Maipo Medical (301033.SZ), whose stocks were suspended for two weeks, resumed trading on June 6th. However, the stock price closed with a 7.92% drop in the morning. The previous night, the company made a significant announcement by releasing a reorganization plan.
The Details of the Reorganization Plan
The plan proposed that Maipo Medical would acquire 100% of the equity of Yijie Medical through the issuance of shares and cash payment. Simultaneously, it aimed to raise additional funds. Notably, this transaction is a related – party transaction. Yuan Yuyu, the controlling shareholder and actual controller of Maipu Medical, indirectly holds Yijie Medical through Ze Xin Medical and Yichong Xiang. Moreover, the object of raising additional funds for this transaction is also Yuan Yuyu.
Company Profiles and Synergy Potential
Maipo Medical’s Product Portfolio
Maipu Medical is the only enterprise in the domestic neurosurgery field with a diverse range of implantable medical device products. These include artificial dura mater patches, craniofacial repair and fixation systems, absorbable regenerated cellulose, and dural medical glue, covering key implantable devices for craniotomy surgeries.
Yijie Medical’s Focus
Yijie Medical, on the other hand, mainly engages in the research, design, and sales of general vascular interventional medical devices in the neurology field. Its main products are neurointerventional catheters, neurointerventional guidewires, balloon dilation catheters, etc.
Synergy Expectations
For Maipu Medical, the acquisition of Yijie Medical holds the potential to expand the product range of the neurology and internal medicine departments. It can also extend the biocomposite material technology from the implantation field to the interventional field. Additionally, since the end customers of Yi Jie Medical are mainly the neurology departments in hospitals, which have a high overlap with Maipu Medical’s end hospitals, the integration of distributor channels and promotion systems across the country for both companies is expected after the transaction through the synergy of channel resources.
Financial Concerns and Risks
Uncertainty in Transaction Value
As of now, the auditing and assessment work for the target assets of this reorganization has not been completed. Consequently, the assessment value and transaction price of Yijie Medical remain undetermined.
Financial Performance Comparison
Yijie Medical suffered losses of 29.5142 million yuan and 26.1580 million yuan in 2023 and 2024 respectively. In contrast, Maipu Medical saw its net profit increase year – by – year from 2022 to 2024. In 2024, the company’s annual net profit was 78.8542 million yuan, still less than 100 million yuan, and in the first quarter of 2025, its net profit was 24.1623 million yuan. Given Maipu Medical’s net profit of only several million yuan and Yijie Medical’s continuous losses, many are concerned that this acquisition might have a negative impact on Maipu Medical’s performance.
Market Competition Risks
Maipu Medical also pointed out in the plan that there are potential market competition risks associated with this acquisition. In the field of neuro – interventional medical devices, existing competing products may maintain a high market share, and potential competing products may achieve significant breakthroughs. If the target company fails to accurately grasp the industry development trend or maintain its technological advantages and product competitiveness, the main products of the target company may face the risk of sales falling short of expectations due to intensified market competition.
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