Behind the halo of high-end radiotherapy equipment, which often costs tens of millions, the inconspicuous supporting consumables often hide a higher gross profit margin.
As a supplier of radiotherapy supporting materials, Guangzhou Kelairedi Medical Equipment Co., Ltd. (hereinafter referred to as &#34;Kelairedi&#34;) focuses on positioning films and other products, with gross margins exceeding 60% for the past three years, surpassing downstream equipment manufacturers by more than 10 percentage points.
Now, Kelairedi is making a push for the Beijing Stock Exchange and will be reviewed on March 13.
This is not Kelairedi's first time at the review. As early as 2021, it applied for listing on the ChiNext and received a review opportunity the following year, but ultimately, due to limited market space for its main products, its listing path was directly rejected by the listing committee.
The concerns of regulators at that time have indeed been somewhat validated.
Currently, Kelairedi is facing the dilemma of &#34;increasing revenue without increasing profit,&#34; with revenue projected to be 315 million yuan in 2025, an increase of over 30% compared to 2022; however, the net profit attributable to the parent company during the same period is only 64 million yuan, which has even shrunk by more than 7% compared to 2022.
Behind the challenges of performance growth, Kelairedi's current listing also plans to raise funds for capacity expansion, raising market concerns about whether its capacity is excessive.
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<h2>Growth Ceiling</h2>
As an important means of tumor treatment, the core of radiotherapy lies in the precise bombardment of tumor target areas with high-energy rays.
To ensure the accuracy of the radiotherapy plan and avoid harming healthy tissues, patients must maintain a certain position during treatment, which places high demands on radiotherapy positioning and placement devices.
Kelairedi's core product, the radiotherapy positioning device, is used to fix, restrict, and track changes in the patient's position during the radiotherapy process, mainly covering consumables such as radiotherapy positioning films and vacuum negative pressure bags, as well as equipment like radiotherapy fixation frames and radiotherapy flat beds.
In 2024, Kelairedi's radiotherapy positioning devices are expected to generate 223 million yuan in revenue, accounting for nearly 80% of total revenue.
Compared to large radiotherapy equipment costing millions or even tens of millions, the unit price of consumable radiotherapy positioning devices is not high.
In 2024, the unit prices of Kelairedi's radiotherapy positioning films and fixation frames are 218.12 yuan and 21,700 yuan, respectively.
Even so, Kelairedi's gross margin is not low, maintaining around 60% from 2022 to 2024, which is enough to make many high-end medical equipment giants envious.
For example, Kelairedi's downstream customer, United Imaging Healthcare, which has deepened customized cooperation, has a gross margin of only 48.54% in 2024.
In comparison, as an upstream supporting supplier, Kelairedi's overall gross margin is even more than 10 percentage points higher than that of downstream core equipment giants.
This contrast reflects a hidden fact in the radiotherapy industry chain: behind the high-end medical equipment market, inconspicuous supporting consumables occupy the high ground of gross profit.
However, in 2025, when downstream equipment manufacturers are rapidly growing with nearly 50% year-on-year growth in net profit attributable to the parent company, Kelairedi finds itself in the predicament of &#34;increasing revenue without increasing profit.&#34;
In 2025, Kelairedi's revenue increased by 10.48% year-on-year to 315 million yuan, but the net profit attributable to the parent company fell by 5.47% year-on-year to 64 million yuan, which is even lower than in 2022.
The profit margin has significantly shrunk, with a net profit margin of 20.15% in 2025, down nearly 10 percentage points from 2022.
This is the result of dual pressure from product prices and costs.
On one hand, the strengthening of price control in the bidding for consumables has directly weakened product profitability. The gross profit margin in 2025 was 60.13%, down 4.5 percentage points from 2022.
Kelairedi has also significantly reduced prices in some regions. Xinfeng noted that in the unified procurement of medical consumables in Liaoning Province in 2024, Kelairedi proactively lowered the price of positioning membranes from 450 yuan to 320 yuan, a decrease of 28.89%.
On the other hand, to stabilize market share, Kelairedi was forced to increase promotional efforts, with the sales expense ratio rising from 16.87% in 2022 to 19.05%, further impacting net profit.
The pressure on all profitability indicators has exposed concerns about Kelairedi's growth ceiling.
In fact, insufficient growth was the fatal flaw that led to Kelairedi's rejection when it attempted to list on the Growth Enterprise Market in 2022.
At that time, the listing committee clearly pointed out that Kelairedi's main products had limited market space and specifically inquired about the potential impact of policies such as &#34;volume-based procurement.&#34;
In hindsight, the concerns of regulators at that time have now manifested in the financial data.
Three years later, as Kelairedi knocks on the capital market again, it still needs to prove its ability to sustain growth.
<h2>Cutting Off &#34;Supplementary Flow&#34; Projects</h2>
Behind the two attempts to go public, Kelairedi &#34;is not short of money.&#34;
The most direct reflection is the continuously negative financial expenses.
From 2022 to 2024, Kelairedi's financial expenses were -6.8047 million yuan, -4.7107 million yuan, and -4.9954 million yuan, respectively.
These book profits are mainly contributed by foreign exchange gains and interest income.
Against the backdrop of a generally rising USD to RMB exchange rate, Kelairedi has gained considerable foreign exchange income, especially reaching 5.2471 million yuan in 2022.
At the same time, Kelairedi has used the ample funds accumulated from business operations to purchase low-risk financial products such as large fixed-term deposits, with interest income rising from 1.3328 million yuan in 2022 to 3.9045 million yuan in 2024.
Even though Kelairedi does bear long-term bank loans, this liability has not had a substantial impact on the current profit and loss statement.
Kelairedi's loans are mainly used for the construction of the main building of the project under construction. According to accounting standards, before the building reaches the intended usable state in September 2024, the related interest expenses incurred are capitalized and directly included in the asset cost.
Although with the completion of the headquarters in 2025, long-term loan interest will need to be expensed in the current profit and loss, under the offset of large interest income, Kelairedi's current financial expenses still reflect as &#34;-0.64 million yuan.&#34;
This makes Kelaireidi's large-scale fundraising move appear quite abrupt.
The Beijing Stock Exchange also requested Kelaireidi to explain the &#34;reasonableness and necessity of using the raised funds to supplement working capital&#34; in the second round of inquiries.
In response, Kelaireidi admitted that its capital reserves are indeed relatively ample, with a disposable fund balance reaching 207 million yuan by the end of 2024.
To prove the reasonableness of the fundraising and dispel regulatory concerns, Kelaireidi made a compromise by directly cutting the working capital supplement project by 40 million yuan.
Even so, this raises questions about the necessity of Kelaireidi's financing.
The fundraising also involves projects such as the &#34;headquarters construction for radiotherapy positioning and rehabilitation products,&#34; but given the challenges in the market space for its main products and the pressure of price reductions at the terminal, whether large-scale fundraising to expand production capacity is still necessary is clearly uncertain.
If downstream market demand cannot expand in sync to absorb this new production capacity, the heavily invested headquarters building and production lines will inevitably turn into depreciation and amortization. This not only fails to break the original growth ceiling but may also become a burden that drags down Kelaireidi's profitability

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