Neusoft Medical, the largest domestic CT manufacturer, renews its IPO, and its profits rely heavily on subsidies for "blood transfusion"

Reporter | Yuan Yiming

Edit | Xie Xin

The Hong Kong Stock Exchange disclosed on May 31 that Neusoft Medical, a subsidiary of Neusoft Group, had submitted a listing application to the Hong Kong Stock Exchange, and CICC and Goldman Sachs were joint sponsors
.

It is worth noting that this is not the first time Neusoft Medical has attempted an IPO.
In June 2020, Neusoft Medical submitted an IPO prospectus to the SSE Science and Technology Innovation Board, but after inquiries, it voluntarily withdrew its application on November 27, 2020
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On May 12, 2021, the International Department of the China Securities Regulatory Commission disclosed the "Approval of Overseas Initial Public Offering of Shares (Including Common Shares, Preferred Shares and other forms of stock derivatives)" submitted by Neusoft Medical
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Neusoft Medical’s official website shows that it is positioned as a comprehensive solution provider for clinical diagnosis and treatment based on imaging, with digital medical diagnosis and treatment equipment (CT, MRI, DSA, GXR, PET/CT, RT US), in vitro diagnostic equipment and Four business lines: reagents, MDaaS (medical equipment and medical image data services) solutions, equipment services and training
.

Neusoft Medical has independently developed China's first CT, the first superconducting magnetic resonance and the first DR.
In recent years, it has launched the first domestically produced 256-layer 80mm coverage wide-body energy spectrum CT, 512-layer panoramic multi-modal CT and trackless suspension dual-center seven-axis DSA15T superconducting magnetic resonance and so on
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According to the market research report issued by Frost & Sullivan, as of the end of 2019, Neusoft Medical’s CT ownership in the Chinese market accounted for 10.
4% of the Chinese market, ranking first among domestic brands.
In 2017, 2018 and 2019, Neusoft Medical's CT sales in the Chinese market have ranked first among domestic brands for three consecutive years, and its export volume of CT has also ranked first among domestic brands for three consecutive years
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        Although the report card is dazzling and the domestically produced CT is the top spot, Neusoft Medical is still under pressure from its performance
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        The previous prospectus showed that Neusoft Medical’s net profit fluctuated greatly.
Its operating income for 2017-2019 was 1.
445 billion yuan, 1.
926 billion yuan, and 1.
925 billion yuan, and its net profit for the same period was 51.
7031 million yuan, 169.
7458 million yuan, and 8827.
75 million yuan.
Ten thousand yuan
.

        Neusoft Medical has always received relatively high amounts of government subsidies, and its profits are suspected of relying heavily on government subsidies.
With the reduction of government subsidies, its performance pressure has also been affected
.