taimei medical, which lost more than 1.2 billion in three years, switched to the hong kong stock exchange
2024-09-20
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recently, the official website of the hong kong stock exchange showed that zhejiang taimei medical technology co., ltd. (hereinafter referred to as "taimei medical") passed the hong kong stock exchange hearing and is about to be listed.
the prospectus shows that taimei medical is a digital solution provider focusing on the pharmaceutical and medical device industries. its customers mainly include pharmaceutical and medical device companies and third-party service providers such as contract research organizations (cros) and clinical research institutions.
in this hong kong ipo, taimei medical plans to use approximately 35% of the funds raised to optimize and upgrade the trialos platform and pharmaos platform and their respective cloud software and digital services; approximately 30% to enhance core technology and r&d capabilities; approximately 10% to strengthen sales and marketing capabilities; approximately 15% to selectively seek strategic investments and acquisitions that it believes can expand existing product and service categories, expand its customer base and enhance its technological capabilities; and approximately 10% for working capital and general corporate purposes.
it is understood that taimei medical had tried to enter the science and technology innovation board, but ultimately failed. the official website of the shanghai stock exchange shows that taimei medical's science and technology innovation board ipo was accepted on december 29, 2021; entered the inquiry stage on january 22, 2022; on march 15, 2023, the company was not approved at the meeting; on march 17, 2023, the company's science and technology innovation board ipo was finally terminated. bai wenxi, vice chairman of the china enterprise capital alliance, said that with the tightening of a-share ipos, more and more companies whose a-share ipos are blocked are choosing to go public in hong kong.
it is worth mentioning that during the reporting period, taimei medical's net profit continued to lose money. financial data shows that from 2021 to 2023 and the first quarter of 2024, taimei medical's operating income was 466 million yuan, 549 million yuan, 573 million yuan, and 132 million yuan respectively; net losses were 480 million yuan, 423 million yuan, 356 million yuan, and 118 million yuan respectively. after calculation, the company's total net loss from 2021 to 2023 exceeded 1.2 billion yuan.
taimei medical disclosed that from 2021 to 2023 and from january to march 2024, 42.3%, 38.4%, 35.2% and 34.3% of the company's revenue came from cloud software sales, and 57.6%, 61.6%, 64.5% and 65.7% of the revenue in the same period came from the provision of digital services.
taimei medical's sustainable operating capacity has been the focus of regulatory attention during the ipo process on the science and technology innovation board. at the listing committee meeting, the listing committee asked the company to explain its sustainable operating capacity based on the slowdown in the growth of its main business revenue, the decline in gross profit margin, the high period expense rate, and the low proportion of saas product revenue during the reporting period, including but not limited to whether the business model is stable, whether the profit forecast is achievable, and whether the forward-looking information disclosure of profits is prudent and objective.
taimei medical said that looking forward to the future, the company plans to achieve long-term profitability through continued revenue growth, increased gross profit margin and improved efficiency, mainly by expanding the customer base, retaining customers and increasing their spending, managing expenses and improving operational efficiency. as the company's business grows and brand awareness increases, it is expected to benefit from growing economies of scale and network effects, which will enable the company to acquire new customers in a more cost-effective manner. in addition, as the company attaches great importance to retaining customers and increasing their spending initiatives, it is expected that the proportion of revenue from existing customers in the company's revenue will increase. since the service implementation costs associated with existing customers are much lower than those of new customers, this is expected to bring sustainable profitability. the company will also improve the company's operating efficiency and manage expenses more efficiently, which will further enhance profitability.
while the net profit was in the red, taimei medical's gross profit margin declined from 2021 to 2023, reaching 35.3%, 33.8% and 31.2% respectively. in the first quarter of 2024, taimei medical's gross profit margin increased to 37.5%, mainly due to the company's streamlined personnel structure in 2023, which led to a significant reduction in employee costs. the number of r&d personnel decreased from 361 at the end of 2022 to 186 at the end of march 2024, a decrease of 48.5%.
regarding company-related issues, a beijing business daily reporter sent an interview letter to taimei medical, but no response was received from the company as of press time.
beijing business daily reporter ding ning
(source: beijing business daily)
