A-shares Subscription | Baimaike (920268.BJ) Opens for Subscription, Ranked Fourth in China's Seamless Stitching Market by Sales Revenue

On August 31, Baimaike (920268.BJ) began its subscription with an issue price of 17.1 yuan per share and a subscription limit of 474,200 shares, with a price-earnings ratio of 14.99 times. It is listed on the Beijing Stock Exchange, with China Great Wall as its sponsor. The prospectus shows that Baimaike is a high-tech enterprise specialized in the research, development, production, and sales of surgical medical devices such as surgical sutures and peptide pharmaceutical equipment. The main products of the company include surgical sutures, interventional embolization materials, hemostatic materials, and peptide synthesis and cleavage instruments. The company's "Feng Chuang Ling" absorbable surgical sutures (diameter 0.2-0.61 mm) utilize a 360-degree spiral barbed cutting process, with barbs distributed evenly around the suture body in a 360-degree spiral, featuring more than ten barbs per centimeter of suture. This design provides strong anchoring power for stitched tissues, allowing surgical suture use without knots, effectively enhancing surgical suture efficiency. It also possesses excellent tensile strength and biocompatibility, with a tensile strength retention rate of 80% after two weeks of implantation, and a retention rate of 50%-70% after six weeks. The product is completely degraded and absorbed in the body in approximately 180-220 days. In the field of surgical medical devices, the company focuses on the research and development of instruments required for clinical surgeries, adhering to independent innovation. It has mastered several key core technologies and production processes, boasting proprietary technologies in surgical sutures, interventional embolization materials, and hemostatic materials. The company has obtained the first domestic registration certificate for absorbable, knotless surgical suture products. During the reporting period, the companys main business revenue breakdown by product type is as follows: After years of development, the companys surgical suture products have been sold to nearly 3,000 hospitals in 31 provinces, autonomous regions, and municipalities across the country, including nearly 800 tertiary hospitals. The 2023 China Hospital Comprehensive Ranking covers 36 hospitals, including Peking Union Medical College Hospital, Fudan University Huashan Hospital, Shanghai Jiao Tong University School of Medicine Renji Hospital, Shandong University Qilu Hospital, Sun Yat-sen University First Hospital, among others. Additionally, based on the Top 100 Hospitals by Surgical Volume ranking, the companys "Feng Chuang Ling" series of absorbable, knotless suture products is available in over 50 hospitals, achieving significant market recognition. According to the Sullivan research report, ranked by sales revenue, the company is fourth in the knotless suture market in China for 2024, following Johnson & Johnson, Shunke, and Medtronic, three imported manufacturers. In the field of peptide pharmaceutical equipment, the company has laid out its product line around peptide screening, peptide active pharmaceutical ingredient R&D and production, providing a complete set of automated synthesis solutions for peptide industrial production and laboratory R&D. The main products include peptide synthesis instruments and peptide cleavage instruments. The companys subsidiary, Hainan Jianbang, successfully developed a fully automated large-scale peptide synthesizer with independent intellectual property rights in 2009, facilitating the transition of peptide drugs in China from laboratory research to large-scale industrial production, becoming a controlling device for peptide pharmaceutical production in China. Key clients for the companys peptide pharmaceutical equipment include major pharmaceutical enterprises such as Novartis, WuXi AppTec, Jiangsu Hengrui Pharmaceuticals, and Qilu Pharmaceuticals. In terms of finance, for the fiscal years 2023, 2024, and 2025, the company achieved operating revenues of approximately 174 million yuan, 185 million yuan, and 215 million yuan, respectively; during the same period, net profits were approximately 70.18 million yuan, 69.19 million yuan, and 70.81 million yuan.