An Jie Si Chong Science and Technology Innovation Board: Daan Gene, a major customer and supplier in the past, made more than 14 times
Since April this year, the number of companies applying for the Science and Technology Board has been increasing.On April 16th, Hangzhou Anjiesi Medical Technology Co., Ltd. (hereinafter referred to as: Anjiesi) ‘s science and technology board listing application was replaced.From 2017 to 2019, this company is mainly engaged in the research and development, production and sales of endoscopic minimally invasive diagnostic and therapeutic equipment. Its annual revenue of composite materials has reached 42.28%, the compound annual growth rate of net profit after deduction of non-revenue reached 50.twenty one%.One of its biggest concerns is that Da’an Gene holds shares behind it.Sauna and Yewang learned that Aegis was a Da’an Gene Holdings company when it was established, and had also become the top five customers and suppliers of Da’an Gene.If according to the expectation of “the total market value is not less than 1 billion” after the listing of Anjiesi, the total income of Daan Gene Investment will exceed 14 times.Daan Gene has invested 6 million and now has become a big winner. The income of the company is over 14 times. An Jiesi, who has been established for 10 years, made this initial public offering of the science and technology board. The biggest winner was Daan Gene, the founding shareholder.Data show that as of now, Da’an Gene and Guangzhou Da’an respectively hold An Jiesi 13.82%, 5.With 97% of its shares, Da’an Gene holds 100% of Guangzhou Da’an’s shares and is the controlling shareholder of Guangzhou Da’an.As early as 2010, Daan Gene led the creation of An Jiesi.According to the announcement of Daan Gene at that time, although the company had insufficient internal research and development capabilities, although the company had achieved certain results in medical diagnostic equipment, it was far from achieving the expected results, and even less than the average development speed of the same industry at the same time, decided to create aThe subsidiary accelerates the expansion of Daan in the field of medical diagnostic equipment.At that time, the partner selected by Daan Gene was Zhang Xianjun.Da’an Gene Investment invested 6 million in cash, accounting for 60% of the equity. Zhang Xianjun’s team invested 1 million yuan in cash, and at the same time invested 3 million yuan in technology, accounting for 40% of the new company’s equity.Daan Gene said in the announcement that Zhang Xianjun had a leading edge in the development of molecular biology instruments urgently needed by Daan at the time, and the products it designed and manufactured had leading advantages in related industries.At the beginning of its establishment, Anjiesi’s business was mainly defined as the development, manufacturing and sales of military life science instruments and system integration, laboratory instruments, medical instruments, medical devices and their supporting consumables; self-produced products and supporting reagentsSales; and international trade of the above products.Shortly after the start, An Jiesi also appeared in the list of Daan Gene’s top five customers and top five suppliers.The data shows that in 2012, Anjiesi became the top five customers of Daan Gene, and Daan Gene had 355 such categories for Anjiesi.430,000 yuan, accounting for 0 of Da’an Gene’s annual budget.61%.In this year, Anjiesi is also the third largest supplier of Daan Gene. Daan Gene ‘s purchase of Anjiesi is 7.69 million yuan, accounting for 3% of the annual purchasing scale.45%.But in 2012, An Jiesi’s net profit was in a constant state, changing 2.73 million.Until May 2012, due to Anjiesi’s capital increase and share expansion, Da’an Gene held its shareholding ratio from 60% to 35%.96%, no longer becomes the controlling shareholder. Later, An Jiesi increased capital several times, Da’an Gene’s shareholding ratio was continuously replaced, and An Jiesi’s controlling shareholder was changed again to Hangzhou Yijia Investment Management Co., Ltd.However, according to the investment institutions’ investment in Anjiesi in October 2018, the investment amount per yuan was 14.Judging by the price of 22 yuan, Da’an Gene invested 6 million yuan at the time, and now it has a premium of more than 14 times.It is worth mentioning that the selection of Anjiesi’s initial public offering applies to Article 2 of the “Shanghai Stock Exchange Science and Technology Board Listing Rules”.1.The first listing standard of Article 2, which requires the company to be listed to meet the “expected market value of not less than RMB 1 billion.”If Anjiesi meets this requirement in the future, Da’an Gene’s investment premium at that time will exceed 23 times.Overseas business accounted for more than 40% of the results of the epidemic affected by the 2020 performance or continuity For An Jiesi, IPO has just taken a step, but the performance in 2020 began to encounter challenges.According to Anjiesi’s official website, Anjiesi’s main products include CR4500 endoscope carbon dioxide gas supply device, UW600 endoscope water supply device, ERCP diagnosis and treatment series products, upper and lower digestive tract diagnosis and treatment series products.In the prospectus, An Jiesi said that the expected business performance of the company may be affected by the new crown epidemic situation.An Jiesi said that in early 2020, the outbreak of a new coronavirus