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United Imaging Healthcare (688271.SH), which was the largest IPO on the Science and Technology Innovation Board in 2022, was heavily reduced.

On the evening of March 17, United Imaging Medical disclosed the inquiry and subscription, and preliminarily determined that the price of the company's shareholders for this inquiry transfer was 108.66 yuan per share, and the total number of shares to be transferred was 29.0864 million shares. According to this calculation, shareholders will cash out 3.161 billion yuan at one time.

The shareholders who took the inquiry transfer are Shanghai Zhongke State Street Investment Partnership (Limited Partnership) (hereinafter referred to as "Zhongke State Street") and Shanghai Beiyuan Investment Partnership (Limited Partnership) (hereinafter referred to as "Beiyuan Investment"), which are acting in concert. At present, the two companies together hold 8.53% of the equity of United Imaging Healthcare.

United Imaging Healthcare is a well-known provider of high-end medical equipment and intelligent solutions in the industry, and has been said to be full of "technology".

The company's R&D investment is indeed a lot. In 2023, the company's R&D investment will reach 1.919 billion yuan, and in the first three quarters of 2024, it will be 1.635 billion yuan. As of the end of June 2024, the company has obtained a total of 3,307 authorized invention patents.

From 2020 to 2023, United Imaging Healthcare's revenue and net profit have grown rapidly for four consecutive years, but in 2024, the company's performance will change. According to the performance report, the company's net profit attributable to shareholders of the parent company in 2024 (hereinafter referred to as "net profit attributable to the parent company") will be 1.262 billion yuan, a year-on-year decrease of more than 30%.

The third largest shareholder inquired for the transfer for the second time

United Imaging Healthcare's significant shareholders are once again seeking to cash out through an inquiry transfer.

On the evening of March 14, United Imaging Medical disclosed the shareholder inquiry transfer plan, and the company's shareholders Zhongke Daofu and Beiyuan Investment held 41.4639 million shares and 28.8304 million shares of the company respectively, accounting for 5.03% and 3.50% of the company's total share capital. In this inquiry transfer, the two companies will transfer a total of 29,086,400 shares of the company, accounting for 3.53% of the company's total share capital.

State Street and Beiyuan Investment are both private equity investment funds in which Shanghai Daofu Yuantong Equity Investment Management Co., Ltd. serves as the private equity fund manager, and they are in a concerted action relationship. If the shareholding structure of United Imaging Medical is penetrated, Zhongke State Street and Beiyuan Investment are the third largest shareholders of the company.

According to the announcement, the reason for the reduction of Zhongke State Street and Beiyuan Investment is their own capital needs. Over the years, State Street and Beiyuan Investment have actively contributed to the development of cutting-edge technology in China's medical industry, and the funds after this reduction will continue to be used for industry investment and inject strength into the development of China's medical industry.

On the evening of March 17, United Imaging Medical disclosed the transfer pricing of the inquiry, and preliminarily determined that the inquiry transfer price was 108.66 yuan per share. The number of institutional investors participating in this inquiry and transfer quotation is 29, covering fund management companies, qualified foreign institutional investors, securities companies, insurance companies and other professional institutional investors. The total number of valid subscribed shares of institutional investors participating in this inquiry transfer quotation is 65.68 million shares, and the corresponding effective subscription multiple is 2.26 times. The shares to be transferred in this inquiry transfer have been fully subscribed, and the transferee has been preliminarily determined to be 25 institutional investors, with a total of 29,086,400 shares. The transferee shall not transfer the transferred shares within 6 months after the transfer by the transferee through the inquiry.

If the inquiry transfer is successfully completed, Zhongke State Street and Beiyuan Investment will cash out a total of 3.161 billion yuan at one time.

This is the second time that Zhongke State Street and Beiyuan Investment have cashed out through inquiry transfer.

