Knowledge explosion training camp
Author Chestnut under the stars.
Edit Spinach's Starry Sky.
Typography Ice cream under the stars.
Nowadays, it is already fashionable to run half marathon and full marathon. For some, it has even become a belief. However, it also came into beingSports injuriesproblems.
Tianxing Medical (full name: Beijing Tianxing Medical Co., Ltd.***) is a company that produces sports medicine surgery related products. From the acceptance of the listing application on September 26 to the inquiry on October 30, the progress of Airstar Medical is not slow. This is also the third quarter of this yearThe only one on the Science and Technology Innovation BoardPharmaceutical companies that accept the application.
If anything, the description of sports medicine surgical products is still too abstract. Let's take an example, the polyetheretherketone belt anchor produced by Tianxing Medical is mainly used for the repair, fixation and reconstruction of tendons and ligaments, and the connection and fixation of soft tissues and bones. This product is classified as an implant.
Implants mainly used in the shoulder joint Excerpt from the Prospectus
There is also a large category of active equipment and consumables, including plasma surgical equipment, endoscopic surgical planers, etc.
1. The revenue has just exceeded 100 million, and the valuation has exceeded 4 billion
As of the signing date of the Prospectus, Airstar Medical has launched a portfolio of sports medicine products approved for registration and filing, including 15 sports medicine implant products, 10 active equipment and consumables products, and 10 surgical tool products.
In the first quarter of 2020, 2021, 2022 and 2023 (hereinafter referred to as the reporting period), Tianxing Medical's revenue was 26.41 million yuan and 73.01 million yuan respectively1.4.8 billion yuanand 35.04 million yuan. In the same period, the net profit was negative 50.81 million yuan and negative 1100 million yuan, 40.34 million yuan and 900,000 yuan, cumulative in the reporting periodNet loss of 11.7 billion yuan
From the perspective of revenue composition, in 2022, nearly 80% of Airstar Medical's revenue will come from implants, and nearly 17% of its revenue will come from active equipment and consumables.
The main business income is extracted from the "Prospectus".
In accordance with the funds raised10900 million yuan, the proportion of public offering ** is not less than 25% of the total share capital after the issuance to calculate, such as today's star medical valuation has been close4.4 billion yuan。In terms of revenue and net profit in 2022, Airstar Medical's price-to-sales ratio is close30 times, the price-earnings ratio is even higher108 times
It's really not cheap!
Through the "Prospectus", the author found that the scale of the track of Tianxing Medical is not large, but the market cost is a lot, and there is even a single core business questioning the violation of the confidentiality agreement in the "Prospectus".
Second, the annual market development fee exceeds 18 million yuan
When it comes to medical companies in 2023, there is no way to avoid it".Medical anti-corruptionThis keyword.
According to Ernst & Young's 2023 Analysis of Anti-Corruption and Compliance Responses in the Healthcare Industry, compared with the past, the key areas of this year's rectification action include the implementation of "sales with gold" in various names or forms in the pharmaceutical industry, and also emphasizes all levels and typesIndustry organizations or associationsExisting in the course of work or advancement of matters entrusted by the competent department of businessCorruptionproblems, as well as non-performance of procurement contracts in the centralized procurement of drugs and medical consumables.
During the reporting period, the sales expenses of Tianxing Medical were 11.88 million yuan, 36.59 million yuan, 39.79 million yuan and 10.26 million yuan respectively, accounting for the revenue. 89% and 2928%。
Among them, in addition to employee salaries, office and travel expenses, an important expenditure is:Market development fee。In 2021 and 2022, the market development fee reached respectively12.41 million yuanwith18.53 million yuan, accounting for 17% and 12% of revenue5%。
According to the Prospectus, the market development fee is mainly composed of:Conference fees, delivery service fee, etc. Conference fees are mainly related expenses incurred in participating in or organizing conferences, exhibitions, forums and other promotional activities. The distribution service fee is due to the implementation of the "two-invoice system" in some areas, and the service fees such as product terminal distribution, surgical follow-up, and cleaning under the two-invoice distribution mode are generated.
However, the specific amount of conference fees is not disclosed in the prospectus.
Selling expenses are extracted from the Prospectus
It is worth noting that in 10Of the 900 million yuan raised, there are 13.3 billion yuan for the "marketing network project". The project aims to build marketing outlets in Beijing, Shanghai, Chengdu and Wuhan and recruit marketing talents.
