Contributor Planet

source bedo finance

On August 8, Shanghai Boxun Medical Biological Instruments Co., Ltd. (hereinafter referred to as "Boxun Biology") will open the subscription, the issue price is 9.75 yuan per share, the number of shares to be issued is 7.5 million shares, and the total amount raised is about 73.125 million yuan., The issue code is "889118".

According to Bedo Finance, Bo Xun Bio will be listed on the North Stock Exchange. If the over-allotment option is fully exercised, the total number of shares issued by Boxun Bio will be 8.625 million shares, and the total amount of funds raised will be about 84.0938 million yuan, but it is still slightly lower than the 0.123 billion yuan planned fund-raising amount disclosed in the previous prospectus.

eye information shows that boxun biology was established in January 1996, formerly known as Shanghai boxun industrial co., ltd. At present, the company's registered capital is 35 million yuan, the legal representative is Lu Mingjie, and the shareholders include Lu Mingjie, Zhang Jiali, Lu Mingmei, Lu Guohua, etc.

According to the prospectus, Boxun Biology is an enterprise specializing in the research and development, production, sales and service of laboratory equipment and life science instruments. It is committed to providing one-stop laboratory temperature and humidity control, sterilization and purification safety solutions for researchers.

According to reports, Boxun Biology has been deeply engaged in the field of laboratory equipment and life science instruments for more than 25 years, and its products are used in many fields, such as medicine, food, inspection and testing, inspection and quarantine, agriculture, forestry, animal husbandry and fishery, environmental protection, scientific research, and so on. It has formed cooperative relations with a number of pharmaceutical enterprises, food enterprises and scientific research institutes.

At present, Boxun Biology has obtained 11 invention patents, 38 utility model patents and 16 software copyrights. It is one of the first enterprises in the industry to apply frequency conversion constant temperature and humidity control technology, and it is also one of the production enterprises with complete product categories, specifications and models.

in 2020, 2021 and 2022, the operating income of Bosun Bio is 0.14 billion yuan, 0.159 billion yuan and 0.143 billion yuan respectively, the net profit is 21.4871 million yuan, 28.1613 million yuan and 26.41 million yuan respectively, and the net profit after deduction is 19.8538 million yuan, 26.9867 million yuan and 25.917 million yuan respectively..

although the revenue fluctuated, the gross profit level of Boxun Bio has always been on a steady upward trend, achieving gross profit of 50.5393 million yuan, 60.5838 million yuan and 57.642 million yuan respectively, with corresponding gross profit margins of 36.13, 38.00 and 40.40 respectively, maintaining overall stability and continuously improving profitability.

After entering 2023, Bo Xun Bio's performance continued to grow. According to the prospectus, the company's operating income in the first half of 2023 was 67.1548 million yuan, up 19.87 per cent year-on-year; net profit was 11.0533 million yuan, up 82.27 per cent year-on-year; and net profit after non-profit was 9.8408 million yuan, up 58.15 per cent year-on-year.

According to specific products, the main products of Bosun Bio include temperature and humidity control series, autoclaving series, purification safety and other series. Among them, the sales revenue of temperature and humidity control series and autoclave series products accounted for more than 88% of the main business income, which was the main source of the company's income.

it is worth mentioning that the temperature and humidity control series product segment of boxun biology showed a significant decline in 2022, with sales volume decreasing from 14000 units in 2021 to 11500 units in 2022. Contribution revenue also dropped from 83.7089 million yuan in 2021 to 74.3327 million yuan in 2022, a relative decrease of 11.20.

Bedo Finance found that Bo Xun Bio's R & D investment is much lower than its peers. During the reporting period, the company's research and development investment was 5.908 million yuan, 7.7336 million yuan and 7.6882 million yuan, respectively, accounting for 4.22 percent, 4.85 percent and 5.39 percent of operating income, far lower than the industry average of 10.01 percent, 9.99 percent and 10.46 percent.

the main reason for this phenomenon is that the research and development of boxun biology mainly focuses on the iterative upgrade of existing product performance. its value is reflected in the overall system design link. there are fewer self-produced core components, which are far behind Haier biology (688139.SH), sea energy technology (430476.BJ) and talin biology (300813.SZ).

In addition, there is a certain associated transaction risk associated with Bosun Bio. According to the prospectus, Shanghai Daoji is one of the five largest customers of Boxun Bio from 2020 to 2021, and until 2020, Shanghai Daoji has been the largest customer of Boxun Bio, while Shanghai Daoji is an enterprise controlled by close relatives of the actual controller of Boxun Bio.

although boxun bio said in its prospectus that it did not have any matters with the above-mentioned dealers that there was a risk of profit transmission, and Shanghai daoji had completed the cancellation in 2022. However, if it does not strictly implement its internal control system in the future, there may be a risk of harming the interests of the company and small and medium shareholders through affiliated distributors.

Before the listing, Lu Mingjie, chairman and general manager of Boxun Biology, directly held 74.69 of the shares and was the controlling shareholder and actual controller of the company. At the same time, Lu Mingjie and his relatives Zhang Jiali, Lu Guohua, Lu Mingmei, Gu Qiaoxian, Lu Guoping and Han, who also hold shares, cultivate people who act in concert.

Among them, Zhang Jiali is Lu Mingjie's spouse and holds 3.85 percent of Bo Xun Biology. Lv Mingmei is Lv Mingjie's sister, holding 2.31 percent of the shares. Lv Guohua is Lv Mingjie's father, holding 1.65 percent of the shares. Gu Qiaoxian is Lv Mingjie's mother-in-law, holding 1.45 percent. Lv Guoping is uncle Lv Mingjie, holding 0.57 percent. South KoreaUncle, holding 0.17 per cent.

Accordingly, Lu Mingjie holds a total of 84.71 of the shares of Bosun Bio. In addition, Bosun Biological Supervisory Board Chairman Lu Yongchun holds 1.00 percent, Huajin Securities holds 0.87 percent, Zhu Yongchun holds 0.84 percent, Finance Manager Lu Changyu holds 0.71 percent, Supervisor You Yehai holds 0.71 percent, and other existing shareholders hold a total of 11.89 percent.