Source | one Caixin (ID:yicaixin331)

Author | Tang Kaiyuan

Hangzhou Jingjie Biotechnology Co., Ltd. (hereinafter referred to as: Jingjie Biology) is an enterprise with protein analysis technology as its core, by providing proteomics technical services and antibody reagent products, it serves the basic research of life science, drug development and clinical diagnosis and treatment.

Since it was approved by the gem listing Committee in January 2023, the process of Jingjie Biological IPO has been stagnant for more than a year and has not yet been submitted for registration. Its sponsor and lead underwriter is CITIC Securities (600030), and the audit institution is Tianjian Institute.

There are many doubts about the number and model of mass spectrometers.

Yi Caixin noted that Jingjie uses GB, a computer storage unit for mass spectrometer analysis data, as a unit of measurement for its own capacity and output to provide proteomics technical services. In the prospectus, Jing Jie explained that the bottleneck of the company's core link in providing proteomics technical services is the capacity of the mass spectrometer, while the computer storage unit GB can measure the size of the raw data produced by the mass spectrometer analysis samples in the proteomics technical service. Thus it can be seen that the relevant data of mass spectrometer equipment are directly linked to Jingjie biological production capacity, which has a high reference value for stakeholders.

However, there are doubts about the number and model of Jingjie biological mass spectrometer.

The total amount of funds to be raised by Jingjie Bio in this IPO is 51445.Pokerwsopfreechips170,000 yuan was invested in the proteomics science and technology service platform upgrade project, the high-end scientific research and diagnostic antibody reagent production project and the comprehensive research and development platform project based on proteomics technology.

According to the Environmental impact report of Hangzhou Jingjie Biotechnology Co., Ltd. Proteomics Technical Service and Antibody R & D and production Project published by Green Network (Hangzhenggong [2021] No. 37, hereinafter referred to as EIA report No. 37), the evaluation project of this report is the sum of the three IPO projects of Jingjie Biology.

According to EIA report No. 37, only one of Jingjie's existing projects has been built, and the approval number is Hangzhou Kaihuan Jianbei 2021 [7]. It is called "Proteomics and Antibody Research and Development Project of Hangzhou Jingjie Biotechnology Co., Ltd." (hereinafter referred to as Project 7).

(the picture is taken from EIA report No. 37)

EIA report No. 37 shows that Project 7 was approved in April 2021 and accepted in September 2021. The main equipment of the project contains 13 mass spectrometers, the model is timsTOF Pro or Orbitrap Exploris480.

(the picture is taken from EIA report No. 37. The spelling of the model is subject to the inquiry and reply of Jingjie Biology, the same below)

According to the EIA report of the Green Network No. 7 project, the No. 7 project plans to purchase imported testing and analysis instruments such as Orbitrap mass spectrometer and timsTOF Pro mass spectrometry system. The number of mass spectrometers in the main equipment of the project is 13, and the model is timsTOF Pro or Orbitrap Exploris480, which can correspond to the content of the EIA report 37.

(the picture is taken from the project EIA report No. 7)

The above EIA report disclosed the target of the parent company of Jingjie Biology, while the prospectus and inquiries and responses are for Jingjie Biology as a whole, including subsidiary data within the scope of the merger. Among them, Jingjie Biological has a subsidiary in 2021, so it is reasonable that the number of mass spectrometers disclosed in the EIA report is less than or equal to the inquiry response, otherwise there is a contradiction.

The accounting schedule of the mass spectrometer disclosed in the second round of inquiries shows that only one new mass spectrometer will be added to Jingjie Biological in 2021.PokerwsopfreechipsBy the end of that year, Jingjie biology had recorded a total of 13 mass spectrometers, which just reached the acceptance amount of mass spectrometers in the main equipment of project 7. However, one of the 13 mass spectrometers was recorded later than the acceptance time of project 7, and another mass spectrometer was sold in 2021, which may result in less than 13 of the qualified mass spectrometers in the inquiry response.

