writing / Rui Caijing Cheng Mengyao

The dilemma of simplification is difficult to solve. The performance increases income but does not increase profits. The gross profit rate is lower than that of peers. 80% of the income comes from grass-roots dental medical institutions. Another enterprise has fallen in front of the science and technology innovation board.

In June 2022, Shanghai Stock Exchange accepted the application of Beijing Lucision Instrument Co., Ltd. (hereinafter referred to as "Lucision Instrument") for listing on the scientific innovation board. In the first round of inquiry, the Exchange mentioned 13 aspects, including product market, core technology, actual controller, distribution mode, research and development expenses, and business license. After the first round of inquiry reply was handed over in September, the launch process of the Lens instrument was pressed the pause button.

During the waiting period, the company updated the financial data twice, but the exchange did not give feedback again. As the financial data expired again on March 31 this year, Lucent Instruments and the sponsor Dongxing Securities simultaneously submitted the cancellation application, which was approved by the Shanghai Stock Exchange. After 22 months, the journey to the Science and Technology Innovation Board failed.

It was originally planned to raise 326 million yuan for production base construction, R&D center construction and marketing network construction projects. The scale of fund-raising was not large. The long and unknown wait, together with the recent intensive issuance of multiple policies by the regulatory authorities, and the focus on strictly controlling the IPO quality, may be one of the factors considered for the withdrawal of the listing materials of Lucision Instruments.

According to statistics, since this year, the number of IPO cancellation enterprises of the three A-share exchanges in Shanghai, Shenzhen and North China has exceeded 100. As far as the Shanghai Stock Exchange is concerned, from April 1 to 19, there were 10 enterprises "abandoning the examination", including 6 enterprises on the science and technology innovation board. Last April, there were only 4 enterprises on the science and technology innovation board.

In sharp contrast to the intensive cancellation of orders, the Shanghai Stock Exchange has had no enterprise meetings for nearly three months. According to the official website information, the last time the Shanghai Stock Exchange issued the notice of the listing committee meeting was on January 29 this year, and Jingwei, a passing enterprise, is currently in a suspended IPO process due to the update of financial information.

01

Two changes of the first major shareholder

Qian Zhiming's background of half way shareholding was inquired

Founded in March 2011, Lucision Instrument was co sponsored by Tongfang Nuctech, Huizhong Tongxin, Xinhui Technology, Beijing Anjiangyuan, Wang Yonggang, Zhang Li, Wu Hongxin, Zhang Wenyu, Wang Yajie, Yu Dongmei, Li Jianjun, Ma Xiaoxin, Wang Yanhua and Yang Guangming (collectively referred to as the initiator), of which Tongfang Nuctech holds 57% of the shares, making it the largest shareholder.

Tongfang Nuctech originates from Tsinghua University and is held 71.25% by Tongfang Shares (600100. SH). The controlling shareholder of Tongfang Shares is CNNC Capital and the actual controller is the State owned Assets Supervision and Administration Commission of the State Council.

Since its establishment, the company has experienced 6 times of increase and 2 times of equity transfer The largest shareholder happen Two changes , by Tongfang Nuctech Change to Lijin Technology , and then change to Qian Zhiming ； Actual controller It was also changed from the Ministry of Education to the natural person Qian Zhiming.

In the first round of inquiry, the Exchange focused on the background of Qian Zhiming's investment and control, and asked "Whether there are stock holding or other interest arrangements", "Explain whether Qian Zhiming can control the issuer" 。

Rui Finance's Pre IPO restored Qian Zhiming's shareholding control process by combing the prospectus and reply letter information. In the final analysis, the reason is that the equipment needs money, while Qian Zhiming has money and is optimistic about the pharmaceutical industry. The two sides hit it off. Qian Zhiming is also the controlling shareholder and actual controller of Brother Technology (002562. SZ).

In 2015, Zhongfa, which had twice increased its capital, withdrew, and the fast-growing Lucision instrument faced financing needs, so it introduced investors Lotus Pond Exploration, Shuimu Chuangxin 。 In order to facilitate future exit, Hetang Exploration and Shuimu Chuangxin did not invest directly, but together with senior management representative Wang Yajie, they established Lijin Technology Lijin Technology Invest.

At the same time, because the management team of the company is from research and development background and lacks enterprise management experience, the company needs more management experience and social resources to further develop and grow.

