With the performance of companies such as Mindray Medical , Wantai Bio's market value exceeding 100 billion yuan, Jiuan Medical, Shengxiang Bio's and other companies, the in vitro diagnostic concept stock on A-share market is still expanding. On September 29, Shenzhen Aikang Biotechnology Co., Ltd. (hereinafter referred to as Aikang Biotechnology) finally submitted the prospectus and officially sprinted to the Science and Technology Innovation Board IPO.
data shows that Aikang Bio is a research and development and production enterprise for clinical testing equipment and blood preparation equipment. Its main products include medical device products such as enzyme-free instruments and blood type analyzers.
is imminent for Aikon Bio, which has made its first IPO. A reporter from Beike Finance found that when Aikang Bio introduced investment in 2021, its actual controller Zhang Chuanguo signed an equity repurchase agreement. If it fails to successfully list before December 2023, the equity repurchase clause will be triggered.
On the other hand, for the in vitro diagnostic track where Aikon Bio is located, the competitive pressure is also increasing. Choice data shows that there are currently 66 in vitro diagnostic concept stocks in A shares of . With the expansion of demand since the COVID-19 pandemic in 2020, my country's in vitro diagnostic industry has changed rapidly in terms of technology and scale.
bet against , industry competition and other pressures, can Aikang Bio break through with IPO?
[Behind performance fluctuations, the market share of core immune diagnosis products declines]
The reporter noticed that Aikang Bio's performance in 2021 showed a significant decline. In 2019, 2020, 2021 and the first quarter of 2022, Aikang Bio's operating income was RMB 239 million, RMB 370 million, RMB 397 million and RMB 100 million, respectively, and net profit was RMB 31.1268 million, RMB 74.8338 million, RMB 55.9482 million and RMB 17.2206 million, respectively. Under the influence of factors such as changes in the product structure of
, Aikang Bio's gross profit margin has also begun to decline since 2021. From 2020 to the first quarter of 2022, Aikang Bio's comprehensive gross profit margin was 66.65%, 65.28% and 62.29% respectively. Aikon Bio said that the company's product gross profit margin level is mainly affected by factors such as market supply and demand relationship, raw material procurement prices, product performance and technological advancement, and market sales strategies.
Aikang Bio's core products include in vitro diagnostic instruments with fully automatic enzyme-free device and fully automatic blood type analyzer as the core. From 2019 to 2021, Aikang Bio's instrument products revenue accounted for more than 70% of the total revenue. As one of the core products of
, the enzyme-free device product, has also experienced a decline in revenue since 2021. From 2019 to the first quarter of 2022, Aikang Bio's product revenue was RMB 101.2619 million, RMB 151.3991 million, RMB 126.5607 million and RMB 25.4577 million, respectively, accounting for 42.34%, 40.97%, 31.92% and 25.14% of the main business revenue, respectively.
Picture description: The situation of major enzyme-immunization instrument products in the industry Source: Aikang Bio's prospectus
Aikang Bio's fully automatic enzyme-immunization instrument product was launched in 2006. It is a detection device that uses enzyme-linked immunization method. In its prospectus, Aikang Bio mentioned that "chemiluminescence method has more advantages in detection sensitivity and detection range. Its market share in immunodiagnosis has grown rapidly in recent years, and has surpassed enzyme-linked immunotherapy to become the largest detection method in the field of immunodiagnosis."
What it calls " chemiluminescence " refers to chemiluminescence immunoassay , which can be used for detection and analysis technologies of various antigen , haptens, antibodies, hormones, enzymes, fatty acids, vitamins and drugs. It is a latest immunoassay technology developed after radioimmunoassay, enzyme-linked immunoassay, fluorescence immunoassay and time-resolved fluorescence immunoassay.
reporter noticed that Aikang Bio has fully automatic chemiluminescence measuring instruments and fully automatic chemiluminescence immunoassay instruments in recent years, and have successively obtained domestic medical device registration certificates. However, in Aikang Bio's prospectus, the sales of its fully automatic chemiluminescence meter were not mentioned.
On the other hand, the speed of enzyme-linked immunology in the field of immunodiagnosis is accelerating and industry competition is becoming more severe. Currently among A-share listed companies, listed companies such as Kaishi Biologics, Wantai Biologics, and Pumen Technology have chemiluminescence immunoassay products.
New industries of listed companies above the company as an example, the sales revenue of fully automatic chemiluminescence immunoassays produced by the company is increasing. As of the end of June this year, the new industry has sold 9 fully automatic chemiluminescence immunoassay instruments worldwide. Xin Industry said that in the first half of this year, 739 fully automatic chemiluminescence instruments were completed in the domestic market, with the proportion of large-scale machine installations accounting for 61.84%, an increase of 13.39 percentage points year-on-year.
Regarding the development of chemiluminescence products, Aikon Bio stated in its prospectus that if chemiluminescence products are further popularized in the in vitro diagnostic market in the future or chemiluminescence reagents obtain drug registration certificates, the share of enzyme-linked immune products in the immunodiagnosis market will face the risk of further decline.
[Sprinted for the IPO on the Science and Technology Innovation Board for the first time under the pressure of betting, and planned to raise 600 million yuan to expand its capacity]
htmlOn September 29, Aikang Bio submitted its prospectus and officially sprinted for the IPO.According to Aikang Bio's stock issuance plan, the public offering will not exceed 20 million shares, the total share capital after issuance will not exceed 80 million shares, and the number of shares issued will not be less than 25% of the total share capital after issuance. Judging from the net assets per share before issuance, Aikang Bio's net assets per share as of the end of March 2022 were RMB 5.06. Behind the sprint of
, Aikang Bio is also under pressure to bet. According to the prospectus of Aikang Bio, in January 2021, investment institutions Small and Medium Venture Capital and Huaqi Industrial each subscribed 213,500 yuan of registered capital of Aikang Co., Ltd. for 12 million yuan, and signed the "Supplementary Agreement to the Capital Increase and Share Expansion Agreement" with Aikang Bio's controlling shareholder and actual controller Zhang Chuanguo, and shareholders, directors and general manager Qiang Yongping, shareholders, directors and general managers.
