Core Viewpoint - Jianfa Zhixin is set to launch its online subscription on September 16, with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, marking its entry into the ChiNext board [1] Company Overview - Jianfa Zhixin is a national medical device distributor engaged in direct sales and distribution, providing SPD (Surgical Procedure Distribution) services [1] - The company is projected to achieve a revenue of 17.923 billion yuan and a net profit of 274 million yuan in 2024, with a compound annual growth rate (CAGR) of over 20% in revenue over the next five years [1] Business Model - As a leading enterprise, Jianfa Zhixin connects various stakeholders, covering direct sales, distribution, and SPD services [1] - The company serves over 3,300 terminal medical institutions through direct sales and collaborates with over 100 manufacturers for distribution [1] - Jianfa Zhixin aims to create a "national integrated medical device distribution hub" through a platform management model, addressing issues in traditional distribution methods and promoting industry refinement and intelligence [1] Market Focus - In 2024, the combined revenue from vascular intervention and surgical medical devices is expected to exceed 13.8 billion yuan, with a focus on high-value consumables [1] - High-value medical consumables are projected to account for 16% of the medical device market in 2024, indicating significant growth potential [1] - Jianfa Zhixin leverages its direct sales advantages to meet terminal procurement needs, aiming to solidify its position in the high-value consumables market [1] SPD Business Development - The company is actively developing its SPD business, with a target of signing contracts with 60 hospitals by the end of 2024, and anticipates service revenue of 120 million yuan in the first half of 2025 [1] - Fundraising projects are expected to enhance the company's engagement with medical institutions [1]

Core Viewpoint - Jianfa Zhixin has initiated online subscription with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, preparing to list on the ChiNext board, indicating strong growth potential in the medical device distribution industry [1] Group 1: Business Overview - The company operates as a national medical device distributor, engaging in direct sales and distribution, while also providing SPD services to terminal hospitals, establishing a significant position in the industry [1] - Jianfa Zhixin connects various stakeholders in the industry, achieving three major business models and comprehensive process coverage, serving over 3,300 terminal medical institutions with direct sales [1] Group 2: Financial Performance - Financial projections for 2024 indicate revenue of 17.923 billion yuan and a net profit of 274 million yuan, with a compound annual growth rate of over 20% in revenue over the past five years, showcasing strong growth and resilience [1] - The vascular intervention and surgical medical device segments are expected to generate over 13.8 billion yuan in revenue in 2024, focusing on the high-value consumables sector, which is the third-largest sub-market in the industry with significant domestic growth potential [1] Group 3: Market Opportunities - The high-value medical consumables market is anticipated to expand due to various factors, positioning Jianfa Zhixin to benefit from this growth, leveraging its direct sales advantages to meet the needs of terminal hospitals [1] - The company is actively developing its SPD business, with contracts signed with 60 hospitals by the end of 2024, managing a scale exceeding 10 billion yuan, and achieving a revenue of 120 million yuan in the first half of 2025, reflecting a year-on-year increase [1] Group 4: Strategic Initiatives - The SPD business enhances management efficiency for medical institutions and reduces cost pressures, while also collaborating with direct sales and distribution operations [1] - Fundraising projects include the "Centralized Operation Service Project for Medical Consumables," aimed at strengthening ties with medical institutions [1]