The author believes that under the storm of medical anti-corruption, Tianxing Medical's conference fees and sales expenses will undoubtedly be the focus of regulatory attention. In addition,Two-vote system, the company's selling expenses may increase further.
3. The core ** business is dissatisfied with the disclosure of the prospectus, or goes to court
Tianxing Medical's main products, such as polyetheretherketone with wire anchors and titanium plates with loops, need to purchase core raw materials such as ultra-high molecular weight polyethylene filament in the production process. dsm biomedical b.v.It is these core raw materialsSingle ** quotient
During the reporting period, Airstar Medical's purchases from DSM were 334210,000 yuan, 643600,000 yuan, 365720,000 yuan and 312$590,000. DSM has also been ranked among the top five companies.
The top five ** merchants from January to March 2023 are excerpted from the "Prospectus".
Relying on a single supplier for core raw material procurement may affect the stability of procurement, which may adversely affect normal operations and gross profit margin.
Dramatically, there was news that Airstar Medical and DSM had clashed over contractual confidentiality clauses. According to a public statement obtained by China.com Finance, the DSM harshly accused Airstar Medical of violating a confidentiality agreement between the two parties.
According to the statement, Airstar Medical violated the relevant agreement by disclosing the details of the relevant agreement in the prospectus without obtaining the permission of DSMConfidentiality Obligations, which greatly damaged the reputation of DSM. DSM even said that "we will also reserve the right to resort to justice." ”
*Excerpt from China.com Finance related reports.
Airstar Medical did not believe that its disclosure was inappropriate, and stated to ** that "our company's recently disclosed prospectus (application draft) is disclosed in accordance with the requirements of China's regulatory laws, regulations and regulations, and our company has not violated the confidentiality obligations of the relevant agreements signed with DSM, nor has it damaged the reputation of DSM." ”
How this will evolve is unknown. However, such an awkwardness in the critical period of the core ** businessmen may affect the listing process to some extent.
Fourth, the market scale is not large, and the volume of competing products is not small
Sports medicine-related diseases include sports injuries, overuse injuries, and degenerative diseases.
In 2022, the number of people with sports medicine-related diseases in China was about:1.600 million peopleAmong them, the number of sports injuries exceeds 20 million, and the number of other sports medicine-related diseases is about 1400 million people. The market size of the sports medicine industry is about:55.800 million yuan
The number of people with related diseases is expected to reach about 1 by 2030900 million people, the market size will reach about 136300 million yuan.
Sports medicine market size is extracted from the Prospectus
According to the report of CIC Consulting, the sports medicine market sizeIn 2028will exceed 10 billion yuan.
However, there are not many players who make money in this market. According to the prospectus, the current sports medicine market is mainly occupied by foreign brands, and in recent years, domestic companies have also entered the market.
In terms of foreign investment, it includes Shi Lehui, Depeiyi, Ruishi and Kangmei. According to Shi Lehui's 2022 annual report, its revenue in the field of sports medicine reached 14$3.7 billion.
As far as domestic enterprises are concerned, there are Chunli Medical (688236 01858HK), Kailitai (300326), Wego Orthopedics (688161) and Dabo Medical (002901), etc.
There are no professional sports medicine companies listed in China. However, judging from the revenue and net profit of the above-mentioned listed companies, they are one higher than that of Tianxing MedicalMagnitude
In 2022, the average revenue of the above four companies is 14100 million yuan, which is 95 times;The average net profit is 23.4 billion yuan, which is 58 times.
Financial metrics of comparable companies are extracted from the Prospectus
The market ceiling is not high, but the competition is fierce.
On September 14, 2023, the Joint Procurement Office of High-value Medical Consumables organized by the State issued the "Announcement on the Centralized Procurement of Medical Consumables for Intraocular Lenses and Sports Medicine (No. 1)". Tianxing Medical said frankly that due to the characteristics of volume procurement, there will be a certain degree of sports medicine products after centralized procurementDecline
During the reporting period, the gross profit margins of Airstar Medical were as follows: 45% and 7055%。This gross margin is not much different from the level of comparable companies, and it is not low.
However, under the fierce market competition and volume procurement policy, it may be difficult to maintain the profitability of Airstar Medical. More importantly, Tianxing Medical's industry ceiling and its own business may not be able to support a valuation of up to 4.4 billion.
Note: This article does not constitute any investment advice. **There are risks, and you need to be cautious when entering the market. There is no harm in buying and selling.