The number of medical device companies listed in China has surged, with companies from Beijing, Shanghai, and Jiangsu accounting for over 50%.

Medical devices are one of the sectors that have benefited most from the reform of the securities issuance registration system, and have also been a favorite area of the capital market for a long time. Zucheng Medical Devices, supported by the data from its data innovation service platform "Medical Device Data Insight", makes a comprehensive inventory of medical device companies listed in the first half of this year. Data shows that the listing boom of medical device companies in China continues to heat up; among the listed medical device companies, in vitro diagnostic and high-value medical consumables companies account for 80%.

Since the implementation of the registration system on the STAR Market and the ChiNext board, China's medical device companies have started a listing boom. In 2019 and 2020, 16 and 21 medical device companies were listed respectively, significantly faster than the previous average of 5 companies per year.

Enter 2021, the IPO process of medical device companies is still accelerating. By June 30, when Wego Orthopedics, a leading domestic orthopedic medical device company, landed on the STAR Market, the number of domestic medical device companies listed in the first half of the year reached 21, the same as the total number of medical device companies listed in 2020.

The number of listed medical device companies has surged

Since the listing of the first medical device company in China in 1997, a total of 123 medical device companies have successfully listed by June 30 this year.

The listing of medical device companies in China can be divided into three stages: The first stage was from 1997 to 2008, with 1-2 companies listed each year; the second stage was from 2009 to 2016, after the launch of the ChiNext board, with about 5 companies listed each year; the third stage is from 2017 to the present, with the listing speed of medical device companies accelerating, and the number of companies listed in a single year has risen to double digits.

In recent years, the listing speed of medical device companies has accelerated, especially after the launch of the STAR Market. This is mainly due to factors such as the rapid growth of the medical device market, the increasing favor of medical device companies by capital, fierce market competition forcing relevant companies to raise funds, and the STAR Market accelerating the capitalization process of the industry.

Zucheng Medical Devices statistics found that in 2017, 14 domestic medical device companies were listed; in 2018, only 4; after 2019, the listing of medical device companies accelerated, with 16 listed that year; in 2020, the number of listed medical device companies reached 21. In 2021, the IPO enthusiasm of domestic medical device companies has heated up, and in the first half of the year alone, the number of listed medical device companies has reached 21, including Huitai Medical (high-value medical consumables), Haoubo (in vitro diagnostics), Zhijiang Biology (in vitro diagnostics), Maidi Weikang (medical equipment), Kangzhong Medical (medical equipment), Xintong Medical (high-value medical consumables), etc. (see table for details). Among them, the STAR Market is the preferred board for medical device companies to list, and medical device companies listed on the STAR Market account for 71% of the total number of medical device companies listed in the first half of this year.

In vitro diagnostic and high-value medical consumables companies account for 80%

From the perspective of main business, the medical device companies listed from January to June this year mainly involve high-value medical consumables, low-value medical consumables, in vitro diagnostics, and medical equipment. Among them, there are 11 in vitro diagnostic companies, 6 high-value medical consumables companies, 3 medical equipment companies, and 1 low-value medical consumables company. The number of in vitro diagnostic and high-value medical consumables companies accounts for 81% of the total number of medical device companies listed in the first half of the year.

In terms of sub-sectors, among the in vitro diagnostic companies listed in the first half of the year, the number of companies in the molecular diagnostics field is the largest, reaching 5; there are 3 in the immunodiagnostics field; POCT, in vitro diagnostic raw materials, and body fluid diagnostics are all 1. Among the high-value medical consumables companies listed in the first half of this year, there are 2 companies in the orthopedic consumables and cardiovascular intervention consumables fields, respectively, in addition to 1 oral high-value medical consumables company and 1 neurosurgical consumables company.

Beijing, Shanghai and Jiangsu account for over 50%

From the monthly listing data of medical device companies in the first half of the year, the number of companies listed each month remains stable. Among them, the largest number was in January, with 5 companies listed; followed by May and June, with 4 companies listed respectively; March was the least, with only 2.

From the perspective of registered location, in the first half of the year, Jiangsu, Beijing, and Shanghai had the most listed medical device companies, with 4, 4, and 3 respectively, accounting for 52% of the total number of medical device companies listed in the first half of this year.


[Latest] Overview of the Achievements of Listed Medical Device Companies in the First Half of the Year

Recently, many listed medical device companies have released their interim Achievements forecasts. The Achievements of IVD companies are still eye-catching, and the Achievements growth of companies in various sub-sectors has recovered significantly.

The global epidemic has driven a new round of testing demand, and the Achievements of IVD companies remain high

Rejing Biology: Net profit is expected to increase by 818 times, setting a new record for A-share "increase"

Rejing Biology's interim Achievements forecast shows that the net profit attributable to the parent company is expected to be 1.38 billion to 1.6 billion yuan in the first half of 2021, a year-on-year increase of 70546.05% to 81808.47%.


Rejing Biology stated that the company's newly developed 2019-nCoV antigen detection kit (anterior nasal cavity) and 2019-nCoV antigen detection kit (saliva) have successively obtained EU CE certification, and immediately obtained certification from the German Federal Institute for Drugs and Medical Devices (BfArM) for home self-testing, so the company's foreign trade orders have exploded, leading to a significant increase in the company's operating Achievements in the first half of 2021.


Oriental Bio: Net profit is expected to exceed 3 billion yuan, an increase of over 500%


Oriental Bio's interim Achievements forecast shows that the net profit attributable to the parent company is expected to be 2.98 billion to 3.53 billion yuan in the first half of 2021, a year-on-year increase of 468.76% to 573.73%.