Then, on Tongfang Nuctech agrees to give up control Of premise Next, in December 2017, Lijin Technology invested 195 million yuan to subscribe for 13.9785 million yuan of newly added registered capital, becoming the largest shareholder with a shareholding ratio of 49.15%. At that time, Lijin Technology shareholder Qian Zhiming subscribed 150 million yuan of capital contribution, realizing indirect control over the instrument.

In September 2020, Qian Zhiming withdrew from Lijin Technology and changed his indirect shareholding into direct shareholding, becoming the largest shareholder and actual controller, with a shareholding ratio of 33.11%. Lijin Technology has changed from a controlling shareholder to an employee shareholding platform.

At the time of submitting the form, Qian Zhiming directly held 33.80% of the shares of Lens Instruments, and held 3.94% of the capital contribution of Haining Hairui as a limited partner. Wu Hongxin, Zhang Wenyu, Wang Yajie and Yu Dongmei, as founding shareholders, all have relevant technical backgrounds and have served as directors and senior executives in the company.

Among them, Wu Hongxin, Zhang Wenyu and Wang Yajie all graduated from Tsinghua University Yu Dongmei graduated from University of Science and Technology of China 。

It is worth mentioning that in the process of major shareholder change, frequent capital exchanges occurred between Qian Zhiming, Wu Hongxin, Zhang Wenyu, Yu Dongmei, Wang Yajie and Qian Xiaofeng, which was also pointed out by the Exchange "Whether there are stock holding or other interest arrangements" 。 The company denied it and said that the relevant accounts had been settled.

02

Dividend distribution arrangement on the eve of three years' leading four dividend presentation

The company is mainly engaged in the R&D, production, sales and service of professional medical imaging equipment. It has formed a series of core technologies around the cone beam CT imaging technology. Under the leadership of Qian Zhiming, the company has achieved rapid development of its performance and started to plan to go public on the science and technology innovation board.

From 2019 to 2021, the operating revenue of the Landsat Instrument was 222 million yuan, 215 million yuan and 405 million yuan respectively; The corresponding net profit attributable to the parent company is 20.4489 million yuan, 18.1024 million yuan and 64.1889 million yuan. In 2021, when the profits of both companies are growing rapidly, the company began to plan to go public on the scientific innovation board, and submitted the report in June 2022.

Qian Zhiming did not treat himself badly under the great increase of his performance. In 2019, 2020 and 2022 four Secondary dividend 。 In particular, in 2020, the net profit attributable to the parent company of the company was 18.1024 million yuan, while the cash dividends accumulated 36.8875 million yuan twice in the same period Net profit attributable to parent company two times About 1/3 of them went into Qian Zhiming's pocket. The dividend arrangement in 2022 will occur three months before the submission of the report.

03

Revenue depends on a single product

Performance increase without profit increase before cancellation

The Preliminary IPO of Rui Finance and Economics noted that in the early rapid development process, the main business performance of Lucision Instruments was very outstanding, with more than 99% of the income from the main business contribution, and the main business was centered on the cone beam CT products of the oral cavity.

Oral cone beam CT is a cone beam CT system mainly used for three-dimensional imaging of the oral and maxillofacial region. It is widely used in dental implant, orthodontics, dental pulp, oral and maxillofacial surgery and other oral departments. In complex applications such as dental implantation, cone beam CT plays an irreplaceable role.

The main customer group of cone beam CT of the vision instrument is dental medical institutions at all levels, of which primary dental medical institutions are the main ones, accounting for more than 80% in the long term. Consumers' attention to teeth and the crazy expansion of dental medical institutions once became the key to the steady growth of optical instruments.

However, as time goes by, the disadvantage of relying on a single product of the Landsat instrument has become increasingly prominent, and the most direct embodiment is its Unstable performance of main business and bottleneck in growth 。 From 2019 to the first half of 2023, the main business income of Lucision Instruments was 221 million yuan, 214 million yuan, 402 million yuan, 374 million yuan and 204 million yuan, respectively. From 2020 to 2022, the year-on-year growth was - 3.31%, 87.89% and - 6.89% respectively.

During the queuing of science and technology innovation board, The growth rate of main business slowed down, resulting in income increase without profit increase. From January to September 2023, the operating revenue of the Landsat Instrument will reach 314 million yuan, a year-on-year increase of 5.82%, and the net profit attributable to the parent company will be 32.6013 million yuan, a year-on-year decrease of 28.42%; Non net profit deducted was 30.928 million yuan, down 17.76% from the same period last year.

Aloft also realized this. In 2023, it launched a new high-resolution ear nose throat CBCT, but only realized a sales revenue of 15.4867 million yuan from January to September. If this part of income is deducted, the revenue of the Landsat Instrument from January to September 2023 Almost the same as last year ， Product simplification It is still a difficult problem in front of the vision instrument.

