Ao Jing Medical's stock price was on the "roller coaster". The market value shrinks nearly 80 % a year and a half.

Recently, Ao Jing Medical (688613.SH) disclosed that the company's former secretary Yu Xiurong filed a labor arbitration and asked the company to pay about 45.46 million yuan. On September 13, Ao Jing Medical told the Red Star Capital Bureau that at the company, Yu Xiurong still serves as a financial adviser in the company, and the follow -up situation of labor arbitration has not been notified.

The Red Star Capital Bureau noticed that from the perspective of the equity structure, Ao Jing Medical is a typical family business. Its soul figure is Cui Fuzhai, who has worked at the School of Materials of Tsinghua University for many years. The company is mainly engaged in artificial bone repair materials, and its product "skeletal gold" revenue accounts for more than 60%since 2018, which also exposes its relatively single problems.

In May 2021, Ao Jing Medical was listed on the Science and Technology Board. Its stock price once soared from 16.43 yuan to more than 130 yuan, but then it turned sharply. As of the closing of September 13, Ao Jing Medical closed down 1.09%to 25.37 yuan/share, with a total market value of 3.383 billion yuan. From the high point, it has shrunk by nearly 80%and evaporates exceeding 13 billion yuan.

↑ Data Matching Figure Figure according to IC Photo

Former secretary mentioned labor arbitration

Application fee exceeds 45 million

Recently, Ao Jing Medical issued an announcement saying that the company received a notice, notice of proof, notice of proof, notification notice, notice of files, and labor dispute arbitration arbitration application from the company's labor dispute arbitration committee. , Gasoline subsidies, project bonuses, overtime fees, etc., with a total of 45.46 million yuan.

Public information shows that Yu Xiurong joined Ao Jing Medical in April 2019 and has served as the company's financial leader, director, and deputy general manager. Less than 3 years after joining Ao Jing Medical, Yu Xiurong stepped down as the company's related positions. On February 14 this year, Ao Jing Medical disclosed that due to the changes in the company's internal work adjustment, Yu Xiurong no longer served as secretary of the company's board of directors, but after leaving office, Xiu Rong was still the company's financial leader. At the same time, the company hired Yu Xiurong to serve as the company's deputy general manager and in charge of the company's financial work.

On August 4, Ao Jing Medical issued another announcement saying that due to the change in work adjustment, Yu Xiuri plans to stop serving as the company's deputy general manager and financial person in charge, but after leaving office, Xiu Rong still holds other positions in the company.

On September 13, Ao Jing Medical told the Red Star Capital Bureau that Yu Xiurong was still serving as a financial adviser at the company, and the follow -up situation of labor arbitration has not been notified.

The soul figure has been working in Tsinghua for many years

Take the initiative to abandon the product deposit structure of Jizai Company a single hidden concern

Ao Jing Medical said that the company was established in 2004 and is a national high -tech enterprise focusing on the research and development, production and sales of high -end biomedical materials and related medical device products. It mainly focuses on research and development of artificial bone repair materials. It should be pointed out that the development of Ao Jing Medical is inseparable from the soul figure behind -the current company's director and chief scientist Cui Fuzhai.

Public information shows that Cui Fuzhai was born in 1945. He has a bachelor's degree in engineering physics, master's degree in engineering physics, and a doctorate degree in materials. From 1984-1987, Cui Fuzhai conducted a postdoctoral research at the FOM FOM Molecular Atomic Physics Research Institute. From August 1987 to May 2011, he served as an associate professor and professor at the School of Materials of Tsinghua University; from December 2004 to December 2012 The post of general manager of medical treatment, since November 2005, has served as a director of Ao Jing Medical, and has been the company's chief scientist of Ao Jing Medical Medical in June 2011 to the present.

From the perspective of equity structure, Ao Jing Medical is a typical family business. Eric Gang Hu (Hu Gang), Cui Fuzhai, and Huang Wanlan's actual controllers were holding 7.12%, 4.75%, and 2.82%, respectively. Among them, Cui Fuzhai and Huang Wanlan's husband and wife relationship, Hu Gang is the son -in -law of the aforementioned two.

