A few days ago, Sanyou Medical (Shanghai stock code: 688085) released a performance report. According to the data, the company will achieve operating income of 453 million yuan in 2024, a year-on-year decrease of 1.68%; The net profit attributable to the parent company plummeted by 88.18% year-on-year to 11.2996 million yuan, and the non-net profit recorded -3.9982 million yuan, the first loss since 2016.

Sanyou Medical explained that the changes in the above indicators were mainly affected by the implementation of the national procurement of high-value consumables for the spine, and the sales price of the company's spine products fell sharply, resulting in a decline in the company's spine business revenue and net profit.

At the same time, Sanyou Medical said that since February 2024, Implanet SA has been included in the group's consolidated financial statements, and the operating income of Implanet SA in 2024 will be 9.4058 million euros, a year-on-year increase of 26.29% over 2023.

Sanyou Medical emphasized that although Implanet SA has begun to significantly reduce losses in 2024, it is still in a loss-making state during the reporting period because the company's international business is still in the initial stage of expansion, and the impact on the company's net profit attributable to owners of the parent company in 2024 will be about 21 million yuan.

According to the data, Shanghai Sanyou Medical Equipment Co., Ltd. was established in 2005 and is a medical device enterprise focusing on the research and development, production and sales of medical orthopedic implant consumables.

In April 2020, Sanyou Medical was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange at an issue price of 20.96 yuan per share.

From listing to 2022, Sanyou Medical's annual performance has achieved positive year-on-year growth. In 2023, the company's revenue and net profit will both decline, with a year-on-year decrease of 29.08% and 49.91%, respectively.

According to Choice statistics, from 2020 to 2022, Sanyou Medical's gross profit margin will remain above 90%, which is higher than that of companies in the same industry, such as Dabo Medical and Weigao Orthopedics.

In 2023, Sanyou Medical's gross profit margin will drop to 79.95%. By the end of the third quarter of 2024, the company's gross profit margin had fallen below 70% to 69.68%.

In the secondary market, as of the close of trading on the 28th, Sanyou Medical fell 1.84% to 18.10 yuan per share, with a total market value of 4.794 billion yuan.

Source: Reading and Entrepreneurship