正在冲刺北交所IPO的新三板创新层公司康华股份，在收到监管二轮问询被要求20个工作日内回复的当口，突然宣布砍掉两个募投项目，整体募资额也大 幅缩水，这期间发生了什么？ 12月24日康华股份公告，拟调整本次发行上市具体方案中的募投项目和募集资金金额，募投项目从5个减至3个，保留项目募资额则不同程度削减，这样整 体募资额从5.62亿元缩水到了3.68亿元，降幅达到35%。公司未给出具体原因，仅表示系"结合相关法律、法规和公司实际发展及未来规划"。 飞瞰财金注意到，康华股份在更新完半年报财务数据重启审核后，于12月9日收到了北交所上市委的二轮问询。首轮问询监管就对公司募投项目的必要性 和合理性提出质疑，要求说明新增产能消化能力、项目是否与市场需求匹配、投资规模的合理性等。二轮问询监管继续追问公司募投项目"是否存在无法 达到预期经济效益的风险"，要求进行风险揭示。 01 募投项目是否必要、合理？ 据北交所官网，5月22日，山东康华生物医疗科技股份有限公司（下称"康华股份"）IPO获受理。项目于9月16日披露第一次问询回复后随即申请中止，于 11月21日更新半年报后恢复审核，并于12月9日收到了二轮问询。 招股说明书显 ...

行业深度研究 | 医疗器械 IVD 国内短期承压，头部企业积极出海 IVD 体外诊断相关医疗器械行业报告 全球的 IVD 行业始于 20 世纪 50 年代，由美国科学家率先应用于胰岛素的测 定，随着全球医疗科技水平的提升和人类对医疗健康的需求不断增大，全球 IVD 行业在 20 世纪 70~80 年代得到了快速的发展。根据弗若斯特沙利文报 告，2018 至 2030 年，全球体外诊断市场规模呈增长趋势，预测由 2018 年 667 亿美元增长至 2030 年 1,861 亿美元，年均复合增长率为 8.9%。 我国体外诊断行业的发展起步较晚，在较短的时间内经历了市场导入和快速 发展期，并逐步进入到升级取代期。这期间体外诊断产品技术呈多元化发展 趋势，形成了生化、免疫、POCT、分子、病理等多种诊断技术并行发展的 局面，推动临床精准诊断能力持续提升。 近几年来，化学发光免疫诊断技术在免疫诊断市场份额中的占比不断扩大。 根据 Eshare 医械汇测算，2021 年-2023 年，我国免疫诊断的市场规模由 373 亿元增长至 503 亿元，期间年复合增长率为 16.13%，处于快速增长阶段。 生化诊断的技术门槛相对不 ...

生化诊断的技术门槛相对不高，我国生化诊断试剂竞争相对激烈，国产产品占有率已超过70%。根据 Eshare医械汇测算，2021年-2023年，我国生化诊断的市场规模由171亿元增长至190亿元，期间年复合 增长率为5.41%。 得益于POCT应用的便捷性和广泛性，以及公共卫生事件等因素的推动，人民对于居家自检或通过医疗 机构快速检测病原体的需求不断增加。2021年-2023年，我国POCT的市场规模由112亿元增长至160亿 元，期间年复合增长率为19.52%，高于体外诊断行业整体增速。 我国分子诊断起步较晚，但在人民对精准医学检测需求日益增强、分子诊断技术不断进步、国家政策扶 持以及全球公共卫生事件等多重因素的共同推动下，我国分子诊断行业已具备一定的市场规模和基础。 根据Eshare医械汇测算，剔除应急业务相关因素影响，我国分子诊断市场规模仍超100亿元，处于较快 发展中。 随着微生物诊断技术不断发展，免疫诊断、分子诊断、POCT等前沿技术正在不断创新以镜检和培养为 主的传统微生物诊断市场，中国病原微生物诊断市场也随之高速增长。根据弗若斯特沙利文报告，中国 病原微生物诊断市场规模预测从2018年168.2亿元 ...

Core Viewpoint - Lidman plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, aiming to enter the high-barrier bioproducts industry and transform its business model to include both bioproducts and in vitro diagnostics [1][2] Group 1: Acquisition Details - The acquisition involves cash payment to three entities: Shanghai Baijiahui Investment Management Co., Nanjing Baijiarui Enterprise Management Consulting Partnership, and Hainan Xiansheng Baijiahui Technology Development Co. [1] - After the transaction, Lidman will hold 70% of Xiansheng Xiangrui, consolidating it into its financial statements [1] Group 2: Strategic Rationale - The acquisition allows Lidman to quickly penetrate the bioproducts market, which has high barriers to entry and significant growth potential [2] - Xiansheng Xiangrui is recognized as a "little giant" enterprise in Beijing and holds a vaccine production license, with unique technologies in TB-PPD and BCG-PPD preparation [2] Group 3: Financial Performance - Xiansheng Xiangrui's projected revenues for 2023, 2024, and the first seven months of 2025 are 653 million yuan, 582 million yuan, and 228 million yuan, respectively, with net profits of 210 million yuan, 180 million yuan, and 59.68 million yuan [2] - Lidman expects the acquisition to turn its consolidated net profit positive [2] Group 4: Lidman's Current Situation - Lidman, established in 1997, focuses on in vitro diagnostic reagents and instruments but has faced revenue fluctuations due to increased competition and centralized procurement [3] - For 2024, Lidman's revenue is projected at 370 million yuan, with a net loss of 75.1 million yuan; the first three quarters of this year showed a 10.49% revenue decline [3] - As of the end of Q3, Lidman had cash reserves of 618 million yuan, and the acquisition will result in approximately 1.019 billion yuan of goodwill on its balance sheet [3]

