2024-09-11
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reporter: zhao yangge
after nearly two years of waiting, baiduoan’s ipo was terminated. although it was caused by the withdrawal of the company and its sponsor, according to the prospectus,“clearance-style” dividends may be one of the reasons why ipos have stalled.companywe are currently in the transition period of centralized procurement, and performance fluctuations are also a problem the company faces.
according to the public disclosure of the exchange, baiduoan was accepted on october 19, 2022, and its destination was the science and technology innovation board. it entered the inquiry on november 9, 2022. after completing two rounds of inquiries, baiduoan's ipo came to a standstill. during this period, the company updated its financial information three times, but after waiting in vain, the company and its sponsor guotai junan securities finally chose to withdraw their initial public offering application. the ipo was terminated and the 760 million yuan financing plan was scrapped.
the manual shows that baiduoan is athe national high-tech enterprise that applies medical material modification technology to implantable medical devices is the first in china to obtain domesticPICCthe third category of medical device product registration certificate enterprises have broken the domestic import productsPICCmarket monopoly, products include vascular access products, neurosurgery products and others.
from the prospectus of the only sector disclosed at the end of 2022, it can be seen that the operating income of baiduan from 2019 to the first half of 2022 was rmb 176.6438 million, rmb 236.721 million, rmb 210.199 million, and rmb 100.1509 million, respectively, and the net profit was rmb 31.3172 million, rmb 41.5551 million, rmb 42.8973 million, and rmb 18.4578 million, respectively, and the non-net profit was rmb 23.2137 million, rmb 26.7213 million, rmb 33.0444 million, and rmb 17.5378 million, respectively. at the same time, baiduan's cash dividends from 2019 to the first half of 2022 were rmb 30 million, rmb 0, rmb 45.39 million, and rmb 20.3148 million, respectively.
the total dividend amount is 95.7048 million yuan, accounting for 71.3% of the total net profit of 134.2274 million yuan, and 95.2% of the total net profit after deducting non-recurring items of 100.5172 million yuan. if calculated from 2020 to the first half of 2022, the total dividend amount is 65.7048 million yuan, accounting for 63.85% of the total net profit of 102.9102 million yuan, and 85% of the total net profit after deducting non-recurring items of 77.3035 million yuan.
according to the explanation of the relevant person in charge of the shanghai stock exchange on the supervision of ipo company dividends on april 12, 2024, the pre-ipo surprise dividends of listed companies will be strengthened.“clearance”the initial consideration in terms of indicators for the supervision of dividend distribution is that if the proportion of the cumulative dividend amount in the reporting period to the net profit in the same period exceeds80%; or the proportion of the cumulative dividend amount in the reporting period for the three years to the net profit in the same period exceeds50% and the accumulated dividend amount exceeds3at the same time, the total proportion of raised funds for replenishment and loan repayment was higher than20% will not be allowed to be issued and listed.
it can be seen that the proportion of dividends paid by baiduoan is relatively high. at the same time, from its 760 million yuan financing plan, the 200 million yuan used for "supplementing operating capital projects" also accounted for 26.32% of the total fundraising amount. since we cannot see the latest financial data of baiduoan, we cannot know its subsequent situation.
regarding dividends, the regulators asked the company to explain the necessity of dividends and the flow of cash dividends for key management personnel.more than half of the cash dividends received by the controlling shareholder and actual controller in 2021 were used to purchase houses, and loans to ruian tai also accounted for a high proportion of the expenditure.
in addition, the sustainability of baiduan’s performance was also asked, which are core issues.
specifically, in baiduoan’s revenue structure, the main source of income is picc products, accounting for nearly half, followed by external cranial drainage systems, etc.
according to the inquiry reply from baiduoan, the average selling price of picc products has been declining year by year in recent years, reaching 576.01 yuan/set in 2021, 527.97 yuan/set in 2022, and 488.97 yuan/set in 2023. more noteworthy is that the sales volume in 2023 was 176,000 sets, which was lower than the 181,300 sets in 2022.
bai duoan explained,companyPICCit was included in the inter-provincial alliance centralized procurement organized by henan province and the beijing-tianjin-hebei alliance centralized procurement organized by hebei province. in the henan centralized procurement, the company's front-end three-way valve type and common typePICCthe first place was selected；in the beijing-tianjin-hebei centralized procurement, the company's products“ordinary three-way valve”“normal front opening”both products are includedAgroup(medical institution procurement demand60%products includedAgroup, the remaining products are includedBgroup),in“ordinary three-way valve”products inAthe group won the first bid.“normal front opening”products inAthe group won the bid in second place.
the provinces participating in henan centralized procurementfrom april 2024the centralized procurement results have been implemented one after another.may 15, 2024implementation has begun in hebei province.2023from the second half of the year to2024in 2018, the company was in the transition period of centralized procurement. due to the large drop in terminal prices of products after centralized procurement and the uncertainty of the time for provinces and cities to implement centralized procurement, distributors in various regions were more cautious in conducting their business. some distributors settled with the company in advance at the centralized procurement price. the above situation will have a negative impact on the company's product sales volume and sales price, which will cause the company's profitability to fluctuate during the transition period and may even lead to a decline in performance.
that is to say, at present, picc, the main product of bio-doan, is in the transition period of centralized procurement. in the long run, sales are expected to grow, but short-term performance will fluctuate. perhaps bio-doan terminated its ipo at this time to wait for performance data to stabilize.
for baiduan, there is one topic that cannot be avoided, which is the compliance of promotion services.
judging from the data, baiduoan's sales expenses have been high. from 2019 to the first half of 2022, the data were 70.5038 million yuan, 70.7277 million yuan, 79.195 million yuan, and 34.1424 million yuan, respectively, accounting for 303.72%, 264.69%, 239.66%, and 194.68% of the current non-net profit. among the sales expenses, promotion expenses accounted for the largest proportion, which were 28.0922 million yuan, 31.0487 million yuan, 31.0234 million yuan, and 15.7299 million yuan, respectively. the content of promotion expenses includes meetings, visits, and surveys.
according to the inquiry from the regulatory authorities, baiduanthere are some marketing service providers in which employees, former employees or their relatives hold shares or hold positions, and the related expenses account for a relatively high proportion; the issuer entrusts the promotion service providers to carry out promotion activities and settle the promotion service fees according to the number of participants.
bai duoan explained,some employees were engaged in medical-related work before joining the company, and they or their relatives have certain medical resources and product promotion capabilities in the local area. in fact, the company also conducted self-inspection and rectification in the first quarter of 2022.4starting from this month, promotion service providers will no longer be held by employees or their relatives.
as for the authenticity of the promotion services, the sponsor and the reporting accountant conducted stratified sampling and believed that they were authentic.
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