Lu Enterprise went to Hong Kong to go public to welcome "Dongfeng", "Weigao Department" impacted its fourth share

Fengkou Finance reporter Tan Fengmin

Recently, the Weigao Group opened a listing journey to Hong Kong, a subsidiary of Weiji High Blood Purification Products Co., Ltd. (referred to as "Weigao Blood").

Fengkou Finance combed and found that the "Weigao Department" currently has three listed companies, namely the Weigao shares listed in Hong Kong stocks and the Weigao Orthopedics and East China CNC. The "2A+2H" situation in the capital market.

The blood purification leader of the "overtaking" by the joint venture factories

As a domestic blood purification leader, Wei Hyepermia has achieved full coverage of the full product line of blood purification. It is mainly for ESRD patients, that is, patients with end -stage renal diseases. Such patients generally need to do kidney alternative treatment such as hemodialysis and peritoneal dialysis. The prospectus shows that the "Weigao" hemodialysis device and hematic pipelines ranked first in the domestic market, reaching 32.4%and 32.6%, respectively, and hemodialysis machines ranked second in China with a market share of 22.1%.

The rapid growth of Weiyang blood is because it has found a shortcut -joint venture with international giants. Due to the high -tech threshold restrictions, foreign manufacturers products have always been the main goal of the procurement unit of hemodialysis equipment. According to the statistics of the number of success, in 2021, the five major foreign manufacturers of traditional Farrsus, Berlans, Japanese machinery, Bitter,,,,,,,,, Baite,,,,,,,,,,,, to terms, Niplo accounts for over 80%of the domestic hemodialysis equipment market. In 2010, Weigao Blood began to run a joint venture with the world's well -known medical product manufacturers to enter the field of hemodialysis machines. In 2012, considering the convenience of peritoneal dialysis, Weiyang Blood also established a joint venture with Termao to enter the field of peritoneal dialysis.

The form of joint venture has achieved remarkable results, and Weiyang blood soon became one of the few domestic leaders to master the core technology of blood purification. Weigang blood said that the company is the earliest company in China to achieve major breakthroughs in the core technology of hollow fiber membranes, and has developed a polymel membrane series dialysis deater, which is better than the world's first -class products in various indicators. As of the release of the prospectus, Weigao blood has controlled about 80 self -developed pipeline products, of which 20 products have entered the clinical trial stage.

The technical gap between competitors at the same level has created room for profit growth of Weizhi's blood. The peritoneal dialysis products produced in their production have achieved an revenue of 100 million within three years.

Increasing income and not gaining profit

From the perspective of performance strength, the revenue volume of Weiji High blood is comparable to that of the "Weigao" A -share listed company. Net profit decline. The prospectus shows that from 2019 to 2021, Weizhi's blood achieved operating income of 2.202 billion yuan, 2.565 billion yuan, and 2.948 billion yuan, respectively; net profit was 195 million yuan, 309 million yuan, and 269 million yuan.

What caused the profit decline of Weizhi's blood?

In 2021, the sales cost of Weiyang blood rose significantly. The prospectus shows that the cost of high blood sales from 2019 to 2021 reached 1.133 billion yuan, 1.30 billion yuan, and 1.595 billion yuan, respectively, accounting for 51.4%, 50.7%and 54.1%of sales revenue, respectively.

In addition, the gross profit margin of Weiyi High blood showed a decline. Blood purification products of Weimeng can be roughly divided into hemodialysis and peritoneal. The prospectus shows that from 2019 to 2021, the gross profit margin of Wei Hypertrophic dialysis products is 50.3%, 51.8%, and 50.7%, respectively; the gross profit margin of peritoneal products is 11.9%, 23.2%, and 22.9%; the gross profit margin of other products; It is 17.5%, 18%and 14.2%. The gross profit margin of various products fell in 2021.

On the whole, peritoneal products are the vital force of Weigo -blood curve overtaking. In 2020, the gross interest rate doubled increased, but it failed to change the situation of increasing increasing revenue in 2021.

In this regard, Weizhong blood said that the overall gross profit margin of the product decreased from 49.3%in 2020 to 45.9%in 2021, mainly due to changes in product portfolios, which is with other miscellaneous dialysis equipment and consumables income with lower gross profit margins in 2021. Increased ratio, and the income ratio of high gross profit levels is related to the decrease in the proportion of income. In addition, due to the intensification of market competition, the choice of "price wars" of Weiyang blood reduced the average price of blood pipelines and peritoneal dialysis solution.

Lu Enterprise ushered in new opportunities for listing in Hong Kong

Fengkou Finance combed and found that Weigao blood was the third Lu Enterprise to submit a prospectus in the Hong Kong Stock Exchange during the year. Earlier, there were two Lu enterprises. On February 25, Hemu Biological Engineering Co., Ltd. went to the Hong Kong Stock Exchange. On May 13, Shandong Boan Biotechnology Co., Ltd. submitted a prospectus. Among the three Lu -owned enterprises, only Weigao blood has a strong capital foundation, and its controlling shareholder Weigao Group holds three listed companies.

In addition to the new "potential stocks" of the new Hong Kong stock market listing, innovative wisdom from Qingdao will be listed on the Hong Kong Stock Exchange on January 27th. Lu Shang service will also knock on the bell on the Hong Kong Stock Exchange on July 8th. The listing situation of the Lu Enterprise is happy.

Since January 1, 2022, the Hong Kong Stock Exchange has relaxed the industry standards and market value requirements for the second listing of enterprises, attracting more and more Chinese stocks to go public in Hong Kong, and the listing of U.S. stocks is not "fragrant".

In addition, Shandong has also strengthened the efforts to encourage Lu enterprises to go public in Hong Kong. During the two sessions of Shandong Province in 2022, 16 members of the CPPCC jointly made suggestions on guidance, assistance, and encouraging Lu enterprises to go to Hong Kong to go public. They believe that compared with the exchanges of the Mainland, the Hong Kong Stock Exchange has a low threshold for listing and has the advantages of low time costs and low listing risks. At the same time, the listing of the Hong Kong Stock Exchange is also conducive to the opening of international popularity, expanding the international market, and facilitating domestic and foreign business expansion. Today, it coincides with good historical opportunities. With the help of listing in Hong Kong, it can optimize the innovation and development of small and medium -sized enterprises in Shandong, optimize the allocation of global capital and achieve high -quality integration of resources. 16 members of the CPPCC suggested that relevant departments can screen for step -type "reserve forces" listed on the listing of Shandong, excavate Lu Enterprise with the conditions of listing and willingness to be listed. Through lectures, salons, special training, etc. The officer and other relevant counterpart departments have conducted training and preaching of listing counseling and related policies for listing companies to be listed to solve the problems of enterprises in information and policy levels. At the same time, relevant departments need to set up a "one -stop" consulting service platform for listed companies in Hong Kong to provide convenience for the application and approval of the relevant materials procedures to successfully complete the relevant materials procedures.

At present, the Shandong and the Hong Kong Stock Exchange has established a strategic cooperation relationship to jointly promote enterprises to go public in Hong Kong. In the future, Lu Enterprise will release unique competitiveness in the Hong Kong stock market.

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