9月25日， 上海建发致新医疗科技集团股份有限公司（简称"建发致新"）正式在深交所创业板挂牌上市。公司股票发行价格为7.05元/股，开盘价36元/股， 随后股价一路冲高至46.20元/股，盘中涨幅一度超过550%，截至收盘，公司股价为36.56元/股，上涨418.58%，总市值约154亿元。 2022年至2024年，公司营业收入从118.82亿元增长至179.23亿元，年均复合增长率达22.81%。2024年公司净利润达到2.74亿元，较2022年的1.89亿元相 比，三年复合增长率超过20%，显示了公司在医疗器械集中带量采购政策下良好的产业政策适应能力和发展潜力。 此次上市，建发致新预计实际募集资金总额4.46亿元，通过募集资金投资项目，持续加强信息系统的建设和SPD业务项目拓展建设，这些新增投资将进一 步提升公司精细化、智能化管理能力，为公司快速扩大的业务规模与精益管理提供有力的技术支撑。 建发致新董事长余峰表示，将以上市为契机、借助资本市场的力量，继续秉持"专业创造价值，为生命健康提供更有品质的服务"的企业使命，聚焦产业链 痛点，深耕医院场景，积极拥抱智能化时代，主动服务国家、区域和城市发展大局。 文字 ...

Core Viewpoint - Jianfa Zhixin has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing stock price of 36.56 yuan per share on September 25, representing a significant increase of 418.58% and a total market capitalization of approximately 15.4 billion yuan [1] Group 1: Company Overview - Jianfa Zhixin, established in 2010, primarily engages in the direct sales and distribution of medical devices, providing centralized operation services for medical consumables to terminal hospitals [1] - The company has expanded its product offerings from vascular intervention products to various categories, including surgical instruments, in vitro diagnostics (IVD), and medical equipment [1][4] Group 2: Market Position and Financial Performance - In 2023, Jianfa Zhixin achieved a market share of 16.47% in the vascular intervention device sector, positioning itself as a leading player in this industry [2] - The company's projected revenues for 2022, 2023, and 2024 are 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan, respectively. The revenue from vascular intervention devices for the same years is 7.583 billion yuan, 9.205 billion yuan, and 9.967 billion yuan, accounting for 63.90%, 59.72%, and 55.73% of total revenue [2] Group 3: Strategic Focus and Innovations - Jianfa Zhixin emphasizes a diversified product line and has been actively expanding into IVD, surgical, and ophthalmic medical device sectors, leveraging its expertise in vascular intervention [4] - The company is committed to digital transformation and has developed a core business system to enhance operational efficiency and management across its nationwide network [5][7] Group 4: Service and Operational Excellence - The company provides centralized operation services for medical consumables, having signed contracts with 60 hospitals, including nearly 30 tertiary hospitals, managing over 10 billion yuan in medical consumables [6] - Jianfa Zhixin aims to enhance its service quality and customer loyalty by offering high-quality centralized operation services and expanding its direct sales and distribution capabilities [6] Group 5: Funding and Future Plans - The funds raised from the IPO will be allocated to information system upgrades, centralized operation services for medical consumables, and working capital, with planned investments of 140 million yuan, 104 million yuan, and 240 million yuan, respectively [8] - The company seeks to strengthen its digital management capabilities and service attributes within the industry chain, aspiring to become a leading medical device distribution service provider in China [8]

聚焦医疗器械流通领域 建发致新成立于2010年，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。 9月25日，建发致新在深交所创业板上市。截至9月25日收盘，公司股价收于36.56元/股，当日涨幅为 418.58%，总市值约为154亿元。 "作为全国性的高值医疗器械流通商，我们从血管介入类产品逐步扩大至外科器械、体外诊断 （IVD）、医疗设备等多种品类，始终专注于医疗器械流通业务。"建发致新董事、总经理吴胜勇接受 中国证券报记者采访时表示，"展望未来，我们将坚持以专业化为基石，以全国一体化为关键支撑，以 数字化为重要驱动力，开启建发致新高质量发展新征程。" ● 本报记者 李梦扬 医院端服务方面，建发致新积极推动信息化管理在传统医疗器械流通业务中的应用，并为终端医院客户 提供SPD服务。公司基于自主开发的智信链智慧医用耗材管理软件积极开拓SPD业务，已签约60家医院 的医用耗材集约化运营服务，其中三级医院近30家，医疗耗材管理规模超100亿元。 根据招股说明书，在直销业务中，建发致新可为全国31个省区市超过3300家终端医疗机构提供上万种规 格型号的直销服务。在分销业务 ...

