Medical website on March 29th, March 27, 2018, audited by the Commission's scrutiny committee meeting, Ningbo Tianyi Medical Devices Co., Ltd. (hereinafter referred to as 'Tianyi Medical') failed.
The new session of the China Securities Regulatory Commission issued a string of strict rules, had a low rate, and had long been known throughout the country. medical instruments Once again, the industry is unfortunately 'guns' and another enterprise It fell outside the A-share gate.
Tianyi Medical was established in 1998. The company's main business is R&D, production and sales of medical equipment such as medical polymer supplies for blood purification and ward care.
At present, the company's products mainly include extracorporeal circulation blood circuit, disposable blood collection device for machine use, one-time use of one-piece oxygen-absorbing tube, feeding device, feeding tube, and disposable blood transfusion (liquid) device.
In response to Tianyi Medical's initial application, there are five main questions asked by the China Securities Regulatory Commission's issuing and reviewing committee meeting. One of them is the effect of the 'two-vote system' on its business model.
The issuing committee of the China Securities Regulatory Commission issued a query:
(1) The current implementation of the 'two-vote system' and whether it covers the company's main products;
(2) Whether the 'two-vote system' will affect the issuer's distribution model and subsequent production and operation after the implementation of the 'two-vote system' will affect the continued profitability and respond to the 'two-vote system' arrangement.
Ask the sponsor representative to explain the verification method, process and issue verification opinion.
According to the prospectus, Tianyi Medical realized revenue of RMB 163 million, RMB 223 million, and RMB 2.4 billion from 2015 to 2017, respectively. The net profit for the same period was RMB 30.4537 million, RMB 500.274 million and RMB 619.998 million, respectively.
The company's performance continues to grow, but as a traditional medical device company, Tianyi Medical's main sales model is 'distribution' rather than 'direct sales'.
Under this sales model, the enterprise sells the product to the distributor, and then the distributor sells the product directly or through a subordinate distributor to the end customer. The dealer sells its own products and assumes its own profits and losses.
From 2015 to 2017, the sales revenue of Tianyi Medical through its distribution model accounted for 96.30%, 97.24% and 97.35%, respectively. Currently, the company has a large number of distributors and a wide geographical distribution.
With the implementation of the 'two-vote system', production and distribution companies have been profoundly affected.
Circulation companies have become a trend of integration, and a large number of distributors have either been acquired or eliminated. Distributors' sales networks also need to sink further, facing the terminal.
Traditional distribution models of production companies are also affected. Integration of distribution channels may lead to the disappearance of existing dealers, which may result in the loss of some markets. In order to respond to the 'two-vote system', manufacturers must also re-select dealers and establish closer cooperation. Relationships, restructure sales networks, and increase direct sales to respond to further 'one-vote system' shocks.
As of now, the 'two-vote system' for consumables has already been established in some provinces and cities, and medical institutions have landed. Not long ago, the 'Zhong Guo Zi' document has been released, clearly requiring that the 'two-vote system' for high-value consumables be gradually implemented as a focal point for further deepening medical reform. Areas and links. The acceleration of the 'two-vote system' of consumables has been fully rolled out.
Since 2017, medicine The rate of corporate IPO meetings has been low, lower than the average level of various industries. According to incomplete statistics, financial regulations, commercial bribery, 'two-vote system', and environmental protection are all key issues.
Previously, there were plans to go public drug Enterprises, because the 'two-vote system' has affected the growth of business results, led to a sharp drop in cash flow, and a surge in academic promotion costs, which has affected the IPO approval process of enterprises, and has even been blocked outside the IPO.
Tianyi Medical's IPO review showed that although the 'two-vote system' consumables have not yet been rolled out across the country as large as the 'two-vote system' of drugs, the China Securities Regulatory Commission has included it in the focus of attention.
Whether consumables companies can deal with the 'two-vote system' of consumables or prepare to deal with the impact will directly affect the financing of the company's listing.
