IPO observation 丨 Yaerjia impacts "the first share of medical beauty mask": nearly 50%of the net interest rate, only 6 R & D personnel

On September 8th, Harbin Terja Technology Co., Ltd. (hereinafter referred to as "Terja") was launched at the GEM of the Shenzhen Stock Exchange. If it passes, the general will lead the giant biology and Chuanger creature to become the "first share of medical beauty mask".

In September 2021, Yaerjia submitted a prospectus to the GEM of the Shenzhen Stock Exchange. In 2022, Giant Biological submitted a listing application to the Hong Kong Stock Exchange, and Chuanger Bio submitted listing materials to the Beijing Stock Exchange. Behind the collective impact of the capital market is the hot sales of medical beauty mask products in recent years.

The so -called medical beauty mask is actually a medical dressing. It is usually used by the hospital for dermatology patients or laser surgery to help patients repair skin and heal trauma. This type of medical dressing belongs to the national second category of medical equipment, which is different from the "makeup name" that is different from the general mask packaging registration certificate.

The stricter production qualifications and the sought -after social media have formed the impression of "effective medicine" in consumers' hearts, driving the performance growth of relevant companies.

The main medical device dressing products and functional skin care products

Earn 2.1 billion yuan in 3 years, and the net interest rate is nearly 50%

The prospectus shows that Yaerjia is a company engaged in the research and development, production and sales of professional skin care products. The main business includes two major categories. The main forms such as stickers and membrane products are also launched, and other forms such as water, essence and emulsion, spray, frozen dried powder are also introduced.

↑ Erjia According to visual China

The analysis report of Ferrishalvin quoted Ferris Sandarin that the company's patch products in 2020 ranked first in the professional skin care market of the chip professional, with a market share of 21.3%. Among them, the market share of medical device dressing products is 25.9%, ranking first; functional skin care products film products account for 16.6%, ranking second in the market.

Under the strong market proportion, the revenue of Yaerjia from 2019-2021 was 1.342 billion yuan, 1.585 billion yuan, and 1.65 billion yuan, respectively, and the net profit attributable to mothers at the same time was 661 million yuan, 648 million yuan and 806 million yuan, respectively. Yuan. That is to say, in the past three years, the company has earned 2.1 billion yuan, with a net interest rate of nearly 50%.

Re -marketing, light development

R & D cost rate is less than 1%, and only 6 R & D personnel

In the fiercely competitive medical beauty mask market, the performance growth rate of Yaerjia in 2022 has slowed, which has also exposed the company's heavy marketing and light development.

According to the prospectus, from 2019 to 2021, the R & D expenses of Yaerjia were about 603,900 yuan, 1.4797 million yuan, and 5.2429 million yuan, respectively, and the R & D cost rates were 0.04%, 0.09%, and 0.32%, respectively. People, 4 people, 4 people. As of the end of 2021, the company's R & D personnel were 6.

Compared with the cost of peer research and development, from 2019 to 2021, the R & D expense rate of Biomedical Aesthetic Mask is 4.7%, 6.06%, and 9.25%respectively. The proportion is about 4%.

↑ Erjia According to IC Photo

Compared to R & D investment, Yaerjia is even more "big" in marketing and sales. During the same period, the sales expenses of Terja were 115 million yuan, 265 million yuan, and 264 million yuan, respectively, and the sales costs were 8.60%, 16.75%and 16.01%, respectively.

In this regard, Yaerjia explained that during the reporting period, the company's R & D activities were mostly non -special cosmetics research and development, existing product upgrades and performance testing, etc., and the R & D expenditure was small. R & D/extract, process development and clinical research research and development projects, etc., have high research and development costs. Yerjia said that as the company's III medical device was promoted in the research items and the investment of investment projects, the company's R & D expenses are expected to increase.

In this IPO, Yaerjia intends to raise 1.897 billion yuan, and the use of fundraising includes 654 million yuan for "production base construction projects", 885 million yuan for "brand marketing promotion projects", 56.91 million yuan for "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and and "research and development and and" research and development and and "research and development and and" research and development and and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development and "research and development and" research and development. The Quality Inspection Center Construction Project "and 300 million yuan are used to supplement mobile funds. Yaerjia said that after fundraising, it will be built by self -built production bases, and the production capacity is expected to reach more than 600 million pieces.

Red Star Journalist Yu Yao Intern Reporter Cheng Luyang

Editor Yu Dongmei Intern editor Zhu Jieying

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