根据招股说明书，在直销业务中，建发致新可为全国31个省（区、市）超过3300家终端医疗机构提供上 万种规格型号的直销服务。在分销业务中，建发致新已建立辐射全国范围的分销网络，公司以血管介入 类产品为切入点，经营产品厂商主要有微创集团、美敦力、泰尔茂、归创通桥等众多知名企业。截至目 前，公司已与超过100家国内外知名高值医疗器械生产厂商建立并保持了长期、稳定的合作关系。 回顾创业初期，吴胜勇告诉记者，"早在十余年前，在思考现有重点产品和新兴医疗器械产品的行业发 展趋势时，我们就关注到国内的卒中中心建设，当时一些神经血管介入公司还处在发展初期，规模较 小，但其产品颇具创新性和成长性。我们观察到业务机会，抓住机遇，深耕血管介入类产品流通赛 道。" 9月25日，建发致新在深交所创业板上市。上市首日，公司股价收盘报36.56元/股，上涨418.58%，总市 值约为154亿元。 "作为全国性的高值医疗器械流通商，我们从专攻血管介入类产品流通赛道十余年，到产品覆盖逐步扩 大至外科器械、体外诊断（IVD）、医疗设备等多种品类，我们的初心始终是做专做精医疗器械流通业 务。"建发致新董事、总经理吴胜勇在接受中国证券报记者采访时表 ...

在业务形态方面，建发致新实现了直销、分销和SPD三大业务模式全覆蓋，流通产业链全流程覆蓋生产 厂家和终端医疗机构。根据招股书，在直销业务方面，建发致新可为全国31个省、自治区、直辖市超过 3300家终端医疗机构，提供上万种规格型号的直销服务。 同时，公司建立了辐射全国范围的分销网络，并与国内外超过100家知名医疗器械生产厂商建立并保持 了长期、稳定的合作关系。另外，建发致新也立足医疗器械特点，积极推动信息化管理在传统流通业务 中的应用，并为终端医院客户提供SPD服务，进一步对产业链上游、下游客户服务赋能。 9月16日，建发致新(301584.SZ)开启网上申购，发行价格为7.05元/股，发行市盈率13.01倍。这家全国性 的医疗器械流通商迎来上市关键节点，公司即将登陆创业板。 建发致新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，公 司在医疗器械流通领域拥有一定市场地位。 财务数据显示，公司2024年营业收入179.23亿元，净利润2.74亿元，公司五年营业收入复合增长率超过 20%，在医疗器械产业政策调整的背景下显示出较强的成长性和韧性。 管理模式创新：打造「全国一体化 ...

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 is a national medical device distributor engaged in direct sales and distribution, providing centralized operation services for medical consumables (SPD) to hospitals [1][2] - The company has established a comprehensive distribution network covering over 3,300 medical institutions across 31 provinces, with partnerships with over 100 well-known medical device manufacturers [2][3] - The company has achieved a compound annual growth rate of over 20% in revenue over the past five years, with projected revenue of 17.923 billion yuan and a net profit of 274 million yuan for 2024 [1][4] Group 2: Market Position and Strategy - Jianfa Zhixin focuses on high-value medical consumables, with significant revenue contributions from vascular intervention (9.967 billion yuan) and surgical medical devices (3.847 billion yuan), totaling over 13.8 billion yuan [4] - The high-value medical consumables market is expected to grow, driven by factors such as an aging population and improved healthcare standards, with a market share of 16% in 2024 [5][6] - The company aims to expand its sales in IVD, surgical, dental, and ophthalmic medical device sectors while consolidating its core vascular intervention product sales [6] Group 3: Innovation in Business Model - Jianfa Zhixin has developed an integrated national medical device distribution hub, utilizing innovative platform management to provide comprehensive services across the supply chain [3] - The SPD business model has been rapidly developed, managing over 100 billion yuan in medical consumables for 60 signed hospitals, with a significant revenue increase projected for 2025 [7][8] - The SPD model enhances collaboration with hospitals, improving procurement efficiency and reducing costs, while also creating synergies with direct sales and distribution operations [8]