Core Insights - The biochemical diagnosis industry in China is projected to reach a market size of 29.2 billion yuan in 2024, reflecting a year-on-year growth of 5.80% driven by increasing medical demand and advancements in diagnostic technology [2][8]. Industry Overview - Biochemical diagnosis, also known as clinical biochemical testing, is a crucial branch of in vitro diagnostics (IVD) that utilizes biochemical methods to measure specific biochemical indicators in body fluids for disease diagnosis, treatment monitoring, and health assessment [3][4]. Industry Chain - The upstream of the biochemical diagnosis industry includes biological raw materials such as enzyme preparations, antigens, antibodies, and chemical raw materials like sodium chloride and amino acids. The midstream focuses on the research and production of diagnostic reagents and instruments, while the downstream applications are found in hospitals, clinics, independent medical laboratories, health examination centers, and blood stations [6]. Market Demand Drivers - The aging population and increasing health awareness are driving the demand for medical services, with the number of hospitals in China expected to reach 38,700 in 2024, a 0.90% increase year-on-year. This growth in hospital numbers is expected to boost the demand for biochemical diagnostic products and services [8]. Technological Advancements - Recent advancements in biochemical diagnostic technology, including new enzyme detection methods and high-throughput detection platforms, have improved testing efficiency and accuracy while reducing costs, further stimulating market demand [2][8]. Relevant Policies - The Chinese government has introduced various policies to promote the healthy development of the biochemical diagnosis industry, including the "Measurement Support for New Quality Productivity Development Action Plan (2025-2030)" aimed at enhancing measurement and quality evaluation technologies in key health sectors [9][12].

Core Viewpoint - Lidman is planning to acquire up to 70% of Beijing Xiansheng Xiangrui Biological Products Co., Ltd. through cash payment, which is expected to constitute a major asset restructuring [1][4]. Group 1: Acquisition Details - The acquisition will be funded through self-owned funds and bank merger loans, with Lidman not holding any shares in the target company prior to the transaction [4]. - Upon completion of the acquisition, Lidman will gain control of the target company, which will become a subsidiary [4]. - The investment framework agreement signed with the target company and its shareholders is only a preliminary agreement, with specific terms to be defined in formal agreements [4]. Group 2: Target Company Overview - The target company operates in the biopharmaceutical manufacturing industry, focusing on in vitro diagnostic reagents and human vaccines [4]. - Its main products include tuberculin purified protein derivative, bacillus Calmette-Guérin purified protein derivative, and specific cell immune response test kits for tuberculosis screening, diagnosis, treatment, and innovative vaccine development [4]. Group 3: Financial Performance - In 2024, Lidman reported a revenue of approximately 370 million yuan, a year-on-year decrease of 19.79%, with a net profit of -75.1 million yuan [6]. - The in vitro diagnostic reagent business remains the primary revenue source, generating about 297 million yuan, down 22.06%, accounting for 80.29% of total revenue [6]. - The first quarter of 2025 saw revenues of approximately 78.9 million yuan, a year-on-year decline of 16.61%, with a net profit of -1.25 million yuan [6]. Group 4: Market Position - As of July 30, Lidman's stock price was 5.87 yuan per share, with a market capitalization of 3.2 billion yuan [7].

