About Tinavi Medical Technologies Co.Ltd(688277)
Reply to relevant questions in the regulatory inquiry letter on information disclosure of the 2021 Annual Report
Shyhz (2022) No. 306 Shanghai Stock Exchange:
According to the requirements of your inquiry letter on the supervision of information disclosure of Tinavi Medical Technologies Co.Ltd(688277) 2021 annual report (szkcgh [2022] No. 0080, hereinafter referred to as the inquiry letter), As the auditor of the 2021 annual financial statements of Tinavi Medical Technologies Co.Ltd(688277) (hereinafter referred to as the "company" or " Tinavi Medical Technologies Co.Ltd(688277) "), Shanghui Certified Public Accountants (special general partnership) (hereinafter referred to as "annual audit accountant") has conducted prudent audit on the relevant financial matters mentioned in the inquiry letter. Now, the relevant issues related to the annual audit accountant in the inquiry letter are explained as follows:
Question 1. According to the annual report, the company achieved a main business income of 145596 million yuan in 2021, a year-on-year increase of 14.75%; The net profit attributable to the listed company was -79.93 million yuan, an increase over last year's loss. Among them, the main product orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) sold 30 sets, the same as last year. The company is requested to make supplementary disclosure: (1) list the sales quantity and average price of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) in the last three years respectively according to the sales mode of direct sales and distribution, and explain the reasons for the change; (2) List the main sales customers of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) and their changes according to the type of terminal sales customers, and explain the reasons for the changes; (3) Analyze the reasons why the company's orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) sales did not increase in 2021 when the epidemic situation in China was alleviated compared with 2020, whether the commercialization of the company's main products was in line with expectations, and whether the company's core competitiveness showed signs of decline.
[reply]
1、 According to the sales mode of direct selling and distribution, the sales quantity and average price of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) in the last three years are listed respectively, and the reasons for the change are explained
20212020 2019
Sales quantity sales price changes sales quantity sales price changes sales quantity sales
Average price moving average price moving average price
Direct selling (10 sets) (1 set)
Units, 26 382.34 (2.79%) units, 29 371.97 - 28.58% units, 31 Units) 520.83
(set)
In 2019, 2020 and 2021, the number of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) sales recognized by the company was 41, 30 and 30 respectively. The Siasun Robot&Automation Co.Ltd(300024) sales volume of orthopaedic surgery in 2021 is the same as that in 2020. The changes of sales volume by sales mode are as follows: the distribution number of 26 units in 2021 is 3 units less than that in 2020, with little change; The number of direct sales in 2021 was 4, an increase of 3 compared with 2020, including 1 public hospital and 3 private hospitals. The increase in the number of direct sales of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) is mainly due to the company's efforts to expand private medical institutions in order to promote the application of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) in private hospitals. Three direct customers in this period are private hospitals.
The average price of Siasun Robot&Automation Co.Ltd(300024) sales of orthopaedic surgery in 2021 was 3.8234 million yuan, an increase of 2.79% over the previous period. In terms of sub sales mode, the average distribution price remains stable; The direct selling price has decreased. The main reason for the decrease is that during the reporting period, the company increased the promotion of the application of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) in private hospitals, especially the cooperation with the private hospital group under group management. The sales price sold by the company to the member enterprises of the private hospital group under group management is relatively low.