According to the agreement signed by Zhang Chuanguo, Qiang Yongping, Small and Medium Venture Capital and Huaqing Industrial, if Aikang Bio fails to submit the domestic A-share IPO application materials before December 31, 2022 and obtains acceptance by the review agency, and fails to complete the listing before December 31, 2023, the equity repurchase clause will be triggered.
data shows that Zhang Chuanguo directly holds 52.8% of the company's shares, and indirectly holds 2.28% of the company's shares through Bonast Investment; Qiang Yongping directly holds 19.20% of the company's shares, indirectly holds 0.83% of the company's shares through Bonast Investment, and indirectly holds 0.22% of the company's shares through Yurenas Investment.
Aikang Bio's prospectus shows that the company's IPO plans to raise 600 million yuan, of which 256 million yuan is planned to be invested in the Aikang Bio Industry Base construction project, and 178 million yuan is planned to be invested in the Aikang Bio R&D Center construction project, and the rest are supplemented with working capital. In the construction of the R&D center planned to be invested in this fundraising, a number of R&D activities will be carried out around the research and development directions of intelligent and integrated assembly line equipment and reagents.
For this IPO, Aikang Bio expects, "With the company's own business becoming bigger and stronger and the expansion of financing channels, the company will have stronger financial strength and stronger talent aggregation ability to support its product R&D investment, expanding the company's technological advantages in liquid treatment into the new generation of in vitro diagnostic equipment, thereby achieving rapid development of the company."
[3 years of R&D expenses investment of 120 million yuan. Can we break through under the competition of the in vitro diagnostic track? 】
Behind Aikang Bio's urgent need to go public, since the 2020 COVID-19 pandemic, the demand for in vitro diagnosis and market size have developed rapidly. Choice data shows that among the 66 in vitro diagnostic concept stocks in A-shares, 31 listed companies achieved continuous growth in net profits in 2020 and 2021.
Among them, in vitro diagnostic concept stocks such as Rejing Bio , Jiuan Medical, Xilong Science, Wantai Bio, and Mingde Bio , all had net profit growth rate of more than 100% in 2021.
For Aikang Bio, affected by the epidemic in 2020, the demand for its nucleic acid extractors has increased significantly, and the sales volume of related products has grown rapidly, and the selling price and gross profit margin of related products are at a relatively high level. Since 2021, as the domestic COVID-19 epidemic has eased, the selling price and sales volume of related products have declined to a certain extent. But overall, Aikon Bio's core product is not a nucleic acid extractor.
reporter noticed that Aikang Bio's current core products have been launched for many years.Among them, the launch time of Aikang Bio's blood type instrument, fully automatic enzyme-free device, fully automatic blood bank system, and plate-type fully automatic blood type analyzer were 2005, 2006, 2010 and 2015 respectively.
Picture description: The main product development history introduced in Aikang Bio's prospectus
In the rapidly developing in vitro diagnostic track, whether Aikang Bio can achieve continuous innovation has become the key.
Aikang Bio said that in recent years, the company has continued to strengthen R&D investment, closely focusing on the intelligent and automation of in vitro diagnostic instruments, the application direction of multiple departments of hospitals and blood stations, and the integrated development direction of supporting reagents and consumables.
In 2019-2021, Aikang Bio's R&D investment totaled 120 million yuan, accounting for 11.94% of its operating income. At present, Aikang Bio has obtained 128 domestic medical device registration certificates , 28 domestic medical device registration certificates, and has 201 domestic patents.
data shows that from 2019 to the first quarter of 2022, Aikang Bio's R&D expenses were RMB 33.4414 million, RMB 39.6744 million, RMB 47.0975 million and RMB 10.0519 million, respectively, accounting for 13.98%, 10.72%, 11.86% and 9.91% of operating income, respectively.
From the industry comparison, Aikang Bio is not investing in R&D expenses.
Beike Finance reporter According to Choice data statistics, in 2021 alone, 18 listed companies had a total R&D expense investment of more than 200 million yuan among the 66 in vitro diagnostic concept stocks, including Aikang Bio's competitors Lepu Medical , Wantai Bio, New Industry and other listed companies.
As of the end of 2022, Aikang Bio has 16 in vitro diagnostic instruments under development, including 6 items such as whole blood component separator, plasma quick freezer, and fully automatic blood type analyzer, all of which are newly developed projects. In addition, there is a fully automatic platelet antibody detector that is already in the registration stage. The total budget of projects such as fully automatic flow dot matrix luminescent immunoassay, flow microsphere array pretreatment system module components, which are still in the development stage, does not exceed 5 million yuan.
Aikon Bio said that in recent years, my country's in vitro diagnostic industry has ushered in huge development opportunities, and is also facing continuous industry reshuffle.
"Minery Medical, Mike Biologics , Antu Biologics , New Industry and other listed companies are in fierce competition in the fields of biochemical and immunodiagnosis. In the field of molecular diagnosis, Shengxiang Biologics, Daan Gene , Shuoshi Biologics, PanGenzi and other rising stars are gradually rising. With the overall rapid evolution of the industry and industrial upgrading, the current competition in the issuer's main business field may gradually intensify, bringing greater challenges to the company's business prospects."
Beijing News Shell Finance Reporter Li Yunqi Editor Yue Caizhou Proofreader Lu Qian
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