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Public company info - PW Medtech Group Ltd. , 01358.HK
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PW Medtech Group Ltd., 01358.HK - Company Profile
Chairman Yue’e ZHANG
Share Issued (share) 1,569,000,000
Par Currency U.S. Dollar
Par Value 1.0E-4
Industry Medical Equipment & Services
Corporate Profile Business Summary: The Group is principally engaged in the development, manufacturing and sale of advanced infusion set products (the “Infusion Set Business”). Performance for the year: For the year ended December 31, 2019, the Group’s revenue and gross profit from continuing operations were RMB362.2 million and RMB222.1 million, representing an increase of 16.5% and 13.8% from 2018, respectively. The gross profit margin for the year was 61.3%. Business Review As a leading company in China’s medical device industry, PW Medtech is principally engaged in R&D, manufacturing and sales of advanced infusion set products with a focus on fast-growing and high-margin segments of China’s medical device market. With increasing attention on infusion safety from the market in recent years, coupled with the impact of the recent outbreak of epidemic, we estimate that the demand for advanced infusion sets will increase. Over the years, the Group has maintained its leading position in China’s advanced infusion sets market in terms of market share, particularly in those local markets of advanced infusion sets such as Beijing, Heilongjiang, Jiangsu and Hubei. In addition to the continuing efforts in enhancing R&D of advanced infusion set products, the Group also focuses on R&D and sales of cannula products. In view of the upgrade of technology and production process, as well as the increasing demand in the medical market, it is expected that the cannula market in China will maintain a higher growth rate in the coming three years. Meanwhile, the Group has also carried out R&D of medical devices for diabetes and other therapy sectors. In 2019, Fert Technology continued to make greater efforts in the R&D of various therapy sectors, such as infusion sets and cannulas, and developed new product lines through R&D based on the infusion sets and cannula products which have been launched in the market. With special materials and process, needleless connectors launched during the year are compatible with the majority of the various types of infusion sets and cannula products in the market. Apart from the needleless connectors, the newly developed DEHP-free intestinal feeding device and the first blood transfusion set with two-layer structure of the tube in China had been launched during the year, which further expanded the Group’s product line of the infusion therapy sector. In the future, PW Medtech will continue to focus on the infusion therapy sector and launch new products for other therapy sectors so as to contribute to the safety and high efficiency of medical care. Apart from the advanced therapy consumables sector mentioned above, the Group has also expanded into the diabetes sector. Diabetes has become a worldwide common chronic disease and there are a large number of diabetes patients in China. With continuous economic development and aging population, the number of diabetes patient will continue to increase. Insulin injection is currently one of the most effective treatments for diabetes, and the demand for medical devices for treatment of diabetes is steadily growing. Therefore, the Group has rolled out newly developed products such as insulin injection needles and insulin injection pens, marking a successful step of the Group into the diabetes drug sector. Our insulin injection needles offer a wide range of specifications that can satisfy the needs of diabetes patients with different body features and can reduce their pain significantly. The insulin injection pens adopt medical polymer materials and are compatible with the mainstream models of insulin injection pen in the market. Looking forward, the Group will continue to focus on the diabetes sector and the R&D of other high value-added medical devices. At the beginning of 2019, the relocation of the headquarter of the Group and Fert Technology, a subsidiary of the Company, to a new industrial park in Pinggu was successfully completed. The industrial park is located at the southwest of Pinggu District, Beijing, the PRC, a core district of Beijing-Tianjin-Hebei metropolitan area and a central location in Bohai Economic Rim. The new plant has enhanced both production capacity and working efficiency of the Group so as to meet the continuous growth of market demand in the future. In April 2019, the new sterilization station of the Group in Pinggu officially commenced operation and opened for business. The sterilization station is large in size and equipped with advanced environmental facilities. It occupies a site area of 5,600 square meters and has a sterilization capacity of 150 cubic meters. It is also equipped with spray and shower column for acidic cleaning, which will be able to provide professional sterilization devices for medical companies operating in the industrial park in the future. At the beginning of 2020, the sterilization station also provided sterilization services to contribute to the prevention and control of the epidemic. In addition to focusing on the organic growth of its business segments, the Group also continued to strategically integrate its resource advantages through mergers and acquisitions and maximize the synergies among its R&D, distribution network and business operation, thereby providing strong momentum for the development of the Group into a comprehensive platform for high-valued consumables in the medical device industry in China. In September 2019, the Group entered into the Share Purchase Agreement with Centurium, pursuant to which the Group has conditionally agreed to sell 1 million shares in CBPO (NASDAQ ticker: CBPO), an associate of the Company, to Centurium at a total consideration of US$101.0 million or higher, depending on whether the price adjustment terms in the Share Purchase Agreement will be trigged. In addition, as the second largest shareholder of CBPO, the Group has entered into a consortium agreement with Centurium and other consortium members for the formation of a consortium to proceed with the proposed privatization of CBPO. The Group believes that the privatization will be beneficial for CBPO to focus on long term benefit and sustainable development by reducing listing compliance cost, thus enhancing the investment value of CBPO held by the Group. CBPO is a leading biopharmaceutical company principally engaged in the research, development, manufacturing and sales of blood-related biopharmaceutical products, or blood products, in China. Proceeds from the disposal will be used towards, among others, the repayment of the Company’s debt financing, capital expenditure and working capital. The Group believes that the demand for blood products in China will continue to increase in the future and there will be an enormous growth potential for the industry. Accordingly, the disposal and the privatization proposal, as a whole, will offer an opportunity to enhance the Company’s interest in CBPO and further optimize the Company’s layout in high growth businesses. Moreover, on 24 January 2019, Cross Mark Limited, a controlling Shareholder, further acquired 28 million Shares representing approximately 1.78% of the total Shares as at the date of the transaction, signifying the controlling Shareholder’s trust in the Company’s management and its recognition to the future development of the Company. Prospects: In light of the increasing market demand and supporting policy benefits, the Group will continue to focus on the development of advanced infusion sets and intravenous cannula business by leveraging its strong R&D capability. As a leading company in the infusion therapy sector, the Group will strive to provide safer and more efficient solutions for the market. In the future, the Group will also continue to step up its efforts in the R&D of medical devices for the diabetes therapy sector and other therapy sectors. Capitalizing on opportunities available in the industry, the Group will strive to further optimize its business layout through the development strategy of mergers, acquisitions and integration of advantages. It will also scale up its investment in R&D with a view to developing comprehensive and quality product portfolio at competitive prices so as to further diversify its businesses, consolidate its leading position in the market and realise rapid growth.

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