Reply report to the second round of examination and inquiry letter on the application documents of Shanghai Lianying Medical Technology Co., Ltd. for initial public offering and listing on the science and Innovation Board
Co sponsor (lead underwriter)
(in no order)
Block 2, international trade building, No. 1, Jianguomenwai street, Beijing, No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong
27th and 28th floors, North block, excellence Times Plaza (phase II)
March, 2002
Shanghai Stock Exchange:
We have received the inquiry letter on the second round of examination of the application documents of Shanghai Lianying Medical Technology Co., Ltd. for initial public offering and listing on the science and Innovation Board (hereinafter referred to as the “inquiry letter”) issued by your office on March 22, 2022, and Citic Securities Company Limited(600030) , China International Capital Corporation Limited(601995) as the co sponsors (lead underwriters), The questions listed in the inquiry letter have been carefully implemented one by one with the issuer and the reporting accountant. The reply is as follows. Please review.
The recommendation institution has checked the issuer’s reply (including supplementary disclosure and explanation) in this reply material item by item to confirm and ensure its authenticity, completeness and accuracy.
Unless otherwise specified, the abbreviations or terms in this reply report have the same meanings as those in the prospectus (declaration draft).
Font of this reply report:
Bold: questions listed in the inquiry letter
Song typeface: reply to the questions listed in the inquiry letter
Italics: references to the prospectus
Bold italics: amendments to the prospectus
catalogue
Question 1: about business and revenue 3 question 2: about issuing goods 21 question 3: about the capitalization of R & D expenditure Question 4: about Shanghai smart sixty-five
Question 1: about business and revenue
According to the inquiry reply, 1) in 2021, the growth of the issuer’s CT business revenue mainly comes from economic products. Under the background of medical insurance fee control, the prices of various medical devices are under pressure. In 2021, Anhui Medical Insurance Bureau focused on the centralized procurement of class B large medical equipment for the first time; 2) The issuer actively developed overseas business, with many overseas branches, and the overseas sales revenue increased rapidly during the reporting period.
The issuer is requested to make supplementary disclosure: the income composition of each product series in each period of the reporting period.
The issuer is requested to supplement: (1) in 2021, Anhui Medical Insurance Bureau first focused on the specific situation of centralized procurement of class B large-scale medical equipment. Up to now, China’s centralized procurement of large-scale medical equipment, the types of products the issuer may involve, and the possible impact of the further expansion of centralized procurement on the sales of the issuer’s products; (2) The main financial situation of the issuer’s overseas division and its impact on the issuer’s overall performance at present and in the future; (3) Improve the information disclosure related to the prospectus according to the actual situation.
reply:
1、 Supplementary disclosure of the issuer
The issuer’s supplementary disclosure in “IX. profitability analysis” (I) operating income “and” 2. Analysis of the composition of main business income “of” Section VIII Financial Accounting Information and management analysis “of the prospectus is as follows:
“
During the reporting period, the composition of the company’s main business income is as follows:
Unit: 10000 yuan
20212020 2019
Revenue items
Amount proportion amount proportion amount proportion amount proportion
High end medical film
Like diagnostic equipment 66237771 92.67% 52508657 92.18% 26100457 88.94% and radiotherapy equipment
Including: MR 15288992 21.39% 12320355 21.63% 9104876 31.03%
CT 342134.86 47.87% 257153.88 45.14% 101730.58 34.67%
XR 49,356.93 6.91% 82,360.19 14.46% 36,338.23 12.38%
MI 104023.10 14.55% 57,645.32 10.12% 30,982.42 10.56%
20212020 2019
Revenue items
Amount proportion amount proportion amount proportion amount proportion
RT 13,972.90 1.95% 4,723.63 0.83% 904.58 0.31%
Maintenance service 4394287 6.15% 2837770 4.98% 1646539 5.61%
Software business 841576 1.18% 1615590 2.84% 1598199 5.45%
Total 71473633 100.00% 56962017 100.00% 29345195 100.00%
During the reporting period, the company’s main business income was 29345195 million yuan, 56962017 million yuan and 71473633 million yuan respectively, including the sales of medical imaging diagnostic equipment and radiotherapy equipment, the provision of maintenance income and software income. Among them, the sales of medical imaging diagnostic equipment and radiotherapy equipment accounted for more than 88% of the main business income, which is the core revenue sector driving the overall revenue growth. Among them, Mr As the traditional main sources of revenue, CT and XR products account for more than 75% in total, and the reporting periods are 78.08%, 81.23% and 76.17% respectively. In recent years, the company has continued to make efforts in the field of high-end Mi molecular imaging system, and the sales revenue has increased from 309824200 yuan in 2019 to 1040231000 yuan in 2021, accounting for 14.55% from 10.56%.
During the reporting period, the revenue composition of each product series of medical imaging diagnostic equipment and radiotherapy equipment is as follows:
Unit: 10000 yuan
20212020 2019
Income items accounted for main business accounted for main business accounted for main business amount business income amount business income proportion income proportion
MR 15288992 21.39% 12320355 21.63% 91,048.76 31.03%
Including: 1.5T 8488637 11.88% 7225357 12.68% 5698192 19.42% (including 1.43t)
3.0T 68,003.55 9.51% 50,949.98 8.94% 34,066.84 11.61%
CT 342134.86 47.87% 257153.88 45.14% 101730.58 34.67%
Among them: economical CT 23860786 33.38% 15747718 27.65% 6838543 23.30%
Medium and high end CT 10352700 14.48% 9967670 17.50% 3334515 11.36%
XR 49,356.93 6.91% 82,360.19 14.46% 36,338.23 12.38%
Including: Dr 3813837 5.34% 7384274 12.96% 3049450 10.39%
Mammo 8,487.10 1.19% 5,509.57 0.97% 3,363.68 1.15%
C-arm 273147 0.38% Citic Press Corporation(300788) 0.53% 248006 0.85%
20212020 2019
Income items accounted for main business accounted for main business accounted for main business amount business income amount business income proportion income proportion
MI 104023.10 14.55% 57,645.32 10.12% 30,982.42 10.56%
Including: analog mi 414389 0.58% 224771 0.39% 773443 2.64%
Digital mi 9987920 13.97% 5539760 9.73% 2324799 7.92%
RT 13,972.90 1.95% 4,723.63 0.83% 904.58 0.31%
Total equipment sales 66237771 92.67% 52508657 92.18% 26100457 88.94%
It can be seen from the above table that during the reporting period, Mr sales revenue includes 1.5T (including 1.43t, the same below) and 3.0T, of which 1.5T is the main, and the proportion of 3.0T in Mr continues to rise; CT sales revenue includes economic CT and medium and high-end CT, mainly economic CT; XR sales revenue includes Dr, Mammo and C-arm, mainly DR; Mi sales revenue includes analog MI and digital MI, mainly digital MI; RT sales revenue includes two products, URT 506c and URT 306, mainly URT 506c.
”
2、 Issuer description
(I) in 2021, Anhui Medical Insurance Bureau first focused on the specific situation of centralized procurement of class B large-scale medical equipment. Up to now, China’s centralized procurement of large-scale medical equipment, the types of products that the issuer may involve, and the possible impact of further expansion of centralized procurement on the sales of the issuer’s products
1. Specific situation of centralized procurement in Anhui Province in 2021
April 2021, Anhui Medical University