04

Unit price of core products declines

Gross profit rate is lower than that of peers

The oral cone beam CT products of the vision instrument are divided into two product lines: HiRes3D and Smart3D. The Smart3D series is targeted at grassroots medical institutions, and the HiRes3D series is mainly aimed at public hospitals and high-end private medical institutions.

Perhaps in order to boost the performance before listing, a large number of Lucision instruments have entered grass-roots medical and health institutions, especially Private clinic and Private outpatient department From 2019 to 2022, about 80% of the revenue of the Lucision instrument came from private clinics and private outpatient departments. The revenue of Smart3D series products grew rapidly, making a significant contribution to the performance.

However, the income from each private clinic and private outpatient department of the Lucision instrument declined significantly. From 2019 to the first half of 2023, the income from each private clinic of the Lens instrument was divided into 223700 yuan, 215400 yuan, 201600 yuan, 194600 yuan and 169700 yuan; The income from private outpatient department is 224700 yuan and 2176 yuan respectively RMB 10000, 206500, 199500 and 177300.

Number and income of major end users:

At the same time, the price of the core products of the Landsat instrument has declined significantly. From 2019 to 2021, the sales prices of the Smart3D series products of the optical instruments were 224200 yuan/set, 217700 yuan/set and 204500 yuan/set respectively.

It is worth mentioning that the products of the Landsat Instrument are mainly sold through the distribution mode The contract with the dealer contains such clauses as deposit, prepayment ratio, step pricing, free equipment and rebate.

These measures make it achieve breakthrough in customer scale in the short term, but directly affect profitability in the long term. During the reporting period, the gross profit rates of its Smart3D series products were 36.61%, 39.52%, 42.53% and 36.74% respectively. The gross profit rate level continued to increase from 2020 to 2022. Affected by the decline of unit price from January to June 2023, the gross profit rate declined. The overall performance is also lower than that of comparable companies in the same industry.

When the number of end users increased from 936 in 2019 to 1797 in 2022, the revenue of each cone beam CT product in the same period was 228500 yuan, 214300 yuan and 205800 yuan respectively, which also declined.

05

Decrease in the number of end users

Increased risk of inventory impairment

The data shows that the change in the number of private clinics and private clinics also directly affects the number of end users of the optical devices. In 2021, for example, there will be 959 private clinics and 537 private out-patient clinics for the use of Landsat instruments, double the number of 478 and 257 in 2020. In the current period, the number of end users of the Landsat instrument increased by 889 on a year-on-year basis, and the revenue increased by 88.37% on a year-on-year basis.

However, after the explosive growth in 2021, the number of end users of the Landsat instrument will fall back in 2022 and further decrease in 2023. From 2019 to the first half of 2023, there were 728, 835, 1724, 1690, and 961 end users of the Landsat instrument, including 661, 747, 1535, 1434, and 741 primary medical and health institutions, including clinics, outpatient departments, community health service centers, and hospitals, which were further divided into public and private by nature.

As of the end of June 2023, there are 961 end users of the Landsat Instrument, bringing a total of 173 million yuan of main business income. Among them, there are 117 public hospitals, 538 private clinics and 195 private outpatient departments, which are the main source of income.

The number of end users has decreased, the inventory scale of the Landscope has continued to grow, and the risk of impairment has increased. From 2019 to the first half of 2022, the inventory scale of Landsat instruments was 51.3082 million yuan, 74.6343 million yuan, 101 million yuan and 122 million yuan respectively.

The inventory balances with a stock age of more than one year were 1.1209 million yuan, 3.5955 million yuan, 7.5334 million yuan and 9.9387 million yuan respectively, mainly raw materials and goods in stock; In the same period, inventory falling price reserves were 307500 yuan, 976500 yuan, 1885100 yuan and 2244800 yuan.

By the end of the first half of 2023, the inventory scale is 96.5813 million yuan, and the inventory falling price reserves are 2.8249 million yuan.

Appendix: List of Intermediaries for the Listing and Issuance of Lucision Instruments

Sponsor: Dongxing Securities Co., Ltd

Lead underwriter: Dongxing Securities Co., Ltd

Lawyer of the Issuer: Beijing Jindu Law Firm

Accounting firm: Tianjian Certified Public Accountants (Special General Partnership)

Asset appraisal agency: Beijing Zhuoxin Dahua Assets Appraisal Co., Ltd