Yangtze Business News Aojing Medical (688613.SH), which claims to be the leading domestic artificial aggregates company, still has obvious pressure on its operations while maintaining its gross profit margin.
In the first quarter of this year, Aojing Medical achieved operating income of 46 million yuan, continuing to maintain a year-on-year growth rate of more than 20%, but the net profit after deducting non-recurring gains and losses (referred to as net profit excluding non-recurring gains and losses) was only 7 million yuan, a year-on-year decrease of nearly 50%.
Previously, Aojing Medical's operating income and non-net profit maintained a steady growth momentum from 2018 to 2021.
Surprisingly, regarding the sharp decline in non-net profit in the first quarter of this year, Aojing Medical explained that R&D expenses increased by 14 million yuan.
In the secondary market, Aojing Medical performed poorly. In the early stages of listing, its share price once reached 137.85 yuan per share, and closed at 26.88 yuan per share on May 24 this year, with a cumulative decline of 80%.
shareholders can't sit still. As soon as the restricted shares were lifted, three shareholders holding more than 5% of the shares announced that they planned to reduce their holdings of 10.56% of the equity in total. Based on the current stock price, the three shareholders may cash out about 400 million yuan.
sales gross profit margin has steadily exceeded 80%
After four years of rapid growth, Aojing Medical's operating pressure came unexpectedly.
According to the first quarter report of this year, in the first three months, Aojing Medical achieved operating income of 46 million yuan, and increased by 25.10% year-on-year. The net profit attributable to shareholders of listed companies (hereinafter referred to as net profit) and non-net profit excluding non-net profit were 13 million yuan and 07 million yuan respectively, with year-on-year decreases of 27.32% and 46.64%.
net profit excluding non-recurring items in the first quarter declined by nearly 50%, which is a bit surprising. Previously, the company's operating performance has maintained a rapid growth momentum.
In 2017, Aojing Medical achieved operating income and net profit of RMB 91 million and RMB 24 million respectively. From 2018 to 2020, during the IPO reporting period, the company achieved operating income of RMB 124 million, RMB 169 million and RMB 184 million, respectively, with year-on-year growth rates of 35.36%, 36.30% and 9.10%. During the same period, the company achieved net profits of RMB 33 million, RMB 68 million and RMB 89 million, with year-on-year growth rates of 40.17%, 105.50% and 31.22% respectively; net profits of RMB 38 million, RMB 60 million and RMB 82 million, with year-on-year growth rates of 69.13%, 58.70% and 37.73% respectively.
In 2021, Aojing Medical will be listed on the Science and Technology Innovation Board on the Shanghai Stock Exchange. In that year, the company achieved operating income of 236 million yuan, a year-on-year increase of 28.46%, and net profit and non-net profit excluding non-net profit were 121 million yuan and 97 million yuan, a year-on-year increase of 35.80% and 18.34%. The year-on-year growth rate of non-net profit excluding non-net profit slowed down slightly.
In recent years, Aojing Medical has been making huge profits. From 2018 to 2021, the company's gross sales profit margin was 83.18%, 82.88%, 83.81%, and 85.35%, respectively, all exceeding 80%, and showing an upward trend. The corresponding net profit margins are 22.24%, 38.08%, 47.41%, and 50.02%, which are increasing year by year.
So, why did the operating performance, which has continued to grow, change its face in the first quarter of this year?
Aojing Medical was founded in 2004. It is a high-tech enterprise focusing on the research and development, production and sales of high-end biomedical materials and related medical device products. The company said that since its establishment, it has mainly focused on the field of artificial bone repair materials. In 2011, it launched the medical device product of mineralized collagen artificial bone repair materials, completed the clinical transformation and industrialization of mineralized collagen artificial bone repair materials, and established an in vitro bionic mineralization technology platform with complete intellectual property rights.
Regarding the sharp decline in non-net profit in the first quarter of this year, Aojing Medical explained that at the end of 2021, the company and Tsinghua University jointly established the "Tsinghua University (School of Materials)-Aojing Medical Regenerative Medical Materials Joint Research Center" with Tsinghua University to carry out the research and development and clinical transformation of high-performance biomedical materials. In the first quarter of this year, the company paid 10 million yuan in cooperation, which caused a significant increase in R&D expenses in the first quarter of this year, which in turn affected the net profit and net profit excluding non-net profits significantly decreased year-on-year.
In the first quarter of this year, Aojing Medical's R&D expenses were 18.3873 million yuan, compared with 4.4071 million yuan in the same period last year, an increase of nearly 14 million yuan year-on-year.
In the first quarter of this year, the company's gross sales profit margin was 82.23%, still exceeding 80%, and the net profit margin was 24.42%, a significant decline.
The three major shareholders sold the plan to reduce their holdings just after they were lifted
Although the profitability has not decreased significantly, the shareholders seem to be unsatisfied. The three major shareholders of Aojing Medical are ready to reduce their holdings and cash out as soon as they lifted the ban.
On May 21, 2021, Aojing Medical entered the Science and Technology Innovation Board through IPO, with the initial public offering price of 16.43 yuan per share. By May 20 this year, some equity shares have been lifted and will be listed and circulated from May 23.
Surprisingly, the shareholders of Aojing Medical couldn't wait to reduce their holdings just after the sales restrictions were lifted.
On the evening of May 22, Aojing Medical disclosed that shareholders Beijing Qilun Tianyou Venture Capital Co., Ltd. (hereinafter referred to as "Qilun Tianyou"), BioVeda China RMB Investment Limited (hereinafter referred to as "BioVeda"), and Jiaxinghua Holding Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as "Jiaxing Huakong") have launched a share reduction plan. The three plan to reduce their shareholdings by 2.69%, 3%, and 4.87% respectively, and plan to reduce their shareholding by a total of 10.56% of their shares.
Currently, Qilun Tianyou, BioVeda, and Jiaxing Huakong hold 9.07%, 8.82% and 9.73% of the shares of Aojing Medical, respectively.
Aojing Medical's equity is relatively scattered, the company has no controlling shareholder, and its actual controllers are Hu Gang, Cui Fuzhai and Huang Wanlan. The three of them jointly controlled the company's shares by forming a joint actor, which is 21.06%.
The three shareholders who sold the share reduction plan this time all held more than 5%, so they are all important shareholders of the company. The three hold a total of 27.62% of the company's equity. Among them, Jiaxing Huakong is the largest shareholder of the company.
If calculated based on the closing price of of Aojing Medical on May 20, 29.69 yuan per share, if the above three shareholders reduce their holdings at the highest level, a total of 418 million yuan will be cashed out.
In fact, it is not only the shareholders who reduced their holdings before the IPO, but also the funds entering through the secondary market are retreating. wind data shows that at the end of June last year, 87 funds held stakes in Aojing Medical. By the end of last year, the number of funds holdings decreased to 27, indicating that 60 funds had withdrawn.
Why do important shareholders reduce their holdings and cash out? In addition to factors such as its own funding arrangements, it may be related to the stock price trend of Aojing Medical. When
was first listed, Aojing Medical's stock price once reached 137.85 yuan per share, up 7.39 times from the issue price. However, what followed was the stock price falling continuously. By May 24 this year, its closing price was 26.88 yuan per share, with the largest drop of 80.25%. Among them, perhaps affected by shareholders' plans to reduce their holdings, on May 24, the stock price fell 11.43%, and on May 25, the stock price rebounded 3.42%.
●Changjiang Business Daily reporter Ming Hongze
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