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Original title: Less than 7 months after the establishment of this company, it became Rendu’s second largest customer
Source: IPO Daily
Recently, Shanghai Rendu Biological Technology Co., Ltd. (hereinafter referred to as “Rendu Biological”) submitted a prospectus, intending to be listed on the Science and Technology Innovation Board, with a public offering of no more than 10 million shares, accounting for no less than 25% of the total share capital after the issuance .
The IPO Daily found that a company has become Rendu Bio’s second largest customer within less than 7 months after its establishment, and with a paid-in capital of only 1.6 million yuan, it actually purchased more than 8 million Rendu Biologics. Yuan goods.
Customer suspicion
It is understood that Rendu Biology has been one of the life science companies focusing on RNA molecular diagnostic technology and products since its establishment, and is committed to developing innovative diagnostic technologies and products for which clinical needs have not yet been met.
From 2018 to 2020 (hereinafter referred to as the “reporting period”), Rendu Biotech realized operating income of RMB 69,434,400, RMB 99,168,100, and RMB 249.9034 million, and net profits of RMB -32,0512, RMB 3,379,200, and RMB 61,376,500 respectively.
As can be seen,Rendu Biological also lost more than 30 million yuan in 2018, but then its net profit showed a trend of skyrocketing.
From a business perspective, Rendu Biotech mainly owns the reagent business and the instrument business. The sales income generated by the reagent business is 66,393,100, 95,871, and 151,229,400, respectively, accounting for 97.41% and 97.97% of the current main business income respectively. , 61.17%, its number one business.
In the reagent business, Rendu Biotech mainly owns respiratory tract products and reproductive tract products. The sales income from reproductive tract products is 49.298 million yuan, 67.514 million yuan and 55.564 million yuan, respectively, accounting for the current main business income. 72.33%, 68.99%, and 22.47% of the respiratory tract products. The sales revenues generated by respiratory products were 15.1424 million yuan, 26.5277 million yuan, and 80311.6 million yuan, respectively, accounting for 22.22%, 27.11%, and 32.48% of the current main operating income.
It is not difficult to see that before 2020, the reproductive tract products are the main source of income of Rendu Bio. According to a report by the consulting company Sullivan, in 2019, Rendu’s reproductive tract series products ranked first in the market share of the molecular diagnosis of sexually transmitted infections.
In this regard, Rendu Biotech stated that in 2020, due to the impact of the new crown pneumonia epidemic, the company’s new crown detection reagents will have a relatively high amount of income, resulting in an increase in the proportion of respiratory series reagents in operating income.
but,Behind the surge in Rendu’s performance, there is a doubt in its customer list.
The prospectus shows that in 2020, Rendu Bio will generate a sales income of RMB 8,262,400 from Sichuan Lixinwei Biotechnology Co., Ltd. (hereinafter referred to as “Lixinwei”), and Lixinwei is Rendu’s second largest customer.
However, the IPO Daily found that Lixinwei was established in May 2020 through the national enterprise credit information publicity system.
Data source: National Enterprise Credit Information Publicity System
In other words, Lixinwei has just been established for more than 7 months and has become Rendu Bio’s second largest customer.
At the same time, Lixinwei’s 2020 annual report shows that as of the end of 2020, Lixinwei’s paid-in capital is 1.6 million yuan.
Data source: National Enterprise Credit Information Publicity System
This can’t help but make people wonder. With the paid-in capital of a newly established company of only 1.6 million yuan, where did it get the funds to purchase 8.2624 million yuan from Rendu Bio?
In this regard, Rendu Biotech stated to the IPO Daily that the company has adopted the necessary customer verification procedures for dealers in accordance with the dealer management system; although Sichuan Lixinwei has been established for a short time, its management team has many years of relevant experience in Sichuan. Experience, the current business development is good. There is no direct relationship between the paid-in capital of an enterprise and its purchasing ability. As its specific profit indicators are non-public information, it is inconvenient to disclose. During the 2020 epidemic, the customer mainly purchased the company’s new crown-related products, actively participated in the anti-epidemic work, and played a positive role in the logistics support of local anti-epidemic materials in Sichuan.
Focus on marketing, not R&D
In addition to the above, the IPO Daily also noted that Rendu Biological still seems to be focusing on marketing and ignoring R&D.
The prospectus shows that during the reporting period, Rendu’s R&D expenses were 10.4779 million yuan, 13.7984 million yuan, and 23.6983 million yuan, respectively, accounting for 15.11%, 13.91%, and 9.48% of the current operating income. The research and development expenses of comparable companies in the same industry The average expense ratios are 11.57%, 11.43%, and 5.9%, respectively.
It needs to be pointed out thatAlthough Rendu Bio’s R&D expense ratio is always higher than the average value of comparable companies in the same industry, its investment in sales is much higher than its investment in R&D.
During the reporting period, Rendu’s sales expenses were RMB 40,936,100, RMB 59,773,300, and RMB 80,923,200, totaling approximately RMB 181,632,600 in three years.
In other words, in the past three years, Rendu Bio has invested nearly 134 million yuan more in sales than in research and development.
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Editor in charge: Peng Jiabing
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