9月15日，建发致新（301584）（301584）首次公开发行股票并在创业板上市网上路演在全景网成功举 行。 公司将于9月16日开启网上、网下申购。建发致新董事长余峰，董事、总经理吴胜勇，副总经理、董事 会秘书陆启勇，财务总监任高峰；以及保荐机构代表中信证券全球投资银行管理委员会执行总经理、保 荐代表人王琦和投资银行管理委员会高级副总裁、保荐代表人张磊共同参加了公司上市路演活动。 公开资料显示，建发致新创立于2010年，总部位于上海，属于建发集团成员企业。作为全国性的医疗器 械流通商，公司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，目前已与超过100家国内外知名高值医疗器械生产厂商建立并保持长期稳定的合作关系。 建发致新财务总监任高峰介绍公司直销业务收入呈一定增长趋势主要在于公司积极加强血管介入器械以 外的产品销售。公司直销业务主要由血管介入器械构成，报告期内血管介入器械占直销业务收入占比分 别为78.23%、70.96%和68.60%，占比逐年下降，主要系公司多元化其经营品种所致；同时随着公司在 血管介入、外科器械、检验试剂（IVD）等领域逐步扩大业务拓展，公司直 ...

Core Viewpoint - The pharmaceutical industry in China is facing significant challenges in IPOs, with only five new drug companies expected to list in 2024, a sharp decline compared to previous years. The only remaining candidate on the ChiNext board is Jianfa Zhixin Medical Technology Group Co., Ltd., which has faced delays in its registration process with the CSRC for nearly 1.5 years [2][3]. Company Overview - Jianfa Zhixin primarily engages in the wholesale of medical devices, boasting substantial revenue of over 10 billion yuan. However, its profitability is concerning, with a gross margin consistently below 10% and a net profit margin nearing 1% [2][4]. - The company has not progressed to the registration stage with the CSRC, likely due to its lack of innovation and issues such as absence of patents and abnormal increases in R&D expenses [2][4]. Financial Performance - Jianfa Zhixin's revenue for the years 2020 to 2023 (first half) was 8.542 billion yuan, 10.024 billion yuan, 11.882 billion yuan, and 7.499 billion yuan, respectively, with net profits of 168 million yuan, 176 million yuan, 189 million yuan, and 103 million yuan [4][11]. - The company's gross margins for the same periods were 6.12%, 7.02%, 7.71%, and 7.72%, indicating a persistent struggle to meet the entrepreneurial board's standards [4][5]. Market Position and Competition - Jianfa Zhixin operates in a low-margin, low-value-added segment of the medical device distribution industry, which contradicts the ChiNext's focus on growth-oriented innovative enterprises [3][9]. - Compared to its peers, Jianfa Zhixin's gross margin is significantly lower, with competitors like Guoyao Holdings and Jiuzhoutong averaging gross margins above 8% [5][6]. R&D and Innovation Concerns - The company has faced scrutiny regarding its R&D expenditures, which have surged from 2.7035 million yuan in 2020 to 16.0078 million yuan in the first half of 2023, raising questions about the authenticity of these expenses [12][13]. - Jianfa Zhixin lacks patents and has only a few software copyrights, leading to doubts about its innovation capabilities. The majority of its R&D spending appears to be on outsourced projects rather than internal development [12][15]. Regulatory Challenges - The company has been questioned by regulators about its compliance with the ChiNext's innovation requirements, particularly regarding its R&D spending and the nature of its business model, which does not involve direct product development [12][16]. - Jianfa Zhixin's significant increase in R&D personnel and expenditures has raised suspicions of "last-minute" efforts to meet regulatory standards, especially given its lack of tangible innovation outputs [15][17].