The company made supplementary disclosure in the "(IV) operational risk" part of "IV. risk factors" of "section III Management Discussion and analysis" of the 2021 annual report:
"6. The average selling price of Siasun Robot&Automation Co.Ltd(300024) orthopedic surgery of the company may decline
The company has successively launched different models of products to meet the differentiated needs of different levels of medical institutions for orthopedic surgery Siasun Robot&Automation Co.Ltd(300024) of different levels; The company has also launched more powerful new products. For new and old products, the company will formulate differentiated price strategies; In recent years, the number of participants in the orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) industry has been increasing, and the products of many friends have obtained the registration certificate of class III medical devices in China. The competition in the industry is becoming increasingly fierce. In the future, the company will adjust the product pricing strategy according to the market competition. If the sales proportion of models with lower prices increases, or the company reduces the market price of old products, or adopts the market strategy of reducing the product price, the company's orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) has the risk of reducing the average sales price. "
2、 List the main sales customers of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) and their changes according to the type of terminal sales customers, and explain the reasons for the changes
Customer name Siasun Robot&Automation Co.Ltd(300024) sales revenue proportion customer type and cooperation history
Income (10000 yuan)
The first 264602% and 23.07% dealers have cooperated since 2020
The second dealer with 929.20% and 8.10% has been cooperating since 2019
Customer name Siasun Robot&Automation Co.Ltd(300024) sales revenue proportion customer type and cooperation history
Income (10000 yuan)
The third place is 779.89, with 6.80% of private hospitals purchased for the first time
The fourth place: 707.96 6.17% public hospitals
The fifth dealer with 610.62% and 5.32% and the largest customer in 2020
Total 567370 49.46%
The top five customers of Siasun Robot&Automation Co.Ltd(300024) sales revenue of orthopaedic surgery in this period accounted for 49.46%, and they are the main sales customers of the company. The corresponding sales quantity is 14 sets. Among the end users, 2 are private hospitals, 12 are public hospitals, among the users of public hospitals, 8 are hospitals of class III or above, and 4 are hospitals of class II and class A.
Orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) top five customers: direct customers (terminal hospitals) are new sales customers. Orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) design has a long service life. As a long-term asset, terminal hospitals usually do not frequently replace or repeatedly purchase similar products in a short time after purchase. Therefore, there is no duplication between the current direct selling customers (terminal hospitals) and the previous years. The dealers among the top five customers are mainly the dealers that the company continues to cooperate with. These dealers have broad sales resources, have more downstream terminal hospital channels and good credit. Therefore, the company carries out long-term and stable cooperation with them. The company does not have the situation that the newly signed dealers enter the top five customers in the reporting period.
3、 Analyze the reasons why the company's orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) sales did not increase in 2021 when the epidemic situation in China was alleviated compared with that in 2020, whether the commercialization of the company's main products was in line with expectations, and whether the company's core competitiveness showed signs of decline
Although the epidemic situation in China in 2021 was alleviated compared with that in 2020, due to the continuous emergence of new covid-19 virus variants with stronger infectivity, the epidemic situation in China showed the characteristics of many points, wide range and frequent occurrence. In the face of the new epidemic situation, starting from the principle of people first and life first, the state has adopted a strict epidemic prevention policy of external defense input, internal defense rebound and dynamic clearing. The epidemic prevention measures in 2021 are stricter and more powerful than those in 2020. That is why the outbreak of the epidemic has been effectively controlled and the epidemic situation has been alleviated. However, the adverse impact of the strict epidemic prevention measures on the sales of the company's surgery Siasun Robot&Automation Co.Ltd(300024) .
The company's orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) sales were adversely affected by the epidemic in 2021, which is not an individual phenomenon, but a general situation of the surgery Siasun Robot&Automation Co.Ltd(300024) industry. Take the sales of Leonardo da Vinci Siasun Robot&Automation Co.Ltd(300024) in China, the most successful American intuitive surgery company in the world, as an example. According to relevant reports and statistics, in 2021, the number of agreements signed between Leonardo da Vinci surgery Siasun Robot&Automation Co.Ltd(300024) in Chinese Mainland was 30, and the number of agreements signed between one surgery Siasun Robot&Automation Co.Ltd(300024) .
From the perspective of market competitiveness, up to now, a number of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) from foreign friends in China have obtained the registration certificate of class III medical devices in China, and the market competitive products of Orthopaedic Surgery Siasun Robot&Automation Co.Ltd(300024) in China have increased. Among them, the certified manufacturers of spine include Medtronic, Jiemai bangmei, xinjunte (approved in 2021) and Zhuzheng (approved in 2022); Certified joint manufacturers include Stryker, minimally invasive medical (approved in 2022), bone shengyuanhua (approved in 2022), Jianjia (approved in 2022), and huaruibo (approved in 2022). According to the incomplete statistics of public bidding information and news publicity reports, the total number of all spine and joint products sold by other friends outside China in 2021 is lower than that of the company in 2021. The addition of new competitive products did not lead to the decline of the company's product market share. According to the company's statistical data, the company's orthopedic Siasun Robot&Automation Co.Ltd(300024) surgery volume also continued to increase significantly, with more than 10000 operations completed in 2021, a year-on-year increase of more than 60%.
