jin Hua New Material was 18.15 CNY per share, with an issuance price-to-earnings ratio of 11.52 [13] - The company has highlighted potential risks related to market demand fluctuations in downstream industries, particularly in real estate and photovoltaic sectors [17]

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: 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]