A-share subscription | Baimike (920268.BJ) opens subscription ranking fourth in China's knot-free sewing market according to sales revenue

The Zhitong Finance App learned that on August 31, Baimike (920268.BJ) began the subscription. The issuance price was 17.1 yuan/share, and the subscription limit was 474,200 shares, with a price-earnings ratio of 14.99 times. It belongs to the Beijing Stock Exchange, and Great Wall Securities is its sponsor.

According to the prospectus, Baimaike is a high-tech enterprise specializing in R&D, production and sales of surgical medical devices and peptide pharmaceutical equipment represented by surgical stitches. The company's main products include surgical instrument products such as surgical stitches, interventional embolization materials, hemostasis materials, etc., as well as peptide pharmaceutical equipment products such as peptide synthesizers and peptide lyzers.

The company's “Fengchuangling” absorbable surgical sutures (wire diameter 0.2-0.61 mm) use a 360-degree spiral barbed cutting process. The barbs are evenly distributed in a 360-degree spiral shape around the thread, with more than ten barbs per centimeter, and the suture tissue anchoring strength is strong. The surgical suture does not require knots, which effectively improves surgical suture efficiency; at the same time, it has good tensile strength and biocompatibility. The retention rate of tensile strength within two weeks of implantation is 80%, and the tensile strength retention rate is 50%-70% in the body. Absorbs approximately 180 -220 days.

In the field of surgical medical devices, the company focuses on the development and development of equipment products required for clinical surgery, insists on independent innovation, has mastered many key core technologies and production processes, and has independent technology in the fields of surgical sutures, interventional embolization materials, hemostatic materials, etc., and the company has obtained the first domestic registration certificate for absorbable knot-free surgical suture products.

During the reporting period, the company's main business revenue was divided by product type as follows:

After years of development, the company's surgical suture products have been sold to nearly 3,000 hospitals in 31 provinces, autonomous regions and municipalities directly under the Central Government, including nearly 800 hospitals above level 3, and the “2023 China Hospital Comprehensive Ranking” covers 36, including Peking Union Medical College, Zhongshan Hospital affiliated to Shanghai Jiao Tong University School of Medicine, Shandong University Qilu Hospital, and the First Affiliated Hospital of Sun Yat-sen University; in addition, according to the “National Top 100 Hospitals with Surgical Volume”, the company's “Feng Chuangling” series of absorbable, knot-free suture products covered more than 50 hospitals and obtained High market recognition. According to Sullivan's research report, according to sales revenue rankings, the company ranked fourth in China's knot-free sewing market in 2024, after the three importers Johnson & Johnson, Shunke, and Medtronic.

In the field of peptide pharmaceutical equipment, the company lays out product layout around “peptide screening, R&D and production of peptide APIs” and provides a complete set of solutions for automated peptide synthesis in application fields such as industrial peptide production and laboratory research and development. The company's main products include peptide synthesizers, peptide crackers, etc. Hainan Jianbang, a subsidiary of the company, successfully developed a fully automated large-scale peptide synthesizer with independent intellectual property rights in 2009, which realized the transformation of peptide drugs from laboratory research to large-scale enterprise production in China, and became controlled equipment produced by Chinese peptide pharmaceutical companies. The main customers of the company's peptide pharmaceutical equipment include large pharmaceutical companies such as Nuotai Biotech, Pharmaceutical Mingkang, Hengrui Pharmaceutical, and Qilu Pharmaceutical.

On the financial side, in 2023, 2024, and 2025, the company achieved operating income of about 174 million yuan, 185 million yuan, and 215 million yuan respectively; for the same period, net profit was approximately 70.18 million yuan, 69.19 million yuan, and 70.81 million yuan, respectively.