On January 12, Aishelun (920050.BJ) commenced its public subscription. The issuance price is set at 15.98 yuan per share, with a maximum subscription limit of 761,300 shares. The price-to-earnings (P/E) ratio is 14.99 times. The listing is on the Beijing Stock Exchange, with Soochow Securities acting as the sponsor.
According to the prospectus, Aishelun has long been dedicated to the healthcare sector. The company is primarily engaged in the research, development, production, and sales of disposable medical consumables used in professional rehabilitation care and medical protection. It supplies related products to internationally renowned medical device brands through ODM/OEM arrangements.
Throughout its long-term development, the company has established itself in the specialized fields of rehabilitation care and medical protection. It closely focuses on the professional needs of medical workers and patients, centering on rehabilitation care and surgical infection control products, while continuously expanding into areas such as disinfection and cleaning, home protection, and emergency care. The company persistently develops new products to enhance the depth and breadth of its product lines.
Currently, the company's product portfolio covers two core categories: rehabilitation care products and surgical infection control products. It offers customers various medical dressing products, including medical care pads, medical ice packs, surgical gowns, surgical drapes, and surgical procedure kits.
During the reporting periods, the combined sales revenue from the company's top five customers accounted for 81.99%, 86.27%, 86.27%, and 88.40% of total revenue, respectively, indicating a high degree of customer concentration. This situation is primarily a result of the company's business model, which is centered on "key clients + overseas ODM/OEM sales."
Among these, sales to the largest customer, the Medline Group, accounted for 71.51%, 73.08%, 71.00%, and 77.73% of revenue, respectively. Sales orders from key clients have a significant impact on the company's operating performance.
Financially, for the years 2022, 2023, 2024, and the first six months of 2025, the company achieved operating revenues of approximately 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan, respectively. Net profits for the same periods were approximately 62.8024 million yuan, 66.9369 million yuan, 80.6107 million yuan, and 49.4338 million yuan, respectively.
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