On September 16, Shanghai C&D Innostic Medical Technology Group Co., Ltd. (301584.SZ) commenced its IPO subscription with an issue price of RMB 7.05 per share, a subscription cap of 10,000 shares, and a price-to-earnings ratio of 13.29 times. The company is listed on the Shenzhen Stock Exchange with CITIC Securities serving as the lead underwriter.
According to the prospectus, the company operates as a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices while providing Supply, Processing & Distribution (SPD) services for medical consumables to terminal hospitals. Within the medical device industry chain, the company serves a crucial circulation function, acting as a vital link connecting manufacturers, distributors, and terminal medical institutions, playing an essential bridging role in the supply chain.
In its direct sales business, the company provides direct sales services for tens of thousands of product specifications to over 3,300 terminal medical institutions across all 31 provinces, municipalities, and autonomous regions nationwide. For its distribution business, the company has established a nationwide distribution network, focusing on high-value interventional products as an entry point. The company partners with renowned domestic and international manufacturers including MicroPort Group, Medtronic, Terumo, and Lifetech Scientific, among others. As of the end of the reporting period, the company has established and maintained long-term, stable cooperative relationships with over 100 renowned domestic and international high-value medical device manufacturers.
Driven by medical policy reforms such as volume-based procurement and the "two-invoice system," the medical device circulation industry is evolving toward channel integration and flattening. Based on the characteristics of high-value medical devices, the company actively promotes the application of information management in traditional circulation business and provides SPD services to terminal hospital clients, further empowering upstream and downstream customers in the supply chain.
The company's technological innovation primarily involves the extensive application of information management and other modern technologies in traditional medical device circulation business operations to reduce manual dependency and workload, optimize supply chain operational efficiency, and reduce costs. Addressing challenges faced in medical device circulation processes, the company utilizes information technology, Internet of Things (IoT) technology, and other modern scientific technologies to construct a digital supply chain management system for medical device products. The company has developed a professional information management system for medical device circulation and, through proprietary source code parsing technology combined with Unique Device Identification (UDI) applications, implements one-product-one-code management for medical device products. This approach resolves the "one-product-multiple-codes" problem generated by traditional coding methods in circulation processes, achieving centralized control of product flow, capital flow, and information flow based on unique device identification, meeting the requirements for "compliance, accuracy, traceability, and security" in medical device circulation processes.
From a financial perspective, the company achieved operating revenues of approximately RMB 11.882 billion, RMB 15.443 billion, and RMB 17.923 billion for fiscal years 2022, 2023, and 2024, respectively. Net profits for the same periods were approximately RMB 189 million, RMB 227 million, and RMB 274 million, respectively.