pneumonia in the country, many governments have taken postponed resumption of work, population movement control, isolation of relevant personnel and other measures to prevent and control.Since the middle of March, the domestic epidemic situation has been effectively contained, but the foreign epidemic situation has intensified.The new crown epidemic will adversely affect the company’s operating performance in the first half of 2020, and there may also be potential risks in its gradual operating performance in 2020.At the beginning of its establishment, An Jiesi has exceeded the main body of the sales market. Through the gradual maturity of internal marketing channels, the proportion of domestic sales has increased significantly, but the proportion of foreign sales revenue still accounts for.The data shows that from 2017 to 2019, Anjiesi’s export revenue accounted for 74% of the current main business revenue.13%, 60.79% and 41.70%.Among the top five customers of Anjiesi, foreign medical device companies are also the main ones.In 2018 and 2019, An Jiesi’s operating income was 1 respectively.2.2 billion and 1.8 trillion US dollars, net profit attributable to shareholders of the parent company after eliminating non-recurring gains and losses were 3419.930,000 yuan and 5095.130,000 yuan.It can be seen that the data shows that An Jiesi’s gross profit margin was 61 in 2017, 2018 and 2019.68%, 58.65% and 62.08%.An Jiesi said that product price changes, product diversification and cost optimization all have an impact on the company’s overall gross profit improvement.If the company cannot maintain a competitive advantage in product performance and technology in the future, the company will face the risk of a decline in gross profit margin.The data shows that the sales unit price of three of the five main products belonging to Anjiesi has dropped for two consecutive years.Among them, the unit price of hemostatic closed products was reduced by 19 in 2018 and 2019.73%, 21.22%; the sales unit price of biopsy products decreased by 4 in 2018 and 2019 respectively.77%, 5.01%.The industry’s competitive disadvantage is obvious: Behind the low market share of Biaonan Micromedicine due to the shortage of production capacity, the evolution of the increase in gross profit margin is the pressure of market competition facing An Jiesi.The Angers prospectus also pointed out that the market for endoscopic minimally invasive diagnostic equipment is relatively concentrated. The global market is replaced by Boston Scientific, Olympus, Cook Medical and other companies, and the three companies together account for more than 70% of the market.According to the industry data disclosed in the 2019 annual report of the similar listed company Nanwei Medical, the annual main business income of medical device manufacturers in 2018 is about 6380 trillion, and the main business income of medical device manufacturers in 2021-2022 will be expected to exceed 10 million yuan.In the prospectus, Anjiesi included Nanwei Medicine in the “Comparable Domestic Listed Companies”. The data shows that in 2018 and 2019, Nanwei Medical’s operating income score was 9.2.2 billion, 1.3 billion.Nanwei Medical’s main products are basically the same as Anjiesi, in which endoscopic diagnosis and treatment equipment mainly includes biopsy, hemostatic and closed products.As the hemostatic and closed products with the largest competition between the two sides, Nanwei Medical has a revenue of 5 for these products in 2019.8 ppm, gross margin reached 75.59%.According to Anjiesi’s prospectus, the company’s 2019 hemostatic and closed-type products had an operating income of 1 trillion and a gross profit margin of 73%, but the proportion of overall operating income declined.For An Jiesi, it also faces disadvantages such as insufficient production capacity.An Jiesi said that although the company has tripled the size of the plant, but the report can not meet supply demand, the average capacity utilization rate of more than 90% for three consecutive years.”The company’s overload production is not conducive to the stable operation and maintenance of existing production equipment, and may affect the future product supply capacity.In addition, the lack of production capacity will greatly reduce the efficiency of research and development.Therefore, the company urgently needs to increase investment and expand the existing production capacity.”An Jiesi also admitted that the company’s orders have increased significantly in the reporting period, and the existing production capacity of some products is difficult to meet the order demand.”The data shows that in 2018 and 2019, the utilization rate of Anjiesi hemostatic clamp products exceeded 100%.The need to increase production capacity is extremely urgent.In this fundraising plan, Anjiesi plans to raise funds2.From 9 trillion to 10 million pieces of medical endoscopic equipment and equipment projects, the cost is 3523 million to the marketing service network upgrade construction project, and 60.54 million yuan is invested in the minimally invasive medical device R & D center project.According to the prospectus disclosed by Anjiesi, the company plans to implement an annual output of 10 million pieces of medical endoscope equipment and equipment project is expected to complete the acceptance check within 36 months.When can be successfully listed, may be the key to An Jiesi breakthrough.Reporter Li Yunqi edited Sun Yong proofreading Li Shihui