Core Viewpoint - The company aims to enhance its refined and intelligent management capabilities in the medical device distribution sector through the implementation of information systems, thereby strengthening its service attributes within the industry chain and promoting product diversification and integration with upstream and downstream partners [1][2]. Group 1: Business Overview - The company, Jianfa Zhixin, 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 end hospitals [1]. - The company has accumulated extensive operational and service experience in the medical device distribution field, establishing a certain market position through years of development and exploration of industry transformation [1][2]. Group 2: Future Development Plans - The company plans to ensure growth in sales of its core vascular intervention products while expanding sales in IVD, surgical, dental, and ophthalmic medical device sectors to solidify its foundation for scaled development [2]. - The company intends to strengthen collaboration with upstream manufacturers by providing efficient, flat, and centralized professional services across various dimensions such as channel access management, logistics management, inventory management, and information management [2]. - The company aims to explore opportunities in centralized operation management services for public hospital medical consumables, expanding direct sales and centralized operation services, and continuously developing and upgrading its SPD management system [2]. - The company will enhance its existing information systems to improve data analysis and lean management capabilities, providing robust support for business development [2]. Group 3: Financial Overview - The company plans to raise funds through its upcoming IPO to enhance its refined and intelligent management capabilities in medical device distribution, optimize its financial structure, and reduce operational risks [1]. - The company reported a significant increase in net cash flow from operating activities, amounting to 164 million yuan, a year-on-year increase of 539 million yuan [21]. - As of the first half of 2025, the company’s weighted average return on net assets was 8.84%, reflecting a decline of 0.35 percentage points compared to the same period last year [17]. Group 4: Revenue Composition - In 2024, the company's revenue composition included 99.666 billion yuan from vascular intervention, 38.468 billion yuan from surgical instruments, 23.39 billion yuan from IVD, 11.179 billion yuan from medical devices, and 4.997 billion yuan from other medical devices [6]. - The company’s revenue structure for 2023 showed similar trends, with vascular intervention contributing 92.046 billion yuan and surgical instruments contributing 30.7 billion yuan [8]. Group 5: Shareholder Structure - As of June 13, 2025, the largest shareholder of the company was Xiamen Jianfa Medical Health Investment Co., Ltd., holding 51.02% of the shares [51].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a revenue of 1.214 billion yuan for the first half of 2025, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 425 million yuan, up 24.11% year-on-year [5] - The PFA solution has emerged as a new highlight in the company's electrophysiology business, with over 800 PFA pulse ablation surgeries completed in the first half of 2025, and an expected total of over 4,500 surgeries for the year [5][6] - Other core businesses are also maintaining rapid growth, with coronary intervention revenue reaching 654 million yuan, a year-on-year increase of 30.02% [6] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 73.51%, with a net profit margin of 36.76% [6] - The company forecasts revenues of 2.673 billion yuan, 3.439 billion yuan, and 4.424 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 890 million yuan, 1.158 billion yuan, and 1.501 billion yuan [7][9] - The expected EPS for 2025, 2026, and 2027 are 6.31 yuan, 8.21 yuan, and 10.64 yuan, with P/E ratios of 45x, 35x, and 27x respectively [7][9]

Core Viewpoint - The successful IPO of Weigao Blood Purification marks a significant milestone for the company and its founder, Chen Xueli, enhancing his wealth and the visibility of the medical device sector in China [4][5][19]. Company Overview - Weigao Blood Purification officially listed on the Shanghai Stock Exchange with an IPO price of 26.50 RMB per share, experiencing an opening day surge of 88.64% to reach a market value exceeding 200 billion RMB [4]. - The company has established itself as a leader in the blood dialysis equipment sector, holding over 32% market share in both the overall blood dialysis market and the specific blood dialysis tubing segment [4][8]. - Weigao Group, the parent company, already has two listed companies and one pre-listed company, indicating a strong presence in the medical device industry [4][5]. Financial Performance - Weigao Blood Purification reported revenues of 2.64 billion RMB, 2.91 billion RMB, 3.43 billion RMB, and 1.68 billion RMB for the years 2020, 2021, 2022, and the first half of 2023, respectively [10]. - The net profits for the same periods were 297 million RMB, 260 million RMB, 315 million RMB, and 229 million RMB [10]. Market Context - The demand for blood purification treatments is driven by a significant prevalence of chronic kidney disease (CKD) in China, with over 120 million adults affected, leading to a high treatment need for end-stage renal disease (ESRD) patients [7][8]. - In 2020, the dialysis treatment rate for ESRD patients in China was only 24.4%, indicating a substantial resource gap compared to developed countries [8]. Competitive Landscape - Weigao Blood Purification's competitive advantage stems from being one of the earliest manufacturers of blood dialysis equipment in China and its early efforts in domestic substitution [8][9]. - The company holds 204 domestic patents, including 29 invention patents, showcasing its commitment to innovation and product development [9]. Future Prospects - The successful IPO of Weigao Blood Purification may lead to further expansions within the Weigao Group, with potential IPOs for its subsidiaries like Weigao Intervention and Ailang Medical [15][16]. - The overall sentiment in the medical device sector is expected to improve with the positive news from Weigao Blood Purification's IPO, potentially attracting more investments into the industry [5][19].

Group 1: Business Competitiveness and Strategy - The company's core competitive advantages include warehousing logistics, information systems, professional teams, and integrated management capabilities, which create barriers in upstream production, inventory scale, and terminal medical institution resources [1] - Currently, there are no acquisition plans, but the company acknowledges that mergers and acquisitions play a significant role in strengthening and expanding operations [2] Group 2: Growth Drivers and Market Trends - The demand for vascular intervention products is driven by the aging population, with a significant positive correlation between the prevalence of cardiovascular diseases and age [2] - The company aims to expand its product offerings beyond vascular intervention and orthopedics, focusing on equipment and IVD categories [2] Group 3: Performance Goals and Risk Management - The management is committed to daily operations and exploring new development paths to uncover new profit growth points, aiming for better performance to reward investors [2] - The company plans to adopt a diversified supply chain strategy to mitigate trade risks and reduce reliance on single sources or brands, while maintaining partnerships with large multinational companies [2]