VINNO Technology Co., Ltd. (referred to as "VINNO") recently had its status for a ChiNext IPO updated to "under inquiry." This company, founded by a team with former GE Healthcare experience, is making another attempt to list on the A-share market after nearly three years.
VINNO had previously submitted a listing application to the Shanghai Stock Exchange's STAR Market at the end of 2022 but withdrew it voluntarily after only six months. This time, the company plans to raise 870 million yuan, primarily for a high-end medical imaging equipment production project and a high-end medical imaging equipment product R&D and development project.
As one of the few specialized "little giant" enterprises in China focused on high-end ultrasound imaging, VINNO was the first domestic manufacturer to launch products equipped with an "ultrafast soft beamforming platform." Its products are already used in institutions such as Beijing Union Medical College Hospital, the General Hospital of the People's Liberation Army (301 Hospital), and Shanghai Ruijin Hospital.
However, VINNO's performance has shown significant fluctuations during the reporting period, including a net loss in 2023. The company's asset-liability ratio is notably high, reaching 73.35% in 2024, which is substantially above the average of around 20% for comparable listed companies.
Notably, VINNO is involved in a trade secret lawsuit with GE that has lasted for nearly a decade. The company stated that, as of the signing date of the prospectus, the case is still in the second-instance trial process. If the company loses the lawsuit, it faces risks of economic and reputational losses.
The valuation corresponding to the most recent equity transfer was 1.8 billion yuan. According to the prospectus, Zhoushan Chenxin holds 32.36% of the company's shares and is the controlling shareholder. Zhoushan Chenxin is a shareholding platform; its partners include the main founders, such as Xi Shui and Tian Yuan, as well as Xi Shui's ex-wife Liu Yao and his daughter Xi Yuan.
Before the IPO, the company's actual controllers are Xi Shui and Tian Yuan, who are married and collectively control 45.89% of the voting rights in VINNO. The prospectus indicates that the valuation from the most recent equity transfer was 1.8 billion yuan, and the estimated market value is not less than 1.5 billion yuan, meeting the relevant listing standards for the ChiNext board.
In 2024, the asset-liability ratio was as high as 73.35%. According to the prospectus, VINNO is a company providing a full range of medical ultrasound imaging solutions and was the first domestic manufacturer to launch products equipped with an "ultrafast soft beamforming platform." Based on this platform, the company took the lead in the industry in 2023 by launching clinically applicable super-resolution microscopic imaging functionality.
The company's self-developed color ultrasound diagnostic product line covers both medical ultrasound imaging equipment and animal ultrasound imaging equipment, with full coverage of cart-based, portable, and handheld product forms. Among these, the company's ultra-high-end flagship product, the ULTIMUS 9E series, has entered the industry's first tier in terms of product quality and functional configuration.
According to Frost & Sullivan statistics, in 2024, VINNO ranked third among domestic manufacturers in terms of total domestic sales for its full range of medical ultrasound imaging equipment. In the ultra-high-end medical ultrasound imaging equipment segment, it ranked second among domestic manufacturers in domestic sales, and in the animal ultrasound imaging equipment segment, it ranked second in domestic sales.
In terms of performance, from 2022 to 2025, VINNO achieved operating revenues of approximately 530 million yuan, 538 million yuan, 622 million yuan, and 671 million yuan, respectively. Net profits attributable to shareholders were approximately 38.6285 million yuan, -65.5905 million yuan, 48.5561 million yuan, and 100 million yuan, respectively.
Regarding the net loss in 2023, VINNO explained that the significant loss was mainly due to increased sales and R&D investments aimed at enhancing the market recognition of the company's new ultra-high-end product, the ULTIMUS 9E series, and improving the company's R&D capabilities, leading to a rise in period expenses. Additionally, the company recorded a provision for impairment of its long-term equity investment in the associate company Medec, resulting in higher asset impairment losses.
As a certified high-tech enterprise, a portion of the company's profits includes tax refunds and government subsidies. During the reporting period, the total amount of other income recognized from government subsidies, value-added tax refunds for software products, and additional input tax deductions was 17.8016 million yuan, 18.1911 million yuan, 20.1946 million yuan, and 16.7063 million yuan, respectively, accounting for 45.38%, -27.96%, 41.87%, and 43.97% of the total profit for each period, representing a relatively high proportion.
Furthermore, from 2022 to the first three quarters of 2025, the proportion of overseas sales revenue in the company's main business revenue was 60.31%, 57.30%, 57.74%, and 58.05%, respectively, indicating a relatively high share of overseas income.
