2025年11月21日，爱得科技通过北交所上市委审核。 对一家在骨科耗材领域深耕了近二十年的公司来说，这既是一个结果，也是一个时机——它恰好发生在行业重新洗牌的节点上。 从上会稿披露的信息来看， 公司 计划募集 1.97 亿元 ，资金基本用于三件事：扩产、研发和渠道体系。 这三项看似基础，却在集采常态化之后，决定了一家制造型企业未来三到五年的基本盘。 而理解这次上市动作的意义，需要先把它放回行业背景中去看。 # 行业背景： 集采后的"重新分布" 过去两年，脊柱、创伤、关节三大板块的带量采购几乎全面覆盖。价格下探的压力已经释放，医院的采购逻辑从"比价格"转向"看供应链"、"看服务"、"看能不能长 期供得稳"。 骨科手术需求依然增长：老龄化、骨质疏松、基层医院扩容、医生工作负荷等因素叠加，让耗材的"量"没有减少，但企业之间的"格局"在重排。 这也是为什么行业在今年 COA 上的讨论出现明显转向—— 从单纯谈"替代"，转到谈效率、谈供应链安全、谈数智化体系能否真正落地。 这一轮变化下，中小企业的位置既不容易，也更值得观察：高端产品市场由头部公司主导，而基层需求却在不断外溢。能不能接住这部分需求，取决的不是概念， 而 ...

Core Viewpoint - Aide Technology (Suzhou Aide Technology Development Co., Ltd.) is facing significant challenges on its path to IPO, including the impact of centralized procurement policies, financial internal control issues, and high ownership concentration by its actual controllers [1] Group 1: Financial Performance - The company's main products, spinal and trauma consumables, have been fully included in the national centralized procurement scope, leading to a sharp decline in sales revenue from 137 million yuan in 2022 to 84 million yuan in 2024, a decrease of 38.7% [1] - The prices of key products have experienced drastic reductions: the price of the vertebroplasty system dropped from 478.65 yuan in 2022 to 176.45 yuan in 2024, a decline of 63%; spinal implant products decreased from 193.08 yuan to 98.62 yuan, nearly a 50% drop; and bone cement prices fell from 475.74 yuan to 240.74 yuan, also nearly a 50% decrease [1] - In 2024, the company reported a revenue of 275 million yuan, a year-on-year increase of 4.87%, and a net profit attributable to shareholders of 67.16 million yuan, up 5.60% year-on-year, primarily driven by increased sales volume despite significant price reductions impacting gross margins [1] Group 2: Sales and Distribution Model - The company's sales model heavily relies on distributors, with revenue from this model accounting for 97.71%, 94.07%, 87.08%, and 83.85% over the reporting periods, significantly higher than comparable companies in the industry [2] - There are discrepancies in sales data reported to different regulatory bodies, with significant differences in sales prices to the same distributor, raising concerns about the reliability of information disclosure [2] Group 3: Distributor Issues - A significant portion of revenue comes from distributors with questionable legitimacy, including those established after the start of their cooperation and those with very low or zero registered capital [3] - In 2022 and 2023, revenue from canceled distributors accounted for 14.87% and 6.42% of total revenue, respectively, raising doubts about the authenticity and accuracy of revenue recognition [3] Group 4: Ownership and Governance - The actual controllers, Lu Qiang and Huang Meiyu, hold a combined 79.07% of the company's shares, leading to concerns about potential risks associated with concentrated control and its impact on minority shareholders [3] - The company has a high dependency on key executive Li Yifei, who has been responsible for sales and channel management, and there are regulatory concerns regarding the zero-cost transfer of shares to him, which raises questions about corporate governance [4]