Yuyue Medical recently approved the non-public offering of shares by the China Securities Regulatory Commission. The plan is: non-public issuance of no more than 100 million shares, raised funds of no more than 2.56 billion yuan, employee share subscription of no more than 240 million yuan, of which 667 million yuan for retention Needles, vacuum blood collection tubes, etc., 184 million yuan for the construction of medical supplies such as acupuncture needles, electronic acupuncture instruments, in addition, the supplementary liquidity of 596 million yuan.

While diving into a leading domestic appliance company, it has actively expanded its medical devices. In recent years, we have established a strategy of “ home medical equipment and medical consumables”. We actively deploy medical consumables through endogenous + epitaxy. On the one hand, we develop vacuum blood collection tubes, indwelling needles, silk threads, blades and other consumables. On the other hand, we accelerate development through epitaxy. Acquired the Shanghai Machinery Group, obtained 8,000 varieties and 1,200 registration certificates, including a large number of scarce II, III medical device registration certificates, opening up new growth space.

According to the "Statistical Yearbook of the Health and Family Planning Commission", China's medical low-value consumables market has grown rapidly in the past five years, from 18.6 billion yuan in 2011 to 41.3 billion yuan in 2014, with a compound growth rate of 22.0%, and is expected to reach 49.6 billion yuan in 2015. The future growth rate is about 20%. We are optimistic about the field of low-value consumables. The market is large and growing fast, and it is hardly affected by the price reduction policy (currently, the main pressure is high-value consumables such as orthopedics).

The fund raised this time will not exceed 2.56 billion yuan, supplementing the working capital of 596 million yuan, plus the cash balance of 348 million yuan disclosed in the first quarter report, and has a lot of cash in hand. External integration is inevitable.

From a historical perspective, Yu Yue’s ability to extend the integration is strong. In 2009, the company acquired Suzhou Medical Products Factory for 31 million yuan and obtained Huaying brand Chinese medicine equipment. The net profit in 2010 was only 9.37 million yuan. In 2014 and 2015, it contributed a net profit of 32.88 million yuan and 23.85 million yuan.

Last year, the company acquired 700 million yuan to acquire the machinery group. The company has excellent assets. In 2013, its revenue was 746 million yuan and its net profit was 42.45 million yuan. In 2014 and 2015, due to integration and GMP transformation, profits are still difficult to reflect.

After business adjustment, equity incentives, streamlining of personnel, introduction of sales management personnel and other measures, the integration performance in the first quarter of this year is beginning to appear. It is estimated that the first quarter of the machinery group contributed 12 million yuan, compared with about 6 million yuan in the same period last year, highlighting the company's strong external integration. ability.

In terms of sales, before 2004, Yuyue products were mainly sold to hospitals and had strong hospital sales channels. In recent years, the company has continued to strengthen the introduction of hospital sales staff. At the end of 2015, the number of sales personnel reached 719, an increase of more than 200 people over 14 years. The increased sales staff is mainly for hospitals.

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