After the backdoor listing was blocked three years ago, Shandong Gaowei Orthopedic Materials Co., Ltd. (hereinafter referred to as "Gaowei Orthopedics") chose the science and technology innovation board as another way to return to A shares, and its application for listing the science and technology innovation board was accepted a few days ago. As a leading enterprise of orthopedic materials in China, Gaowei Orthopaedics plans to issue 465,438+0,465,438+0,420 shares this time to raise funds to enhance the production capacity of the company's existing spinal, trauma and joint orthopedic implant medical devices product line, break through the capacity bottleneck, improve the product line and enhance the import substitution ability.
The company said that it will continue to deepen the field of orthopedic medical devices, continue to focus on innovative research and development of technologies and products, adhere to the continuous updating and iteration of products, consolidate the industry position in the domestic market, enhance the influence of domestic brands, gradually narrow the gap with international giants and achieve transcendence, and strive to become a world-class orthopedic innovative enterprise.
Orthopedic gold track layout
According to the prospectus, Gaowei Orthopedics is one of the leading enterprises with complete product lines, leading scale and strong market competitiveness in the field of orthopedic implanted medical devices in China.
Since its establishment in 2005, the company has been positioned in the field of orthopedics. At the beginning of its establishment, the product layout was mainly spinal and traumatic orthopedic implants, positioning the domestic high-end market, and the product quality reached the international advanced level. On 20 17, the company completed the acquisition of starfish medical, and the strength of joint products was greatly improved. "Haixing Medical" brand joint prosthesis is positioned in the high-end market, and the product quality has reached the international advanced level. In 20 19, the company's sports medicine product "non-absorbing anchor system" obtained the product registration certificate, further covering the subdivision of orthopedic implants.
Punctuation information research report shows that there are about 370 domestic orthopedic medical device manufacturers, including about 270 domestic enterprises, and the overall competition pattern is relatively scattered. Large multinational enterprises in developed countries such as Europe and America dominate the domestic market, with a market share of over 60%.
Gaowei Orthopedics is the only domestic manufacturer among the top five orthopedic implantable medical devices market, with a market share of 4.6 1% in 20 19, which is smaller than some foreign giants. In terms of breakdown, in the spinal implant medical device market, Gaowei Orthopedics 20 19 has a market share of 7.92%, ranking third among all manufacturers, and has surpassed some foreign giants. In the trauma implantable medical device market, Gaowei Orthopedics has a market share of 4.66%, ranking fifth among all manufacturers. In the joint implant medical device market, the company's market share is 3.53%, ranking seventh among all manufacturers.
Orthopedics, as a key sector in the field of medical devices, has always been the focus of attention of various capitals. Due to the high correlation between the incidence of orthopedic diseases and age, based on China's huge population base, accelerated social aging process and rising medical demand, the compound growth rate of sales revenue of orthopedic implanted medical devices market in China reached 17.03% from 20 15 to 20 19. Punctuation information related research reports show that, based on 30.8 billion yuan in 20 19 years, it is estimated that the market size of orthopedic implantable medical devices in China will be about 60.7 billion yuan by 2024, and the compound growth rate in the next five years will be about 14.5 1%.
High growth meets the upper limit of productivity
Gao Wei Orthopaedics is a holding subsidiary of Gao Wei Co., Ltd., a listed company in Hong Kong. Gao Wei Co., Ltd. directly holds 56.47% of the company's shares and controls 865,438+0.8% of the company's shares. Therefore, the listing of Gaowei Orthopedics on the Science and Technology Innovation Board constitutes a spin-off listing.
The company said that the spin-off of subsidiaries of listed companies in Hong Kong needs the approval of the Hong Kong Stock Exchange. At present, the application documents for the spin-off have been submitted to the HKEx, but they have not been approved by the HKEx, which may lead to the risk that the spin-off of the company will not be approved by the HKEx.
In fact, Gao Wei Orthopedics started the split and return to A shares as early as 20 16. At that time, the equity of Gaowei Orthopaedics 100% was put into Henderson at a price of 6.06 billion yuan, and the relevant parties promised that the net profit of Gaowei Orthopaedics in 20 16 and 20 18 was not less than 3.08 respectively. However, due to the unclear policy of backdoor listing of overseas assets, it was terminated on 20 17.
According to the financial data disclosed in the prospectus, from 20 17 to 20 19, the company realized operating income of 906 million yuan,121574 million yuan respectively, and the net profit attributable to the owners of the parent company was 203 million yuan and 324 million yuan respectively. In the same period, the gross profit margin of the company's main business was 74.22%, 79.55% and 82.54%, respectively, which maintained a high level and continued to grow.
At present, the company is facing the problems that the production has reached saturation and the capacity utilization rate of main products is high. Among them, the productivity utilization rates of spine, trauma and joint products are 20 104.9%, 89.84% and 93.7% respectively, and the lack of productivity has become one of the main factors limiting the company's future scale expansion. This fundraising project will increase the production capacity of spine, trauma and joint products by 2.97 million, 3.45 million and 250,000 respectively. It is expected that after the fundraising project is put into production, the company's production capacity will be gradually released and its profitability will be further enhanced.
Facing the challenge of "two-vote system" and quantity procurement
Orthopedic implantable medical devices are of high value and disposable, and are usually classified as high-value consumables in the market. In recent years, the state has taken frequent actions in the field of high-value consumables to rectify the industry.
From 2065438 to June 2006, nine ministries and commissions, including the National Health and Family Planning Commission and the National Development and Reform Commission, proposed to try out the "two-vote system" in the field of medical device circulation. From 2065438 to March 2008, the National Health and Family Planning Commission and other six ministries and commissions further clarified and gradually implemented the "two-vote system" for the purchase and sale of high-value medical consumables. At present, Fujian, Shaanxi, Shanxi, Anhui, Zhejiang and other provinces have gradually implemented the "two-vote system" in the field of orthopedic medical devices. In July 2009, the General Office of the State Council issued the Notice on the Management Reform Plan of High-value Medical Consumables to explore the procurement with quantity in the field of high-value medical consumables. At present, some parts of Jiangsu, Anhui, Fujian and other provinces purchase some orthopedic medical devices with quantity.
For this challenge, Gao Wei Orthopedics said that the reform of orthopedic medical device circulation prompted the company to change its sales model to meet regulatory requirements, thus affecting the gross profit margin and sales expense ratio of the company's main business. From 20 17 to 20 19, the company's sales expense ratio maintained a high level and continued to rise, accounting for 33.93%, 37.74% and 40.25% respectively.
As for quantity procurement, the company said that the core of quantity procurement is "exchanging quantity for price". At present, the quantity procurement of high-value medical consumables still ranks first in a few provinces. From the bidding practice, in the selection of quantity procurement, manufacturers with high industry ranking and large business scale have a higher proportion of winning bids, and the leading manufacturers in the industry have obvious advantages. The company will actively participate in quantity procurement, carefully sort out the company's product lines, make overall plans and rationally allocate the product types to be launched and tendered in various provinces and cities, strive to provide competitive quotations, and maintain and enhance the market share of the company's products through quantity procurement after winning the bid; At the same time, under the premise of ensuring the quality of the company's products, reduce the daily expenses such as production costs and sales expenses, and provide sufficient price space for long-term active participation in quantity procurement.