(the picture is taken from the second round of inquiries)

Jingjie Biological's reply to a round of inquiries is also stated as follows: "in 2020, the company purchased 5 mass spectrometers." From January to June 2023, the company purchased 3 mass spectrometers. This also corresponds to the entry time of the mass spectrometer in the second round of inquiry response. It can be seen that Jingjie biological mass spectrometer was recorded in the same year, and there should be no situation in which the No. 7 project had purchased the mass spectrometer but was temporarily included in the account.

In addition, there may be doubts about the model of the mass spectrometer.

According to the EIA report, the 13 mass spectrometers of Project 7 are all timsTOF Pro or Orbitrap Exploris480; query responses. Of the 13 mass spectrometers recorded by the end of 2021, 5 belong to other models, all before 2019. The inquiry reply further revealed that the introduction of 4D mass spectrometer has brought about the upgrading of the mass spectrometer and greatly improved the efficiency of data processing. Two representative models of 4D mass spectrometer, timsTOF Pro and Orbitrap Exploris480, were launched in 2019. In view of this, according to the query response data, by the end of 2021, a total of 8 mass spectrometers have been accounted for to meet the model requirements of Project 7, which is a certain gap with 13.

According to the inquiry, Jingjie Biology has only two mass spectrometers in 2021 and only one in 2022 and the first half of 2023. Zero-rent mass spectrometers are not included in production capacity and the quantity is not disclosed.

In addition, in the second round of inquiries and responses, the number of Jing Jie's own mass spectrometer "weighted monthly" may not correspond to the accounting time of the mass spectrometer.

According to the accounting schedule, Jingjie Biological did not sell its own mass spectrometer in 2020; by the beginning of 2020, Jingjie Biological had a total of 7 mass spectrometers; by the end of 2020, Jingjie Biological had a total of 12 mass spectrometers. In the monthly weighting table, the number of Jingjie biological mass spectrometers in 2020 is only 4.42, which is lower than the lowest value of the annual mass spectrometer. I don't know why. A similar situation will occur in 2021 and 2022. The above doubts about the number and model of Jingjie biological mass spectrometer may lead to a decline in the reliability of its production capacity data.

(the picture is taken from the second round of inquiries)

The IPO letter reveals low-level mistakes.

In the prospectus, Jingjie Biology list compares the gross profit margin of the comparable company with its main business.

However, Yicaixin checked the annual report, semi-annual report and Feipeng biological prospectus (registration draft) of BGI (300676), a comparable company in the same industry, and found that Jingjie made a mistake in citing peer data in the prospectus. The quality of its letter may need to be improved if the "main business gross profit margin" is confused with "comprehensive gross profit margin".

Taking the first half of 2022 as an example, according to Jingjie Biotech's prospectus, the gross profit margin of BGI's main business in the first half of 2022 was 54.08%. However, the 2022 semi-annual report announced by BGI shows that its current main business income is 3,152,090,069.59 yuan, and its main business cost is 1,450,887,949.87 yuan; operating income is 3,161,333,730.96 yuan, and operating costs are 1,451,548,375.07 yuan. Based on this calculation, the gross profit margin of BGI's main business in the first half of 2022 was 53.97%, and the comprehensive gross profit margin was 54.08%. Jingjie Biotech may have mistakenly listed BGI's comprehensive gross profit margin as the main business gross profit margin.

(Picture taken from Jingjie Biotech's prospectus)

(Picture taken from BGI's 2022 semi-annual report)

There is a similar situation with the data disclosure of Feipeng Biotech. According to Jingjie Biotech's prospectus, the gross profit margins of Feipeng Biotech's main business from 2019 to 2021 are 92.70%, 93.95% and 88.50% respectively. However, the registration draft of the prospectus announced by Feipeng Biotech (released on January 6, 2023) shows that from 2019 to 2021, its comprehensive gross profit margins were 92.70%, 93.95% and 88.50%, respectively, while the gross profit margins of its main business were 92.81%, 94.02% and 88.43%, respectively.

(Picture taken from Feipeng Biotech registration draft)

To sum up, Jingjie Biotech's application materials have doubts about the disclosure of major equipment, and inappropriate low-level errors have also occurred when analyzing the data of comparable companies in the industry. CITIC Securities should further consolidate its "recommendation" responsibility and improve the accuracy of the letter. sex.

This article was first published on the Weixin Official Accounts: Yicaixin. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly and bear the risks themselves.