Shuohua Life IPO: After active suspension, the company name is different from the main business of the reagent business

Shuohua Life stated in the prospectus that the company mainly provides experiments and testing consumables and partial supporting instruments for life science research and related industries.

"Investment Times" researcher Luo Yi

In the context of the state's continuous investment in scientific research, the segment of scientific research has also been favored by more and more domestic enterprises. The life science experiments and testing industries occupied by foreign companies have also begun to appear more and more domestic brands.

In April this year, Zhejiang Shuohua Life Science Research Co., Ltd. (hereinafter referred to as Shuohua Life), which actively suspended the listing of listing reviews, has recently updated the prospectus and restarted the listing of listing.

Judging from the name, Shuohua's life is easily considered as a company engaged in the research science research business. In this regard, the company explained in the updated prospectus that well -known overseas companies in the industry classmate their life experimental consumables into the field of "life sciences", so the company also positions its own business as "life science tools and services". In addition, the company said that after "life science", "research" is mainly due to the relevant competent unit's requirements for the approval of the change name.

In addition, Shuohua Life admits in the prospectus that the company's main business has developed rapidly in the past two years related to the new crown epidemic. Data show that in 2016, the company's operating income was 48.353 million yuan, and by 2021, it rose to 188 million yuan. From 2019 to 2021, the average annual income growth rate of operating income was 47.68%, which was far higher than from 2016 to 2019.

Since the first prospectus was announced in March, Shuohua's scientific research capabilities have received more attention from the market. "Investment Times" researchers noticed that compared with the listed companies, there are fewer Shuohua Life R & D personnel, only 32 people, Jieter Biology, Gongdong Medical and Changhong Technology are 150, 158, 263, respectively. people. The resume of the three core technical personnel disclosed by the company did not show too much scientific background and experience.

New crown test brings a surge in performance

The prospectus shows that Shuohua Life is a high -tech enterprise that provides life science experiments and testing consumables. The product covers biological sample libraries, cell culture, in vitro diagnosis, and microbial testing. Specifications.

Before the establishment of a subsidiary Shuohua Baiao in September 2017, Shuohua Life was mainly engaged in ODM and OEM business of overseas companies, and then began to do independent brands and promoted nationwide.

In the scientific service industry with many fields and categories, and SKUs can reach more than one million, especially in products that use high frequency and low -to -medium markets, there are not many products contained in Shuohua Life.

Shuohua's life, which has transformed into an independent brand, has achieved rapid growth in recent years. Data show that from 2016 to 2021, the company's operating income was 48.353 million yuan, 620.17 million yuan, 72.838 million yuan, 86.2939 million yuan, 153.782 million yuan, and 188.1937 million yuan.

The accelerated expansion of scale is mainly due to the increase in the demand for detection in the market in 2020. The efficiency of the in vitro diagnostic products and freezing custody of Shuohua's life has been doubled. From the perspective of revenue, the acceleration effect brought by the epidemic is more obvious. From 2016 to 2019, the average annual compound annual growth rate of Shuohua's business income was 21.30%, and the compound annual growth rate of operating income from 2019 to 2021 was 47.68%.

Shuohua Life stated in the prospectus that although the company's performance increased rapidly from 2019 to 2021, the income growth brought by new crown detection products due to the disposable virus sampling tube and the trace Pakistan straws were uncertain. The changes in the demand for the new crown testing market may affect the company's growth. The company's future business development is facing business growth risks.

Can the growth of new crown products be maintained?

In fact, with the gradual development of the epidemic and the increase in related products, the new crown testing market has continued to change. In particular, products with strong replacement and low technical content cannot be avoided.

The prospectus shows that in 2021, of the three products related to Shuohua's life and epidemic testing, the Pakistani straws and disposable virus sampling tubes have fallen on the basis of 2020, with revenue of 18.256 million yuan and 1372.47, respectively. 10,000 yuan, 45.98%and 57.65%on the basis of the previous year.

Shuohua Life distinguishes the new crown products and non -new crown products during the reporting period of the updated prospectus. According to the information, in 2020 and 2021, the company's new crown products realized operating income of 62.137 million yuan and 55.869 million yuan, respectively, accounting for 40.43%and 29.77%of the company's total revenue, and 72.02%and 72.70%of the gross profit margin, respectively. Non -new crown products, from 2019 to 2021, revenue was 860.739 million yuan, 91.558 million yuan, and 132 million yuan, respectively, and the gross profit margin was 46.21%, 46.17%, and 46.89%, respectively.

