Sisram Releases Prospectus: Fosun Pharmacy's 100 Million Empire is about to be born

On June 7, Fosun Pharma announced that Sisram Medical Ltd (hereinafter referred to as Sisram), a non-wholly-owned subsidiary of Fosun Pharma, plans to be listed on the main board of the Hong Kong Stock Exchange. For the first time, the author summarized the core data of the company's operations for the reference of the industry.

Sisram发布招股书:复星医械千亿帝国即将诞生

01 Main business revenue situation

Sisram发布招股书:复星医械千亿帝国即将诞生

Product line performance:

1. Most of the revenue comes from the medical beauty product line, which has accounted for about 75% of the total revenue in the past three years.

2. The line of life beauty products mainly caters to the needs of beauticians, and the sales volume of this product line remains stable. The small decrease in 2016 was mainly due to the decline in sales in China. And the company is phasing out some of the old products and launching new ones.

3. Mini-invasive medical beauty products began selling FemiLift minimally invasive medical beauty systems in 2013. Revenue from the product line in 2016 was US$14.2 million, accounting for 12.0% of total revenue for the same period, and revenues are gradually increasing.

02 Revenue by customer category

Sisram发布招股书:复星医械千亿帝国即将诞生

03 Gross profit and gross profit margin

Sisram发布招股书:复星医械千亿帝国即将诞生

1. In 2016, gross profit increased by 8.5% compared with 2015, mainly due to the increase in revenue.

2. Gross profit margin increased from 52.0% in 2015 to 52.7% in 2016, as long as sales to direct sales increased (same direct cost, but higher prices). And the product portfolio turned to some products with higher gross profit margins (such as FemiLift minimally invasive medical beauty system).

Compared with the gross profit margin of some domestic manufacturers, Sisram's gross profit margin seems a bit bleak.

Sisram发布招股书:复星医械千亿帝国即将诞生

It can be seen that the production cost in Israel is still relatively high. In the future, it will be moved to China for production.

04 Regional sales performance

Sisram发布招股书:复星医械千亿帝国即将诞生

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