To sum up, the surgery Siasun Robot&Automation Co.Ltd(300024) industry was still affected by the epidemic in 2021, and the company was no exception, resulting in the commercialization of the company's main products not meeting expectations. For example, covid-19 epidemic can not be effectively controlled, and the impact of the epidemic in 2022 may continue. The company has disclosed the relevant risk tips in "(VII) macro environmental risk" of "IV. risk factors" in "section III Management Discussion and analysis" of the annual report of 2021. Although the commercialization of the company's main products affected by the epidemic did not meet expectations, the company's core competitiveness did not decline in terms of market competitiveness, product capacity, product indications and technical capacity.
4、 Annual audit accountant comments
(I) main verification procedures performed by the annual audit accountant
1. Obtain the company's accounts receivable Sub Ledger, revenue recognition and other relevant materials, and understand the sales situation and the changes of major dealers and customers;
2. Check the original documents such as sales contract, sales invoice, collection voucher and acceptance form of main customers, and understand the sales content and sales price of main products;
3. Interview the company's management to understand the changes and reasons of the average unit price of products with different sales modes during the reporting period, understand the reasons why the company's orthopaedic surgery Siasun Robot&Automation Co.Ltd(300024) sales volume did not increase in 2021, consult bidding, news reports and other information, and understand the realization of surgery Siasun Robot&Automation Co.Ltd(300024) sales of major Chinese foreign friends in the industry during the reporting period.
(II) annual audit accountant's verification opinions
Based on the verification procedures performed, the annual audit accountant believes that:
1. The sales quantity, average price and change reasons of Siasun Robot&Automation Co.Ltd(300024) of Orthopaedic Surgery listed in the sub sales mode disclosed by the company are in line with the actual situation of the company;
2. The main sales customers disclosed by the company and the reasons for their changes are in line with the actual situation of the company and reasonable. 3. The sales volume of Orthopaedic Surgery of the company in 30 Guangzhou Echom Sci.&Tech.Co.Ltd(002420) 21 did not increase, which was in line with the actual development of the industry and basically consistent with the sales changes of major foreign friends in China.
Question 2. The annual report shows that the gross profit margin of the company's main business in 2021 was 71.82%, down 9.35% year-on-year; Among them, the operating cost of supporting equipment and consumables is 12.49 million yuan, the direct material cost accounts for 98.88%, and the gross profit margin is only 15.50%. Please further explain the product composition of supporting equipment and consumables, the content of purchased materials, the main technical embodiment of the company in the production or processing of supporting equipment and consumables, and whether the sales of supporting equipment and consumables and the Siasun Robot&Automation Co.Ltd(300024) sales of orthopaedic surgery are unique and exclusive.
[reply]
1、 The product composition of supporting equipment and consumables, the content of purchased materials, the main technical embodiment of the company in the production or processing of supporting equipment and consumables, and whether the sales of supporting equipment and consumables and the Siasun Robot&Automation Co.Ltd(300024) sales of orthopaedic surgery are unique and exclusive
(I) product composition and purchased material content of supporting equipment and consumables
The products of supporting equipment and consumables mainly include mobile C-arm X-ray machine, spine orthopedic operating table, 5g remote system and disposable sterile positioning surgery kit. Among them, the mobile C-arm X-ray machine and spine orthopedic operating table are purchased from equipment manufacturers or equipment agents according to the needs of customers and taking into account the compatibility with the company's orthopedic surgery Siasun Robot&Automation Co.Ltd(300024) and are sold to customers in support of orthopedic surgery Siasun Robot&Automation Co.Ltd(300024) and the main cost of mobile C-arm X-ray machine and spine orthopedic operating table is the equipment purchase cost; 5g remote system and disposable aseptic positioning surgery kit are independently developed and produced by the company. The company has software copyright or medical device registration certificate and other relevant intellectual property rights, and its cost composition includes material cost, labor cost and manufacturing cost.
(II) the main technical embodiment of the production or processing of supporting equipment and consumables, and whether the sales of supporting equipment and consumables and the Siasun Robot&Automation Co.Ltd(300024) sales of orthopaedic surgery are unique and exclusive
1. Mobile C-arm X-ray machine and spine