Core Viewpoint - The credit rating agency has maintained a stable credit rating for Beijing Jiukang Biotechnology Co., Ltd., reflecting its strong technical advantages and profitability in the biochemical immunology and pathological diagnosis sectors, while also highlighting potential risks due to increasing competition in the medical consumables industry [3][5][8]. Company Overview - Beijing Jiukang Biotechnology Co., Ltd. focuses on the research, production, and sales of in vitro diagnostic reagents, with a strong presence in biochemical immunology and pathological diagnosis [3][5]. - The company has a credit rating of AA- with a stable outlook, indicating robust financial health and operational stability [3][8]. Financial Performance - The company's total assets reached 56.31 billion, with equity attributable to shareholders at 42.20 billion as of March 2025 [3][4]. - Revenue for 2024 was reported at 16.59 billion, a decrease of 4.75% year-on-year, while net profit was 5.31 billion, reflecting a decline of 32.08% in the first quarter of 2025 [3][7][17]. - The gross profit margin increased by 3.84 percentage points to 78.50% in 2024, driven by higher sales from its subsidiary, Mai Xin Biotechnology [5][17]. Research and Development - The company increased its R&D investment to 1.89 billion in 2024, a growth of 15.73% year-on-year, with R&D expenses accounting for 11.36% of revenue [5][20]. - The number of medical device registration certificates rose to 379 by the end of 2024, with 228 patents held, indicating a strong focus on innovation [5][19]. Market Position and Competition - The company faces increasing competition in the medical consumables sector, which may impact revenue and profit margins if its technological advantages diminish [6][7]. - The in vitro diagnostic market in China is projected to grow, with a market size expected to exceed 1,200 billion by 2024, driven by rising health awareness and aging population [15][16]. Risks and Challenges - The company has significant goodwill from acquisitions, which accounted for 29.70% of total assets as of March 2025, posing a risk of impairment if acquired entities do not perform as expected [7][8]. - There is a reliance on imported raw materials for production, which could lead to supply shortages or price instability [6][23].

Group 1 - The core business of Lidman includes research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1] - The company has received multiple accolades, including "National High-tech Enterprise" and "Beijing Specialized and Innovative Enterprise" [1] - As of the first quarter of 2025, Lidman reported a revenue of 78.91 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1.25 million yuan, a year-on-year increase of 53.73% [1] Group 2 - The latest closing price of Lidman was 5.22 yuan, with a market capitalization of 2.84 billion yuan and a price-to-book ratio of 1.71, marking a new low in 79 days [1] - The company is held by three institutions, with a total holding of 263.08 million shares valued at 1.24 billion yuan [1] - The industry average price-to-earnings ratio (PE) is 50.99, while Lidman's PE (TTM) is -38.56, indicating a significant divergence from industry norms [2]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Lidman Biochemical Co., Ltd, including its stock price, market capitalization, and financial results for Q1 2025 [1] - On June 3, Lidman closed at 5.05 yuan, up 1.41%, with a latest price-to-book ratio of 1.65, marking a new low in 49 days and a total market value of 2.747 billion yuan [1] - The company experienced a net outflow of main funds amounting to 8.4668 million yuan on June 3, with a total outflow of 25.8327 million yuan over the past five days [1] Group 2 - Lidman specializes in the research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials, with key products including biochemical diagnostic reagents and automated chemiluminescence immunoassay analyzers [1] - The company has received multiple accolades, including "National High-tech Enterprise" and "Beijing Specialized and New Small and Medium-sized Enterprises," and has been recognized as a leading enterprise in the Beijing biopharmaceutical industry [1] - The latest financial report for Q1 2025 shows that the company achieved operating revenue of 78.9087 million yuan, a year-on-year decrease of 16.61%, and a net profit of -1.25172554 million yuan, a year-on-year increase of 53.73%, with a gross sales margin of 53.56% [1] Group 3 - The price-to-earnings (P/E) ratio for Lidman is reported at -37.30 (TTM) and -36.58 (static), with a price-to-book ratio of 1.65 and a total market capitalization of 2.747 billion yuan [2] - The industry average P/E ratio is 50.80 (TTM) and 49.07 (static), with an average price-to-book ratio of 4.67 and a total market capitalization of 108.36 billion yuan [2] - The industry median P/E ratio stands at 36.71 (TTM) and 36.84 (static), with a median price-to-book ratio of 2.48 and a total market capitalization of 50.19 billion yuan [2]

Core Viewpoint - Lidman Biochemical Co., Ltd. is experiencing a decline in revenue and profit, with a significant net outflow of funds, indicating potential challenges in the market [1][2]. Company Overview - Lidman specializes in the research, production, sales, and service of in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials [1]. - The company's main products include biochemical diagnostic reagents, immunodiagnostic reagents, and automated chemiluminescence immunoassay analyzers [1]. - Lidman has received multiple accolades, including "National High-tech Enterprise" and "Beijing Specialized and Innovative Enterprise" [1]. Financial Performance - For Q1 2025, Lidman reported revenue of 78.91 million yuan, a year-on-year decrease of 16.61% [1]. - The net profit for the same period was -1.25 million yuan, reflecting a year-on-year increase in losses of 53.73% [1]. - The gross profit margin stood at 53.56% [1]. Market Position - As of May 27, Lidman's stock closed at 4.98 yuan, with a market capitalization of 2.709 billion yuan and a price-to-book ratio of 1.63 [1]. - The company has seen a net outflow of 3.4978 million yuan in principal funds on May 27, with a total outflow of 7.7543 million yuan over the past five days [1]. Industry Comparison - Lidman's PE (TTM) ratio is -36.79, while the industry average is 49.11, indicating a significant disparity in valuation metrics [2]. - The industry median PE (TTM) is 35.89, suggesting that Lidman is underperforming compared to its peers [2].