Recently, Feino Technology Co., Ltd. (hereinafter referred to as "Feino") submitted a prospectus to the Shanghai Stock Exchange and is preparing to be listed on the Science and Technology Innovation Board. In this sprint to the market, Feino plans to raise 1.122 billion yuan, which will be used for production base upgrade projects, new product research and development and headquarters base construction projects, marketing network construction projects, etc.
According to the prospectus, Feino is a manufacturer of digital color ultrasound equipment and medical information solutions, focusing on the research, development, production and sales of digital color ultrasound diagnostic instruments and related technologies. At present, Feino has launched more than 90 color ultrasound diagnostic instrument products, covering cardiovascular, abdominal, obstetrics, gynecology , small organs, musculoskeletal and other clinical application fields.
According to Tianyancha information, Feino was founded in 2010 and is located in Suzhou City, Jiangsu Province. It was formerly known as "Feino Technology (Suzhou) Co., Ltd." At present, the company's registered capital is 81 million yuan, its legal representative is Xishui , and its shareholders include Qiming Venture Capital.
Feino stated in the prospectus that the company's products have been installed in nearly 400 tertiary hospitals across the country since their launch, including well-known hospitals such as the Chinese People's Liberation Army General Hospital, The Second Xiangya Hospital of Central South University, Jiangsu Provincial People's Hospital, Union Hospital Affiliated to Tongji Medical College of Huazhong University of Science and Technology, and Shengjing Hospital Affiliated to China Medical University.
At the same time in overseas markets, Fiino has successfully entered many overseas markets such as Europe, South America, Asia and Africa, and its products have been widely recognized by end customers. According to Frost & Sullivan data, in 2021, the company's total sales of a full range of ultrasound products ranked third among domestic manufacturers.
In 2019, 2020, 2021 and the first half of 2022, Feino's revenue was 270 million yuan, 302 million yuan, 446 million yuan and 193 million yuan respectively; net profits were 6704 million yuan respectively. .87 million, 16.5344 million yuan, 36.4354 million yuan and -8.8425 million yuan, and the net profits after deducting non-profit items were -21.1607 million yuan, 81.2 thousand yuan, 32.6863 million yuan and -10.849 million yuan respectively.
Feino stated in the prospectus that the company's operating income has grown steadily overall, and the level of net profit has fluctuated to a certain extent. In addition, affected by the epidemic and other factors in the first half of 2022, the company's sales did not meet expectations and suffered losses. In other words, Fiino is at risk of declining operating performance.
During the reporting period, Feino used the distribution model as its main sales model. The prospectus shows that the company’s main business income includes distribution income of 243 million yuan, 287 million yuan, 408 million yuan and 175 million yuan respectively, accounting for 90.74%, 97.43%, 93.96% and 94.26% of the main business income respectively.
Beido Finance found that Feinuo’s main income comes from abroad. During the reporting period, the company achieved overseas sales revenue of 160 million yuan, 171 million yuan, 272 million yuan and 135 million yuan, accounting for 59.75%, 58.05%, 62.63% and 72.41% of the company's main business revenue respectively.
During the reporting period, Feino's main business gross profit margins were 57.35%, 57.35%, 54.59% and 51.02% respectively, showing a continued downward trend. Fiino explained in its prospectus that due to structural differences in product sales and fluctuations in exchange rates, the overall gross profit margin level has declined.
As of the end of the reporting period, Feino had obtained a total of 2,143 invention patents, including 2,136 domestic invention patents and 7 overseas invention patents. During the reporting period, the company's R&D investment amounts were 58.6478 million yuan, 62.6577 million yuan, 80.2717 million yuan and 48.0182 million yuan respectively, accounting for 21.76%, 20.78%, 17.98% and 24.90% of operating income respectively.
According to Smart Bud data, Feino has a total of 345 patent applications, including 305 invention patents, accounting for 88.41%. Through algorithm analysis, Feino's patent layout mainly focuses on technical fields such as ultrasound images, ultrasound probes, ultrasound equipment, ultrasound imaging, and echo signals.Before the IPO of
, the actual controllers of Feino were Xi Shui and Tianyuan, who were husband and wife. Together they held the executive affairs contract of Feino shareholders Lishui Chenxin, Lishui Gaosen, Lishui Pengmiao and Lishui Zhiyan. Partner Lishui Yuanyao owns 100% of equity , and indirectly controls Lishui Chenxin, Lishui Pengmiao, Lishui Zhiyan, and Lishui Gaosen through Lishui Yuanyao, which collectively controls 49.2195% of the voting rights of Feinuo.
At the same time, Lishui Chenxin holds 35.6953%, Qiming Weichuang holds 14.5317%, Wei Jimin holds 12.0609%, Qiming Fusion holds 6.7461%, and Xu Xiu Zhen holds 6.6738% of the shares, Lishui Gaosen holds 5.5634% of the shares, Lai Shujin and Zhou Lei hold 4.038% of the shares respectively, Lishui Pengmiao and Lishui Zhiyan hold 3.9804% of the shares respectively, and Jinshahe Investment and Wang Xiaojun hold 1.3460% of the shares respectively.
It is understood that both Xi Shui and Tianyuan are Chinese nationals, and both have permanent residence rights in the Republic of Vanuatu. Currently, Xi Shui is the chairman and general manager of Feinuo, and Tian Yuan is the company's brand director. Prior to this, both Xi Shui and Tian Yuan worked at GE Medical Systems (China) Co., Ltd.
It is worth mentioning that Feino is involved in a lawsuit involving trade secret infringement as a defendant. In this lawsuit, the plaintiffs General Electric Company ( General Electric Company ) and GE Medical Systems (China) Co., Ltd. filed a civil lawsuit with the Intermediate People's Court of Wuxi City, Jiangsu Province.
According to the prospectus, the plaintiff accused Feinuo, as well as Xi Shui, Tian Yuan, Gao Wenyou, Jia Zhiyuan, Fei Penghao, Zhou Elin, Chen Huiren, Wu Fanggang, and Guo Jianjun of infringing on the trade secrets of relevant algorithms contained in the operating system software of its digital ultrasound diagnostic instrument product.
Feinuo stated in its prospectus that there is a possibility that the court will eventually determine that the company has infringed. If the final judgment supports all the plaintiff's claims, the company will suffer significant economic losses and reputational losses in the process of executing the relevant claims, which will have a major adverse impact on its daily production and operations, research and development plans, and market development.
