China Net Finance, December 30 (Reporter Su Meng) Shenzhen Jiahong Dental Medical Co., Ltd. ("Jiahong Dental"), which wanted to attack the "first denture stock", suddenly withdrew its listing application the day before the IPO meeting. Essence
On December 23, the GEM Listing Committee's 73rd Review Meeting in 2021 stated that in view of Jiahong Oral withdrawing the application for issuance and listing, Guosen Securities revoked the sponsorship. According to relevant procedures, the review meeting of the Listing Committee canceled the review. Jiahong Oral Issuance and Listing Application.
, queued up for a year, and after three inquiries, Jiahong Oral suddenly withdrew its listing application. Although the reasons behind it are not known to the outside world, it secretly crossed the "358 red line" for its operating performance, and "low-price investment" for customers and natural persons. Judging from the incident, it may not be surprising that the withdrawal of the listing application will be withdrawn.
2020 revenue and net profit double decline, secretly crossing the "358 red line"
Information shows that Jiahong Oral was established on December 27, 2001. It was formerly Shenzhen Jiahong Denture Technology Development Co., Ltd. ("Jiahong Denture"), by Wang Rong and Wang Deng both invested funds and established them, and Wang Rong is the largest shareholder and actual controller of Jiahong Denture.
Then, due to the introduction of financial investors, equity incentives and other reasons, Wang Rong's shareholding ratio has continued to decline. In December 2014, the actual controller of Jiahong Denture was changed to Zheng Wen, and Zhang Yongqian, Wang Rong and Xie Jinlong transferred part of the equity to Zheng Wen respectively to achieve the transfer of control. One year after the actual controller of
was changed, in July 2015, Jiahong dentures were changed to Co., Ltd. ——Shenzhen Jiahong Dental Medical Co., Ltd. In December, Jiahong Oral landed on the New Third Board; started listing guidance in May 2017; and submitted a draft for the GEM IPO application in December 2020.
According to media reports, some industry insiders said, "The review progress of Jiahong Oral IPO was slow before. One of the main reasons was that it had large fluctuations during the reporting period, especially in the recent period's performance. The decline has touched the 30% red line."
data shows that from 2018 to 2020, the company achieved revenue of 250 million yuan, 310 million yuan and 297 million yuan respectively, with year-on-year growth rates of 8.85%, 24.16% and -4.20% respectively; net profit attributable to shareholders was 42 million yuan, respectively, respectively; RMB 44 million and RMB 32 million, with year-on-year growth rates of 95.98%, 5.98% and -26.47% respectively; net profit excluding non-network was RMB 37 million, RMB 41 million and RMB 29 million, with year-on-year growth rates of 32.13% respectively , 11.39% and -29.18%.
shows that even in 2019, when the performance was high during the reporting period, its non-net profit was only over 40 million yuan, and in the most recent reporting year of its IPO reporting period, it had double revenue and net profit. In the case of the decline, the net profit excluding non-operating items was only 28.9592 million yuan, a year-on-year decline of 29.2%.
It is worth noting that as early as March 2018, it began to be rumored in the industry that the regulatory authorities formulated the "358 red line" caliber within the IPO review, that is, requiring companies under IPO review to have a net profit of no less than 100 million yuan in three years. Moreover, in the last year, those who apply for listing on the main board must reach a net profit of more than 80 million yuan if they deduct non-recurring items, and those who apply for the GEM must reach more than 50 million yuan, otherwise listing will not be allowed.
Although the so-called "358 red line" has not been officially confirmed, judging from the performance of the companies passing the review, they are generally above the red line.
"If you follow the standards before the implementation of in the registration system, Jiahong Oral IPO should not have the opportunity to obtain the qualification to attend the meeting." Industry insiders said that although the threshold for net profit requirements has long changed under registration, for the report During the period, especially in the latest period, there is still a "warning". "Generally, if the year-on-year decline exceeds 30%, the review will be carried out prudently. If it exceeds 50%, it is likely to be suspended or even discouraged."
main product sales The average price declined and the "gross profit margin" was in crisis
In the first half of this year, Jiahong Oral achieved revenue of 190 million yuan and net profit of 29 million yuan, an increase of 59.10% and 92.91% year-on-year respectively. On the one hand, the business has recovered after the epidemic, and on the other hand, the base is low in the same period last year. There is still uncertainty as to whether the operating performance in 2021 can increase significantly compared with 2019.The latest version of the prospectus for
shows that the company's operating income from January to December 2021 is expected to be RMB 395 million to RMB 410 million, a year-on-year increase of 33.08% to 38.14%; the net profit attributable to parent company shareholders is RMB 52 million to RMB 55 million to RMB 55 million.00; 10,000 yuan, a year-on-year increase of 60.02% to 69.25%; it is expected that the net profit attributable to the parent company shareholders after deducting non-recurring gains and losses will be RMB 50 million to RMB 53 million, a year-on-year increase of 72.66% to 83.02%.
