Zhejiang Province "Invisible Champions" enterprise, Tian Song Medical Bei Stock Exchange IPO was accepted

On June 29, Capital State learned that the IPO of the New Third Board Enterprise Tiansong Medical (430588.NQ) was accepted.

The company's issuance base price is 15 yuan per share. Under the circumstances), the company and the main underwriter can choose the right to choose the excess and sale options according to the specific issuance.

The prospectus shows that Zhejiang Tiansong Medical Devices Co., Ltd. is a high -tech enterprise specializing in the research and development, production, sales and service of endoscopic minimally invasive medical devices. It is a "invisible champion" enterprise in Zhejiang Province.

The company's various hard -medical endoscopes and supporting minimally invasive surgical equipment currently produced more than thousands of varieties and specifications, which can be widely used in otolaryngology, abdominal surgery, urology surgery, anorectal surgery, orthopedic surgery, neurosurgery, chest cavity, chest cavity, thoracic cavity Clinical diagnosis and minimally invasive treatment of surgery, gynecology and other departments.

In 2021, the company realized operating income of 105 million yuan, an increase of 9.81%year -on -year, and the net profit attributable to the mother was 40.8196 million yuan, a year -on -year decrease of 36.79%, and the basis of each share was 0.89 yuan.

The company's second interim shareholders' meeting in 2022 reviewed and approved the "Proposal about the company's application to open stocks to unspecified investors and listing on the Beijing Stock Exchange". Used for the company's main business -related items. The specific investment project raised funds is as follows:

The company's public offering raised funds investment projects are in line with national industrial policies and company development strategies, helping to further expand the scale of production capacity under advanced technology, and enhance the company's market position and core competitiveness in the field of medical endoscopy minimally invasive medical devices. The smooth implementation of the fundraising project will further enhance the company's research and development strength, promote the upgrading of the technical level and the launch of new products to meet the needs of the company's product expansion and application fields and enter the high -end market. The sales network covers the company's product and technology display through the construction of the headquarters marketing center to better consolidate the existing market share, and at the same time enhances the company's customer service capabilities, enhances customer stickiness, and improves the market share of the product.

The following risks are worth noting:

(1) Business risk affected by the new crown epidemic situation

The company's main products are endoscopic and endoscopic minimally invasive medical devices. The products are mainly used for the diagnosis and treatment of related diseases related to terminal medical institutions.

The new crown pneumonia epidemic that broke out in December 2019 continued to spread globally. Domestic and overseas countries have adopted measures such as restricting travel and shutdown of commercial facilities, which has brought huge adverse effects on economic activities of various countries. The publisher's sales revenue at home and abroad in 2020 was impacted, resulting in a decline in performance in 2020.

The company's operating income in 2020 was 9,5825,500 yuan, a decrease of 16.84%from 2019, and the net profit after deducting non -recurring profit or loss attributable to the owner of the parent company fell 87.273 million yuan.

With the gradual increase in the experience of responding to the epidemic, although the epidemic has not completely ended in 2021, the company's revenue has slowly rebounded, but it has not returned to 2019.

Since March 2022, a large -scale Omikon epidemic broke out in Shanghai. In order to curb the spread of the epidemic as soon as possible, government departments and medical institutions at all levels have adopted prevention and control measures such as flow investigation, rolling screening in the city, transfer of transfer, and community control. The company's product revenue may face the risk of declining the risk of declining medical institutions and patient diagnosis needs before the new crown epidemic in the world.

(2) The risk of changes in the import policy of product exports

Some products of the company are sold in overseas regions such as Europe, Asia, and America.

In 2019, 2020, and 2021, the export sales revenue of the parent company was 12.4098 million yuan, 8.243 million yuan, and 13.1954 million yuan (including sales between mother and subsidiaries, without the sales of foreign companies in overseas markets). The political and economic environment has deteriorated or introduced a trade policy that has adversely affected the company, and the company's overseas market business will face the risk of compression.

(3) Sales model risk

During the reporting period, the proportion of revenue for the company's product sales revenue through the distribution model was 80.90%, 80.80%, and 80.85%, respectively.

For the distribution model, maintaining the stability and development of dealers is the key to the continuous and growth of the company's business. By formulating the management policy of dealers to manage, guide and support dealers. If there is a unstable situation such as the termination of dealers and the company's cooperative relationship in the future, or disputes between the dealer and the company, it may lead to the performance of the company's products in the region's sales performance in the region. Flow.

In addition, when the company is developing a new market or promoting new products, it needs to find new distribution channels. The risk of the company cannot develop new domestic and foreign dealers or effectively manages dealers, which leads to the company's business, brand and operation The situation is adversely affected.

In addition, the company's dealers operate the enterprise independently and independently assume legal responsibility in accordance with the law. However, if it occurs in the process of selling the company's products, it may have a negative impact on the company's brand, market image and operating situation. (4) Risk of changes in tax preferential policies

The company's tax discounts mainly include corporate income tax discounts and value -added tax discounts. Tiansong Medical is a high -tech enterprise, which can reduce corporate income tax at a tax rate of 15%. If the tax preferential policies enjoyed by the company have changed significantly due to the expiration or major changes, the company cannot continue to enjoy the relevant tax preferential policies. Performance is adversely affected.

In addition, the company's export products enjoy the VAT export tax refund policy. The export tax refund rate applicable during the reporting period includes 13%and 16%. Taxation is an important means to regulate the macroeconomic. The export tax refund policy is appropriately adjusted.

The adjustment of the export tax refund rate will affect the sales cost of the company's related products, and then affect the level of gross profit margin. If the state reduces the export tax refund rate of the company's main products, it will have a certain degree of impact on the company's income.

(5) The risk of third -party repayment

During the reporting period, the company had a small number of third -party repayments, mainly for third -party customers from overseas income. In 2019, 2020 and 2021, the amount of third -party payments accounted for 1.44%of the total operating income, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively, respectively. 1.45%and 0.72%.

The third -party repayment is due to the customer's own business needs, and it is commercially rational, and this part of the sales are mainly based on the payment to the shipment. The proportion of income is also very low. The contribution dispute caused by the contribution, but there may still be the risk of poor monitoring of third -party repayment and insufficient internal control effectiveness.

(6) Non -recurring profit and loss account for a relatively large risk

During the reporting period, the company's non -recurring net profit and loss, which belonged to shareholders of the parent company, was 27.77 million yuan, 34.5498 million yuan, and 5.1795 million yuan, respectively, accounting for 6.60%, 53.50%and 12.69%of the net profit ratio belonging to shareholders of the parent company, respectively. Among them, the amount of non -recurring profit and loss in 2020 is high, mainly from the compensation income of demolition and government subsidies. In 2019 and 2021, it mainly comes from government subsidies.

In the future, if the government's government subsidies have decreased significantly, it will adversely affect the company's operating performance.

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