A-share subscription | Jianfa Zhixin (301584.SZ) starts subscription to provide direct sales services of medical devices to more than 3300 medical institutions nationwide.

On September 16, Jianfa Zixin (301584.SZ) started its subscription with an issue price of 7.05 yuan per share and a subscription limit of 10,000 shares, with a P/E ratio of 13.29 times. It belongs to the Shenzhen Stock Exchange, with CITIC SEC as its sponsor. According to the prospectus, the company is a national high-value medical device distributor, mainly engaged in direct sales and distribution of medical devices, as well as providing medical consumables intensive operation (SPD) services to terminal hospitals. In the medical device industry chain, the company mainly undertakes the circulation function of medical devices, acting as a hub connecting manufacturers, distributors, and terminal medical institutions, playing an important role in the industry chain. In the direct sales business, the company can provide direct sales services for over 3,300 terminal medical institutions in 31 provinces, municipalities, and autonomous regions nationwide. In the distribution business, the company has established a distribution network covering the entire country, focusing on high-value interventional products, with major product manufacturers being Microport Group, Medtronic, Terumo, ZYLOXTB, and many other well-known domestic and foreign enterprises. As of the end of the reporting period, the company has established and maintained long-term and stable cooperative relationships with over 100 well-known high-value medical device manufacturers at home and abroad. Driven by policies such as centralized volume procurement and "two-ticket system" medical reforms, the medical device circulation industry is developing towards channel integration and flattening. Based on the characteristics of high-value medical devices, the company actively promotes the application of information management in traditional distribution business and provides SPD services for terminal hospital customers, further empowering upstream and downstream customer services in the industry chain. The company's technological innovation mainly involves the extensive application of modern technologies such as information management in the traditional medical device distribution business process to reduce manual dependence and workload, optimize the operational efficiency of the industry chain, and reduce costs. In response to the difficulties faced in the process of medical device circulation, the company has used modern scientific and technological innovations such as information technology and the Internet of Things to construct a digital supply chain management system for medical devices, developed a professional medical device circulation information management system, used proprietary code resolution technology, and combined it with the application of unique identification (UDI) for medical devices to manage medical device products with one code each, solving the problem of "one product with multiple codes" that occurs in traditional circulation process. This has realized centralized control of goods flow, fund flow, and information flow based on the unique identification of medical devices, meeting the requirements of "compliance, accuracy, traceability, and security" in the medical device circulation process. Financially, in the fiscal years 2022, 2023, and 2024, the company achieved operating revenues of approximately 11.82 billion yuan, 15.43 billion yuan, and 17.923 billion yuan respectively; with net profits of approximately 189 million yuan, 227 million yuan, and 274 million yuan respectively during the same period.