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麦科田递表港交所 高度依赖经销商销售
Zheng Quan Ri Bao Wang· 2025-09-12 08:24
Core Viewpoint - Shenzhen Micotian Biomedical Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley and Huatai International as joint sponsors. The company is currently in a silent period and has not provided further comments on the listing [1]. Financial Performance - Revenue for Micotian during the reporting period (2022-2025 H1) was 917 million, 1.313 billion, 1.399 billion, and 787 million respectively. The company reported losses of approximately 226 million, 64.5 million, and 96.6 million for 2022, 2023, and 2024, but achieved a profit of 40.9 million in 2025 H1 [1][2]. - R&D expenses during the same period were 235.6 million, 281.1 million, 290.5 million, and 127 million, with a year-on-year decrease of 10.7% in 2025 H1. The proportion of R&D expenses to total revenue decreased from 25.7% to 16.1% [2]. Business Segmentation - In 2025 H1, revenue from life support was 300 million (37.9%), minimally decreased from 45.3% in 2022 to 35.3% in 2024. Revenue from minimally invasive intervention increased from 42.1% to 51.1%, while in vitro diagnostics remained stable at 12%-13% [2]. Fundraising Purpose - The funds raised will be used for ongoing and planned R&D to enrich the product line, develop manufacturing centers to expand capacity, enhance sales and marketing capabilities, pursue strategic investments and acquisitions globally, and upgrade IT infrastructure and digital platforms [3]. Sales Dependency - Micotian relies heavily on distributors for sales, with distributor sales accounting for 84.4%, 87.8%, 84.3%, and 82.9% of total revenue during the reporting period. This reliance poses risks such as loss of control over terminal data and potential cash flow issues [4][5]. Distributor Dynamics - The number of domestic distributors increased from 1,972 to 2,791, while overseas distributors decreased from 923 to 607. The number of inactive distributors rose significantly, attributed to the nature of the product lifecycle and structural factors affecting cross-border transactions [5][6].