Ao Jing medical financial report shows that the company has three major products -skeletal gold, teeth shell and cranine. From 2018 to 2021, the revenue of product skeleton gold was 85.878 million yuan, 102 million yuan, 127 million yuan, and 158 million yuan, accounting for 69.44%, 60.42%, 69.30%, and 66.7%, respectively. Essence This also means that the structure of Aojin medical products is relatively single. If the artificial bone repair material market or orthopedic orthopedic defect repair material market in the future will have major adverse changes, which will not affect the company.

↑ Screenshot Zi'ao Medical Prospectus

At present, the product marketing of Aojing Medical is mainly "distribution-buying" model. From 2018 to 2020, October Medical's revenue obtained through this model accounted for 97.50%, 98.08%, and 99.26%, respectively. In this model, Olympic Medical Medical and Dealers agreed to be shipped according to the purchase order according to the purchase order. The business is responsible for selling the issuer's products to medical institutions such as hospitals.

↑ Screenshot Zi'ao Medical Prospectus

At the same time, this model cannot directly control the actual operation of the dealer, and there is a risk of damaging the brand's reputation due to the dealer's sales or after -sales service. In the future, the possibility of stable and sustainable cooperation with the company in business activities. In addition, in November 2019, Ao Jing Medical took the initiative to abandon the collection of some medical consumables such as orthopedics, general surgery and other medical consumables in Suzhou, Yancheng, and Suqian City. Receive to 0. It is worth noting that Olympic Medical Medical pointed out that during the reporting period, the company's operating income from the above -mentioned three cities was 41,500 yuan, 32,000 yuan, 08,000 yuan and 10,000 yuan, and the proportion of operating income was 0.05, respectively. %, 0.03%, <0.01%, and 0.00%, accounting for a small, so give up the collection or be a "correct consideration".

Artificial bone repair material industry is decentralized

The company's market share accounts for about 13%

The Red Star Capital Bureau learned that bone repair materials have gone through development stages such as alien bone, autologous bone, and same kinds of alien bones. As of 2018, natural bone repair materials have occupied about two -thirds of the market share of orthopedic orthopedic orthopedic defect repair materials. Among them, alien bones usually refer to human bone tissues that are described or amputated.

In this case, the technical level and clinical effects of artificial bone repair materials have continued to improve. In 2018, artificial bone repair materials have occupied about one -third of the market share of orthopedic orthopedic orthopedic orthopedics repair materials. In addition to the main manufacturers of the track, in addition to the Olympic Medical Medicine, it also includes domestic enterprises such as Shanghai Ruibang Biological Materials Co., Ltd., Hangzhou Jiuyuan Gene Engineering Co., Ltd., Sichuan Guona Technology Co., Ltd., Shanghai Bio Lu Biomedical Co., Ltd. Foreign companies such as the game, Wright, Johnson & Johnson.

According to Ao Jing Medical, in 2018, the company's products occupied about 13%of the artificial bone repair material industry. However, the bone repair industry is still in a relatively decentralized state, and the natural bone repair materials occupy a large share, and the artificial bone repair materials have no obvious leading company.

Ao Jing Medical said that in addition to the current company, there are some bone repair materials products in the listed company, and there is no main business for the comparable company for artificial bone repair products. It is worth mentioning that the mineralized collagen artificial bone repair material produced by Aojin Medical Relying on bionic mineralization technology belongs to the technology and products of the development of artificial bone repair materials, and has good performance advantages. At present, there are only ten types of artificial bone repair materials at home and abroad, with only ten types of collagen/hydroxylhhexylite composite components, and only 5 species are used in Chinese orthopedics, oral and plastic surgery, and neurosurgery. Precision medicine products. In addition, the BONGOLD product launched by Ao Jing Medical in the US market for orthopedic orthopedic defect repair is the first and only domestic artificial bone repair product that has obtained the US FDA 510 (K) market access permit.

Red Star News reporter Deng Lingyao

Responsible editor Wei Kongming editor Yang Cheng

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