In terms of sales channels, the company primarily relies on a distribution model. From 2022 to the first three quarters of 2025, distributor revenue accounted for 90.70%, 95.00%, 91.55%, and 91.94% of the main business revenue, respectively.
However, while relying on distribution channels, the company's sales expense ratio from 2022 to the first three quarters of 2025 was 20.31%, 26%, 20.44%, and 21.96%, respectively, all higher than the average of 16.72%, 17.16%, 17.22%, and 18.63% for comparable listed companies in the same industry.
In response, the company stated that, compared to other listed companies, it was established relatively recently and is still in a growth phase, requiring increased sales promotion efforts to enhance product awareness and expand sales scale.
It is noteworthy that VINNO's debt ratio has risen rapidly in recent years. The prospectus shows that the company's asset-liability ratio surged from 51.15% in 2022 to 73.35% in 2024, remaining high at 70.51% as of the end of September 2025. In contrast, the average asset-liability ratio for comparable listed companies from 2022 to the first three quarters of 2025 was 21.54%, 17.72%, 20.12%, and 17.16%, respectively.
VINNO explained that the year-on-year increase in the asset-liability ratio in 2024 was mainly due to the recognition of accounts payable to the construction agent for the production and R&D building, resulting in a significant increase in current liabilities at the end of that year.
Regarding the high debt ratio, VINNO believes that comparable companies in the industry are all listed companies, and the funds they raised have significantly improved their solvency indicators. VINNO has not yet raised funds through a listing and lacks direct financing channels. It is expected that after listing, the scale of bank deposits and other funds will increase, and indicators such as the debt ratio will be further optimized.
According to the prospectus, the planned fundraising amount is 872 million yuan, of which 50 million yuan will be used to supplement working capital, in addition to project construction.
The lawsuit with GE remains unresolved. VINNO, whose actual controllers previously worked at GE, is still involved in an ongoing lawsuit with this competitor.
According to the prospectus, on March 9, 2015, the plaintiffs General Electric Company and GE Healthcare Systems (China) Co., Ltd. filed a civil lawsuit with the Wuxi Intermediate People's Court in Jiangsu Province. They alleged that the defendant VINNO and nine individuals infringed upon trade secrets related to algorithms contained in the operating system software of digital ultrasound diagnostic products, claiming 30 million yuan in damages and making severe demands, including requiring the cessation of production, recall, and destruction of the involved products.
The natural persons named as defendants include the company's actual controller, Chairman, and General Manager Xi Shui; actual controller Tian Yuan; Director and Deputy General Manager Gao Wenyou; Director, Deputy General Manager, and Board Secretary Chen Huiren; Director Jia Zhiyuan; Employee Director Fei Penghao; and other key personnel Wu Fanggang.
This lawsuit has lasted nearly a decade. It was not until June 7, 2024, that the Wuxi Intermediate People's Court in Jiangsu Province issued a first-instance judgment, partially supporting the plaintiffs' claims. This included ordering VINNO and some other defendants to jointly compensate GE Healthcare Systems (China) Co., Ltd. for economic losses and reasonable expenses totaling 20 million yuan.
Accordingly, the company has already accrued a provision for liabilities of 21.2941 million yuan in 2024 based on the first-instance judgment results. Simultaneously, on June 21, 2024, both the plaintiff and the defendants appealed the first-instance judgment to the Jiangsu Provincial High People's Court. As of the signing date of the prospectus, the GE lawsuit case is still in the second-instance trial process.
Resumes show that VINNO's actual controller, Chairman, and General Manager Xi Shui previously served as the General Manager of the China Ultrasound R&D Center at GE Healthcare Systems (China) Co., Ltd. and is currently one of VINNO's five core technical personnel. His wife, Tian Yuan, also previously worked at GE Healthcare Systems (China) Co., Ltd., holding positions such as Software Engineer, R&D Project Manager, and After-Sales Service Manager.
Among VINNO's core senior management team, there are several engineers with backgrounds at GE, including the other four core technical personnel: Gao Wenyou, Jia Zhiyuan, Fei Penghao, and Wu Fanggang, as well as the company's Director, Deputy General Manager, and Board Secretary, Chen Huiren.
Regarding the impact of this lawsuit, VINNO stated that the involved product models are all early-stage products of the company, accounting for a relatively small proportion of revenue during the reporting period. The company has already accrued a provision for liabilities based on the first-instance judgment results. If the court's second-instance judgment ultimately upholds the first-instance judgment or further supports the plaintiff's second-instance claims, the company will incur certain economic and reputational losses during the execution of the relevant claims, which will adversely affect the company's financial condition and production operations.
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