Oriental Bio stated that the company's new coronavirus antigen rapid detection test paper (colloidal gold) continues to contribute to the global fight against the new coronavirus epidemic, and has deeply expanded the international market. The sales of new coronavirus detection reagents have made a major breakthrough, and the original business has maintained stable growth, which has led to a significant increase in the company's operating Achievements in the first half of 2021.


Cape Biology: Rapid growth in medical laboratory testing services

Cape Biology's interim Achievements forecast shows that the net profit attributable to the parent company is expected to be 320 million to 370 million yuan in the first half of 2021, a year-on-year increase of 148.09% to 186.85%.


Cape Biology stated that during the reporting period, the company continued to promote the integrated operation strategy of "nucleic acid detection products + medical testing services", and the company's medical laboratory (including Hong Kong) testing service revenue achieved rapid growth, and the increase in nucleic acid testing demand brought sales impetus to the company's main products and supporting instruments and consumables.

The impact of the new coronavirus epidemic is gradually fading, and many companies' Achievements have recovered or increased significantly

Huaxi Bio: Expected revenue of 1.9 billion, high growth in functional skin care products


Huaxi Bio's semi-annual report performance forecast shows that the expected revenue for the first half of 2021 is 1.847 billion to 1.942 billion yuan, a year-on-year increase of 95% to 105%; the net profit attributable to the parent company is 347 million to 374 million yuan, a year-on-year increase of 30% to 40%.


Huaxi Bio stated that with the gradual reduction of the impact of the epidemic, the revenue of all business segments of the company has achieved a certain increase. Among them, the revenue of the functional skin care product business segment continued its high growth in the first half of 2021, with a large increase.


Haohai Bio: Net profit is expected to increase by 80 times, and new product sales have increased significantly


Haohai Bio's semi-annual report performance forecast shows that the net profit attributable to the parent company in the first half of 2021 is expected to be 220 million to 250 million yuan, a year-on-year increase of 699.21% to 808.19%.


Haohai Bio stated that in the first half of 2020, the COVID-19 epidemic caused a significant impact on the sales of the company's main products. During the reporting period, the domestic epidemic was effectively controlled, the economy recovered, and the domestic market demand for the company's main products was restored and achieved growth, especially the sales of new products increased significantly compared with the same period last year.


Huitai Medical: Significant increase in sales of coronary and peripheral products


Huitai Medical's semi-annual report performance forecast shows that the net profit attributable to the parent company in the first half of 2021 is expected to be 107 million to 117 million yuan, a year-on-year increase of 166.66% to 191.59%.


Huitai Medical stated that with the effective control of the domestic epidemic and the gradual recovery of the surgical volume of major hospitals, the domestic market demand for the company's main products has been restored, and the sales volume of the company's main products has continued to increase. During the reporting period, all product lines of the company have increased significantly compared with the same period last year. Among them, the sales growth of coronary and peripheral product lines is significant after capacity expansion and shortened delivery time.


Aojing Medical: Net profit is expected to increase by nearly 400%, with the largest increase in Gejin products


Aojing Medical's semi-annual report performance forecast shows that the net profit attributable to the parent company in the first half of 2021 is expected to be 45 million to 50 million yuan, a year-on-year increase of 348.97% to 398.85%.


Aojing Medical stated that the COVID-19 epidemic caused a significant impact on the sales of the company's main products. During the reporting period, the domestic epidemic was effectively controlled, and the domestic market demand for the company's main products was restored and achieved growth, and product sales increased significantly compared with the same period last year.


In the first half of 2021, Gejin products increased by approximately 38 million yuan compared with the same period last year, a year-on-year increase of approximately 140%; Lurui products increased by approximately 9.4 million yuan compared with the same period last year, a year-on-year increase of approximately 92%; Chibei products increased by approximately 2 million yuan compared with the same period last year, a year-on-year increase of approximately 55%.


Sanyou Medical: Expanding sales team and actively developing the market


Sanyou Medical's semi-annual report performance forecast shows that the expected revenue for the first half of 2021 is 250 million to 278 million yuan, a year-on-year increase of 66.23% to 84.84%; the net profit attributable to the parent company is 70 million to 74 million yuan, a year-on-year increase of 84.15% to 94.67%.


Sanyou Medical stated that under the general environment where the domestic epidemic situation has been effectively controlled, the company continues to focus on therapeutic innovation, continues to increase R&D investment, and the market acceptance of innovative products continues to improve; at the same time, the company further expands its sales team, strengthens sales channel expansion, and increases online and offline medical education and training for innovative therapeutic products, making every effort to promote market development, and the sales of the company's main products in the domestic market have achieved sustained growth.


Berry Genomics: Overall gross profit margin decreased, net profit is expected to decrease by more than half


Berry Genomics' semi-annual report performance forecast shows that the net profit attributable to the parent company in the first half of 2021 is expected to be 40 million to 60 million yuan, a year-on-year decrease of 49% to 66%.


Berry Genomics stated that against the background of the continuous decline in the number of newborns, the growth rate of the number of medical product and service tests of the company has slowed down, and the test Price has decreased, resulting in a decrease in the company's overall gross profit margin. The company will accelerate product iteration and upgrading, improve the proportion of high-margin products and services, and actively improve the company's overall gross profit margin.


On the other hand, the "three-child" policy can stimulate market demand for prenatal testing products. The company will take advantage of its first-mover advantage and technological advantages to actively enjoy the policy benefits of encouraging childbirth, and promote the Achievements of the company's medical products and services.



   

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