From the perspective of deducting non -net profit, Shuohua Life realized 20.8897 million yuan, 53.752 million yuan, and 60.7031 million yuan from 2019 to 2021, but if the new crown -related products are removed, the non -net profit of deductions is 20.8897 million yuan and 21.6263 million, respectively. Yuan and 34.0258 million yuan. It is worth noting that in the revenue of Shuohua's life, the overseas market accounts for relatively high. This part of the market mainly adopts the ODM/OEM model, which refers to the company's quality standards and technical specifications provided by the brand. Its free brand is sold in the market. From 2019 to 2021, Shuohua's export revenue was 49.6814 million yuan, 63.876 million yuan, and 108 million yuan, respectively, accounting for 57.72%, 41.56%, and 57.37%, respectively.

This part of revenue is also related to the development of the global epidemic. With the change of overseas epidemic, the company's export performance has also been affected. The prospectus shows that the gross profit margin of Shuohua's export business has fallen sharply in 2021, and from 2019 to 2021, 55.94%, 69.86%, and 46.61%, respectively. Shuohua Life stated in the prospectus that in 2020, the company's overseas economic sales rate rose, because the proportion and gross profit margin of new crown testing consumables such as virus sampling tubes and trace Pakistan habits were used at one time. The demand for the above products declined, and the gross profit margin declined.

The comparison of Shuohua Life New Crown Products and Non -New Crown Products

Data source: company prospectus

Doubt about scientific research capabilities

As a high -tech enterprise, in addition to market demand, the core technology and research and development capabilities of the enterprise itself are also an important factor affecting the future direction.

Since the first disclosure of the prospectus in March, Shuohua Life has received more attention and questioning in scientific research. The first is the company's name. The company is called Zhejiang Shuohua Life Science Research Co., Ltd., and it is inevitable that this is a company engaged in life science research.

In the updated prospectus, Shuohua Life explained to this that well -known overseas companies in the same industry have classified life experimental consumables as the field of "life sciences". Therefore, the company also positions its own business as "life science tools and tools and Serve". In addition, the company stated that after "Life Science", "Research" was added, mainly because when registering the name change in the Huzhou City Administration for Industry and Commerce in 2016, according to the approval requirements of the company name change at the time, the life science needs to be added with "research" two two two "research". The word is different, so the company is determined to be the above name.

Shuohua Life stated in the prospectus that the company mainly provides experiments and testing consumables and partial supporting instruments for life science research and related industries. It has not directly engaged in life science research business. There is a certain difference between the company's name and the main business of the reagent.

In addition, it is worth noting that the number of scientific research employees in Shuohua's life is relatively small. As of the end of 2021, the number of employees of the company was 297, of which 32 R & D personnel, accounting for 10.77%. During the same period, Jiete Biology, Gongdong Medical and Changhong Technology were 150, 158 and 263, respectively.

From the perspective of salary expenditure, in 2020 and 2021, the salary expenditure of Shuohua Life R & D was 2.7806 million yuan and 4.3643 million yuan. In the same period, Jeter creatures were 10.936 million yuan and 21.7435 million yuan.

In the prospectus, Shuohua's life did not disclose the education and age composition of the research and development personnel, and only disclosed Jiang Yan, Jiang Qifeng and Xie Xiaoliang of three core technicians. Among them, Jiang Yan (one of the company's actual controllers) and Jiang Qifeng were brothers, and held 48.57%and 28.57%of the company's shares. The prospectus shows that Xie Xiaoliang was nominated as the core technician by the company's board of directors in 2020.

According to the disclosure of the prospectus, Jiang Yan and Jiang Qifeng are college degree. Previously, the resume did not show related scientific research experience. Xie Xiaoliang, who was promoted to core technicians in 2020, has been the manager of Shuohua Co., Ltd. in 2016 in 2012.

"Investment Times" researcher noticed that the company's plan to raise 432 million yuan this time, of which 336 million yuan is planned to be used for high -end experimental and inspection consumable production base construction projects. The project, another 40 million yuan is used to supplement liquidity.

Shuohua Life stated in the construction project of the headquarters and R & D centers that after the completion of the fundraising, the office and laboratory hardware equipment construction of the headquarters and R & D centers will be introduced to introduce and cultivate professional technical and management talents to improve the strength of research and development technology. However, from the disclosure, the company's total investment of 58.5809 million yuan and a construction period of 2 years. The plan to invest in R & D personnel is 2.2830 million yuan, accounting for only 3.90%of the total investment.

Investment budget for construction projects of Shuohua Life Headquarters and R & D Center

Data source: company prospectus

- END -