It is worth noting that Jiahong Oral reminds that the performance forecast data is the result of the company's preliminary calculations assuming that the US dollar-RMB exchange rate does not fluctuate significantly, and the performance forecast data does not constitute the profit forecast or performance commitment made by the issuer.
Therefore, some investment bankers said that this type of performance is still based on the annual report data of that year, and the expected performance is not convincing.
According to the prospectus, Jiahong Oral is mainly engaged in the research, development, production and sales of fixed-definition denture , active denture and orthodontic products, as well as the operation and sales of oral restoration medical device products. The products it produces are mainly customized products, which are used for repair of tooth loss and defects, and correction of irregular teeth.
From 2018 to the first half of 2021, the company's main business revenue was RMB 249 million, RMB 306 million, RMB 291 million and RMB 185 million, respectively, and the gross profit margins of the main business were 49.74%, 47.58%, 43.21% and 44.52%, respectively. It is showing a downward trend.
Among them, the sales revenue of fixed full-ceramic denture during the reporting period was RMB 113 million, RMB 123 million, RMB 112 million and RMB 72.3198 million, respectively, accounting for 45.43%, 40.20% and 38.55 respectively. % and 39.03% are the largest source of revenue for the company's main business.
However, the reporter noticed that in recent years, the average sales price of the "largest source of income" has been decreasing, and the cost of sales has been increasing, so that its gross profit margin has been constantly being compressed.
In the first half of 2021, the company's average sales price of fixed all-ceramic dentures dropped from 314.7 yuan/piece in 2018 to 304.83 yuan/piece; the average sales cost increased from 113.12 yuan/piece in 2018 to 125.34 yuan/piece; gross profit margin It dropped from 64.06% in 2018 to 58.88%.
In addition, except for the poor performance of the "largest source of income", the gross profit margin and sales price of the company's other products have declined to a greater or lesser extent, especially the average sales price. In the first half of 2021, except for orthodontic products, the average sales price of other products of Jiahong Oral were more or less declining.
Raw materials are trapped in the "problem vortex". Product sales are not guaranteed without contract
As a "destiner manufacturer", its operating performance is deeply affected by product prices and production costs, but its product quality and sales quality cannot be underestimated.
From 2018 to the first half of 2021, Jiahong Oral's purchase amount from the top five suppliers was 55.79%, 60.81%, 60.61%, and 68.08%, respectively, and there is dependence on major suppliers.
reporter noticed that the top five suppliers of the company's raw materials and planting products include Dentister Dentister (Shanghai) Co., Ltd., Dentister (Tianjin) International Trade Co., Ltd., and Yihuojiaweiwaden Te (Shanghai) Trading Co., Ltd. , Shenzhen Aierchuang Oral Technology Co., Ltd. , Shanghai Aodante Biomaterials Co., Ltd., etc., and these companies all have illegal and irregular behaviors.
Among them, Dengshibo (Tianjin) International Trade Co., Ltd. was fined 30,000 yuan by the Tianjin Binhai New Area Market Supervision and Administration Bureau for operating medical devices that do not meet mandatory standards, and confiscated unqualified ultrasonic waves with batch number 130B-14732. 1 dental cleaning machine product; Dengsbosinodd Dental Products (Shanghai) Co., Ltd. was fined RMB 9,400 for publishing unreviewed medical advertisements.
Yihuojiaweiwadente (Shanghai) Trading Co., Ltd. has committed commercial bribery, failed to transport medical devices in accordance with the requirements of medical device instructions and labels, and illegal acts of engaging in the production of Class III medical devices without permission, etc. He was administratively punished by the Shanghai Jing'an District Market Supervision and Administration Bureau three times.
