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云克隆“带病”IPO:产品类型过于单一 保荐人能力被质疑

2017-09-19 17:36:55   中国经济网

据报道,2014年,当时为多伦多大学研究人员的Ioannis Prassas博士在生命科学国际核心刊物Clinical

Chemistry上撰文指出,为了验证他们一项重大发现——人体新型的胰腺癌生物标志物CUZD1,他和他的研究团队整整忙碌了两年时间、花费的研究经费超过五十万美元,但一直失败。

Ioannis Prassas博士在文章中表示,他使用USCN和R&D公司两个供应商的试剂盒做对比实验,发现USCN生产的CUZD1试剂盒中的抗体被验证无效。他在论文中提到,对比实验结果显示,CUZD1并未与目标抗原结合,而是与另一种完全不同的抗原CA125结合,Ioannis

Prassas博士这才意识到失败的因素是一支包含在CUZD1 ELISA试剂盒中的抗体。

文章称,这种特异性直接导致了ELISA实验结果的巨大偏差,从而造成了该研究项目的接连失败。因此,Ioannis

Prassas博士在文章中将矛头直接指向试剂盒产品的供应商USCN Life Sciences(即云克隆公司前身武汉优而生)。

 毛利率远超同行公司 可比肩贵州茅台

科研用检测试剂属于高科技、高附加值的产品,行业整体利润水平较高。云克隆的毛利率不仅超过同行公司,也超过国内相近的上市公司大截。

招股书显示,2014年至今年上半年,云克隆主营业务毛利率分别为81.70%、87.86%、91.08%和91.00%。而科研用检测试剂行业主要境外上市公司2016年的平均毛利率水平为55.67%。

国外同行公司毛利率情况

云克隆称,技术水平高、行业内知名度高、产品品种丰富、产品渠道丰富的企业具备较强竞争优势,拥有较高的利润水平。不具备竞争优势的企业的利润水平较低。

国内相近业务上市公司毛利率情况

招股书表示,目前国内尚无专门生产科研用检测试剂的上市公司。根据公司产品特点,选取“医药制造业”行业中与免疫学相关上市公司选定可比上市公司。可以看出,2014年-2016年,可比上市公司的综合毛利率水平普遍较高,但云克隆与可比上市公司的综合毛利率平均水平更高。

提起高毛利的公司,自然容易联想到贵州茅台(600519,股吧),云克隆的综合毛利率水平甚至比肩贵州茅台。最近一个会计年度显示,贵州茅台的毛利率为91.22%,云克隆的这一数值为91.08%。

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