On May 17, 2024, United Imaging Healthcare disclosed the shareholder inquiry transfer plan, in which Zhongke State Street and Beiyuan Investment intend to transfer a total of 9 million shares held by United Imaging Healthcare, accounting for 1.09% of United Imaging Healthcare's total share capital. The inquiry transfer was subscribed 1.05 times, the inquiry transfer price was 116.10 yuan per share, and the total price was 1.045 billion yuan.

To sum up, through the two inquiry transfers, Zhongke Daofu and Beiyuan Investment will cash out a total of 4.206 billion yuan.

On March 18, United Imaging Medical's closing price was 127.50 yuan per share, an increase of only 16.04% from the issue price.

Net profit fell again after four years

The large-scale reduction of shareholders' holdings not only has the intention of recovering investment, but also may have a certain relationship with the fundamentals of United Imaging Healthcare.

United Imaging Healthcare is committed to providing global customers with high-performance medical imaging equipment, radiotherapy products, life science instruments, and medical digital and intelligent solutions. Headquartered in Shanghai, the company has set up regional headquarters and R&D centers in the United States, Malaysia, the United Arab Emirates, Poland and other places, and has established a global R&D, production and service network in Shanghai, Changzhou, Wuhan and Houston, USA.

As of the end of June 2024, the company has launched more than 120 products to the market, including magnetic resonance imaging systems (MR), X-ray computed tomography (CT), X-ray imaging systems (XR), molecular imaging systems (PET/CT, PET/MR), medical linear accelerator systems (RT) and life science instruments. In the field of digital diagnosis and treatment, based on the United Imaging cloud system architecture, the company provides United Imaging Medical cloud services to realize cloud collaboration between equipment and applications and medical resource sharing, and provide comprehensive solutions for end customers.

In the financial report, United Imaging Medical said that the company is a leading medical technology company in China and one of the few in the world that has mastered the core technology of high-end medical imaging diagnostic products, radiotherapy products and life science instruments, and has the ability to manage the whole life cycle of products from R&D, production, sales to after-sales maintenance. The company's products are fully covered, and the equipment is equipped with self-developed medical image processing software and advanced applications, which can realize the organic combination of research, diagnosis, treatment and program, and a variety of products have created the "first" in the industry or in China.

United Imaging Healthcare's R&D capabilities are outstanding. The company carries out core technology research and development around the core components of each product line, which has laid a solid foundation for the realization of independent and controllable core technologies and the competitiveness of casting products. The company's self-research ratio ranks in the forefront of the industry, and the main core components of each product line are self-developed and self-produced.

From 2021 to 2023, the company's R&D investment will be 1.048 billion yuan, 1.466 billion yuan, and 1.919 billion yuan respectively, and 1.635 billion yuan in the first three quarters of 2024. As of the end of June 2024, the company has a total of 3,102 R&D personnel, accounting for 39.47% of the total number of employees. The company has applied for 7,241 invention patents and authorized 3,307 invention patents.

United Imaging Healthcare was once highly sought after by capital, and the company raised as much as 10.988 billion yuan at the time of its IPO, which was the largest IPO on the Science and Technology Innovation Board that year.

The company's operating performance has also been good. From 2020 to 2023, the company's operating income increased from 5.761 billion yuan to 11.411 billion yuan, and the net profit attributable to the parent company increased from 903 million yuan to 1.974 billion yuan, double growth for four consecutive years, and the two doubled.

However, in 2024, the company's performance has changed dramatically. According to the performance report, in that year, the company achieved operating income of 10.3 billion yuan, a year-on-year decrease of 9.73%; The net profit attributable to the parent company was 1.262 billion yuan, a year-on-year decrease of 36.08%. This is also the first time in 4 years that the company's net profit attributable to the parent company has declined again.

United Imaging Medical explained that affected by the pace of implementation of domestic equipment renewal policies, the overall scale of the industry has shrunk significantly compared with the same period last year, and the market introduction period of some of the company's high-end new products is longer, and it will take time to contribute to the performance.

In 2025, can United Imaging Medical's performance turn from decline to increase?

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