Father and daughter 100 % of the two dividends have exceeded 200 million times!What IPO does Wei Kang's medical income depend on?

During the reporting period, Weikang's main business income and net profit continued to decline, and the gross profit margin also showed a trend of fluctuations.

"Investment Times" researcher Li Muyang

Jiangsu Weikang Jiejing Medical Equipment Co., Ltd. (hereinafter referred to as Weikang Medical) submitted a prospectus to the Shenzhen Stock Exchange recently to apply for landing on the Shenzhen Stock Exchange Science and Technology Board. This is the third time that Weikang Medical took the initiative to withdraw the listing application twice in 2017 and 2019. At present, the company has completed the second round of review inquiry.

In this IPO, Weikang Medical plans to publicize the issuance of RMB ordinary shares (A shares) of no more than 15 million shares, and it is planned to raise 368 million yuan. The annual output of 48 million sputum -absorbing pipes and 10 million outflow bags new projects "" R & D and office centers construction projects "," medical polymer material research and development center construction project "and" medical device marketing network project ".

Check the prospectus of Weikang Medical, and the researcher of the "Investment Times" noticed that in 2019, 2020, and 2021 (hereinafter referred to as the reporting period), the main business income and net profit of Weikang Medical continue to decline trend. In addition, the company's patent number is small and investment in investment is low. It is worth noting that Weikang Medical is 100 % controlled by the actual controller and conducted many large dividends.

In response to the aforementioned situation, the researcher of the "Investment Times" emailing the communication outline to the relevant department of Weikang Medical, as of press time, has not received the company's reply.

Large dividend before IPO

Weikang Medical was established in 2012 and was established by Liu Chunliang and Liu Lijie's father and daughter. At present, the company's main business is the research and development, production and sales of medical consumables at one time. The company's products have covered hundreds of specifications of surgical care, breathing, anesthesia, urology, and puncture. Pipes, nasal oxygen tubes, drainage bags (including anti -countercurrent drainage bags, precision drainage bags) and other medical polymer materials.

In terms of financial data, during the reporting period, Weikang's operating income was 262 million yuan, 254 million yuan, and 244 million yuan, respectively. During the same period, the company's net profit was 690.439 million yuan, 54.705 million yuan, and 54.626 million yuan. It can be seen that the company's operating income and net profit have continued to decline. The main business gross profit margin has also shown a trend of fluctuations. During the reporting period, it was 43.42%, 40.90%, and 41.13%.

However, at the time of the decline in operating performance, Weikang Medical was two consecutive large dividends. In 2020, the cash dividend was 150 million, and the dividend of 54 million yuan was divided again in 2021. The two cash dividends even exceeded the three years of net profit from 2019 to 2021. And cash dividends also directly led to the company's total assets at the end of 2021 decreased by 129 million yuan compared with the end of the previous year.

Looking at the company's equity structure, the researcher of the "Investment Times" noticed that Weikang's medical equity was very concentrated, and the actual controller Liu Chunliang and Liu Lijie's father and daughter controlled the company's 100%voting rights through direct and indirect ways.

But in fact, the company's actual controller's 100 % shareholding is not the same. After the company withdrew the IPO application for the second time in 2019, external investors such as the Chinese Medicine M & A Fund, Fosun Pingyao, Yiluo Investment, and Shengzhong Investment have reduced their capital and no longer hold the company's equity. Liu Chunliang's father and daughter started 100 %. Holding the equity of the company. In 2017, 2018, and 2019, Weikang Medical did not have a dividend, that is, all the dividends of over 200 million in the past two years have entered Liu Chunliang's father and daughter pocket.

The main financial data and financial indicators of Weikang Medicalcare

Data source: company prospectus instructions

R & D cost rate is low

The prospectus shows that during the reporting period, the company's main business compound growth rate was -2.54%, and the average annual growth rate of the average annual growth rate of the main business income after removing medical masks reached -3.3%. It can be seen that a large part of the company's income is to sell medical masks, and the sales of other products are even more optimistic.

Not only that, the market share of Weikang Medical is also low. The company's main business products are one -time use of medical consumables, which belongs to the low -value medical consumables in medical devices. After years of development, the low -value medical consumable industry has developed in the market, the market competition is sufficient, there are a large number of companies in the industry, and the market concentration is low. Among them, the market share of Weigao Medical, Kantlai, and Weili Medical in 2018 was 11.9%, 2.26%, and 1.15%, respectively. The market share of other manufacturers was less than 1%, and Weikang Medical was no exception.

Under the circumstances that the market share is not advanced, the number and R & D investment in Weikang's medical patent and R & D investment are not dominant.

As of the date of signing the prospectus, Weikang Medical has obtained 59 patents, including 4 invention patents, 51 practical new patents, and 4 appearance design patents. However, the comparable company patent data of the same industry is much higher than that of Weikang Medical. For example, Weigao shares have obtained 652 patents, of which 97 invention patents have been obtained; Kangdelai has obtained 469 patents, including 73 invention patents; Weili Pharmaceutical obtained 242 patents and 10 invention patents.

On the other hand, during the reporting period, the cost of R & D in Weikang medical treatment was 7.9142 million yuan, 6.819 million yuan, and 7.6052 million yuan, respectively, accounting for 3.02%, 2.69%, and 3.12%of operating income. The cost is maintained at more than ten million, even in 2019 or even more than 20 million. It is worth noting that the company's R & D cost rate has also attracted great attention from the Shenzhen Stock Exchange. In the first round of inquiries, the Shenzhen Stock Exchange asked the reasons and rationality of Weikang's medical research and development costs lower than the comparable company in the same industry. In the second round of inquiries, the exchange required the company to further explain the issues in R & D, such as "the division of the R & D personnel" and "combined with the core staff of the R & D team in the company's job time, the professional ability of practical experience and theoretical foundation in the company The role played in related R & D projects "," Combined with the main R & D projects and processes implemented by the company during the reporting period, and achieved the effects of improving quality, it shows whether the company has continuous research and development capabilities. "

In addition, since 2018, Weikang Medical has accumulated a total of 12 inspections of the local Drug Administration and Commission, and each time it does not meet the items. In recent years, the company has also did not meet the standards of the use of a vacuum control device of a sputum absorbing tube, the residual amount of the oxygenne ethylene ethylene oxide in the one -time replacement, and With three administrative penalties, the amount of fines cumulatively 100,000 yuan.

Weikang Medical's main business income and net profit status (10,000 yuan,%)

Data source: company prospectus instructions

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