Shanghai Aodante Biomaterials Co., Ltd. was administratively punished by the Shanghai Songjiang District Market Supervision and Administration Bureau for producing Class II medical device without permission without a license.
In addition, Densbo (Tianjin) International Trade Co., Ltd. and Densbo Xinord Dental Products (Shanghai) Co., Ltd. have both recalled products due to product problems.
suppliers frequently violate regulations in terms of operations, advertising release, product quality, etc. Jiahong Oral purchases "problem" raw materials, and their quality problems are also questioned. In this regard, China Net Finance sent a letter to Jiahong Oral. As of press time, no Received any reply.
In terms of sales, Jiahong's oral also has abnormalities.
prospectus shows that the company currently has high-stick mid-to-high-end customers such as Shenzhen People's Hospital, Wuhan University Dental Hospital , Wuxi Dental Hospital , Taikang Baibo Medical Group Co., Ltd., PAN-AMDENTAL INC., SENTAGE CORPORATION, etc. , its business covers major large and medium-sized cities in the country, as well as major European and American countries and regions.
It is worth noting that among the company's top five customers, only Baibo Medical is a Chinese company, while the rest are from the United States and France, with a high revenue share.
From 2018 to the first half of 2021, the company's domestic revenue was RMB 79.2776 million, RMB 117 million, RMB 125 million and RMB 87.0273 million, respectively, accounting for 31.80%, 38.18%, 42.91% and 46.97% of the main business respectively; overseas revenue was RMB 79.277 million; respectively; respectively; respectively; respectively. It was RMB 170 million, RMB 189 million, RMB 166 million and RMB 982.67 billion, respectively, accounting for more than 50% of the main business revenue that year.
It is worth noting that when the company conducts business cooperation with overseas customers, overseas customers did not sign a sales contract or framework sales agreement with the company, but placed an order by mailing it with the teeth mold. After receiving the order, the company conducted the order. Production.
Natural persons are questioned for profit without foundation and are questioned
In addition, the natural person Wu Di's investment in Jiahong Dental at a low price has also been questioned by the industry? The reporter noticed that in February 2016, Jiahong Oral implemented a private placement, and Taikang Baibo subscribed 92.88 million shares, and the remaining 3 million shares were taken over by Wu Di. The private placement price was also 4.57 yuan per share, with a capital investment of 13.71 million yuan. The difference is that Wu Di's subscribed shares are unlimited.
Company revealed in the inquiry letter that Wu Di is the classmate of Zheng Wen, the actual controller of the company. He is mainly engaged in real estate investment. He invested in because he is optimistic about the medical device industry and subscribed to 13.71 million yuan in funds required to subscribe to Jiahong Oral Shares. Zheng Wen lent it to Wu Di.
A year later, Wu Di began to reduce his holdings and cash out. In March 2017, Wu Di, who had no restrictions on sales, shared investments with two external investors at a price of 14.52 yuan per share, and transferred 750,000 shares in Hangzhou Nanhai, cashing out a total of approximately 21.78 million yuan.
More importantly, the stocks transferred by Wu Di this time are stocks obtained by him after he participated in the private placement after listing on the New Third Board of Jiahong Dental. They are non- original stocks . According to Finance and Taxation [2018] No. 137, no personal income tax is required.
"Wu Di's investment is very strange. In many cases of IPO corruption in the past, it was through the investment of classmates, friends and other related people, and the real profits are not necessarily these so-called classmates or friends. There may also be multiple arrangements for holding agents. "A senior sponsor representative admitted in an interview with the media.
In response to this, Jiahong Oral explained that in the first private placement in 2016, Wu Di participated in, the purpose of the company's private placement was to introduce strategic investors and did not sign the betting agreement , so the company is referring to the basis of its net assets The Premier determined the price of this capital increase to be 4.57 yuan per share. In the second private placement in 2016, the company had a large bargaining space and was mainly for financing. After full negotiation with the investment institution, the price of the private placement was determined to be 14.518 yuan per share. share. The price difference between the above two private placements is due to the different purpose and bargaining power of the issuer, and is reasonable.
However, this explanation is still questioned by the market. The two investment institutions involved in Jiahong Oral’s second additional issuance in 2016 were all four investment institutions. Could it be that the bargaining power of several large institutions’ investments is not as good as that of a natural person? In response, China Net Finance sent a letter to Jiahong Dental, but no reply was received as of press time.
(Edi in charge: An Di)
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