A-share subscription | Aishilun (920050.BJ) starts subscription, focusing on long-term medical and health business.

On January 12th, Aishelun (920050.BJ) opened for subscription with an issue price of 15.98 yuan per share and a subscription limit of 761,300 shares. The price-earnings ratio is 14.99 times, and it belongs to the North Exchange. Soochow is its sponsoring institution. The prospectus disclosed that Aishelun has long been focused on the medical health industry, mainly engaged in the research, development, production, and sales of disposable medical consumables used in professional rehabilitation nursing and medical protection fields, providing related products for internationally renowned medical equipment brand manufacturers through ODM/OEM and other methods. The company, in its long-term development process, focuses on the professional fields of rehabilitation nursing and medical protection, closely around the professional needs of medical workers and patients, with rehabilitation nursing and surgical infection control products as its core, continuously expanding into areas such as disinfection and cleanliness, home protection, first aid protection, etc., continuously developing new products, and expanding the depth and breadth of its product line. Currently, the company's product categories cover two core categories: rehabilitation nursing products and surgical infection control products, providing customers with various medical dressing products such as medical care pads, medical ice bags, surgical gowns, surgical drapes, and surgical kits. During the reporting period, the sales revenue of the company's top five customers accounted for 81.99%, 86.27%, 86.27%, and 88.40% respectively, with a high customer concentration. This situation is mainly due to the company's business model of "core customers + overseas sales ODM/OEM". The top customer, Medline Group, accounted for 71.51%, 73.08%, 71.00%, and 77.73%, respectively, with the sales orders of key customers having a significant impact on the company's operating performance. In terms of finances, in the years 2022, 2023, 2024, and January-June 2025, the company achieved operating revenues of approximately 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan, respectively. During the same period, net profits were approximately 62.80 million yuan, 66.93 million yuan, 80.61 million yuan, and 49.43 million yuan, respectively.