Investment Rating - The report gives the company an "Accumulate" rating for the first time, with expected earnings per share of 0.23 yuan and 0.34 yuan for 2025 and 2026, respectively, corresponding to valuations of 174 times and 119 times [5]. Core Insights - The company is a leading domestic player in cardiovascular precision intervention, focusing on innovative medical devices for cardiovascular disease diagnosis and treatment [6][13]. - The precision PCI market in China is expected to grow rapidly, with the market size projected to increase from 2.04 billion yuan in 2022 to 9.42 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of approximately 21.1% [6][43]. - The company has established a comprehensive product pipeline and solution for precision intervention, leveraging its four core technology platforms to maintain a competitive edge in the market [6][26]. Summary by Sections Company Overview - The company specializes in the research, development, production, and sales of innovative medical devices for cardiovascular diseases, with core products including the IVUS diagnostic system and FFR measurement system, both of which are the first domestically approved products in their respective categories [13][22]. - The company has achieved significant recognition and awards, including being designated as a "National Specialized and New 'Little Giant' Enterprise" and a provincial manufacturing champion [13][14]. Business Performance - The company has experienced rapid revenue growth, with revenues increasing from 0.02 billion yuan in 2020 to 3.12 billion yuan in 2024, representing a CAGR of 270.81% [26][27]. - The core product, the IVUS diagnostic system, has become a major revenue source, accounting for over 60% of the company's main business income in recent years [29]. Market Trends - The PCI market in China is expected to see a significant increase in surgical volume, projected to grow from 1.906 million procedures in 2024 to 4.298 million by 2030, with a CAGR of approximately 14.5% [40][41]. - The penetration rate of precision PCI technologies like FFR and IVUS is expected to rise, driven by increasing awareness and demand for precise diagnosis and treatment in cardiovascular care [51][47].

Core Viewpoint - The first "delisting" wave of the Sci-Tech Innovation Board's growth tier marks a significant milestone in the capital market's service to technological innovation, indicating the effectiveness of the tiered mechanism from establishment to realization of results [3][10]. Summary by Sections Delisting Companies - A total of 39 companies in the Sci-Tech Innovation Board's growth tier have disclosed their 2025 performance data, with 6 companies successfully turning profitable and set to exit the growth tier [1][4]. - The companies include: - Zhongke Hanwuji (营业收入: 64.97 billion, 归母净利润: 20.59 billion) - Baiji Shenzhou (营业收入: 382.05 billion, 归母净利润: 14.22 billion) - Aobi Zhongguang (营业收入: 9.41 billion, 归母净利润: 1.27 billion) - Jingjin Electric (营业收入: 27.26 billion, 归母净利润: 1.62 billion) - Beixin Life (营业收入: 5.42 billion, 归母净利润: 0.81 billion) - Nuo Cheng Jianhua (预计营业收入: 23.65 billion, 预计归母净利润: 6.33 billion) [2][8]. Industry Impact - The delisting of these 6 companies reflects the successful implementation of the tiered mechanism, showcasing how technological breakthroughs can translate into market returns [5][11]. - The companies span key sectors such as innovative pharmaceuticals, high-end medical devices, semiconductors, and artificial intelligence [5][6]. Financial Performance - Zhongke Hanwuji reported a revenue increase of 453.21% to 64.97 billion, marking its first annual profit since its listing [6]. - Baiji Shenzhou achieved a revenue of 382.05 billion, a 40.4% increase, and turned a profit of 14.22 billion, recovering from a loss of 49.78 billion the previous year [7]. - Other companies also reported significant revenue and profit growth, indicating a trend of recovery and profitability in the growth tier [8]. Regulatory Framework - The growth tier's delisting process is governed by specific criteria, including a requirement for companies to achieve positive net profit and revenue thresholds [5][6]. - The establishment of the growth tier has provided a platform for unprofitable tech companies to access capital markets earlier, facilitating their transition from research and development to commercialization [11][12].

中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为深圳 北芯生命科技股份有限公司（以下简称"北芯生命"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，中金公司及其指定保 荐代表人对北芯生命部分募投项目增加实施地点的事项进行了专项核查，核查情 况与意见如下： 一、募集资金及募投项目基本情况 中国国际金融股份有限公司 关于深圳北芯生命科技股份有限公司 部分募投项目增加实施地点的专项核查意见 （一）募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳北芯生命科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2025〕2790 号），同意公司首次公开发 行股票的注册申请。并经上海证券交易所同意，公司首次公开发行人民币普通股 （A 股）股票 5,700.00 万股，发行价为人民币 17.52 元/股，募集资金总额为人民 币 99,864.00 万元，扣除发行费用（不含增值税）人民币 9,974.78 万元后，实 ...

中国国际金融股份有限公司 关于深圳北芯生命科技股份有限公司 使用自有资金支付募投项目所需部分资金 并以募集资金等额置换的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为深圳 北芯生命科技股份有限公司（以下简称"北芯生命"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，中金公司及其指定保 荐代表人对北芯生命使用自有资金支付募投项目所需部分资金并以募集资金等 额置换的事项进行了专项核查，核查情况与意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳北芯生命科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2025〕2790 号），同意公司首次公开发 行股票的注册申请。并经上海证券交易所同意，公司首次公开发行人民币普通股 （A 股）股票 5,700.00 万股，发行价为人民币 17.52 元/股，募集资金总额人民币 99,864.00 万元，扣除不含税的发行费用人民币 9,974 ...

一、募集资金及募投项目基本情况 根据中国证券监督管理委员会《关于同意深圳北芯生命科技股份有限公 司首次公开发行股票注册的批复》（证监许可〔2025〕2790号），同意公司 首次公开发行股票的注册申请。并经上海证券交易所同意，公司首次公开发 行人民币普通股（A股）股票5,700.00万股，发行价为人民币17.52元/股，募 集资金总额人民币99,864.00万元，扣除不含税的发行费用人民币9,974.78万元， 实际募集资金净额为人民币89,889.22万元。 证券代码：688712 证券简称：北芯生命 公告编号：2026-003 深圳北芯生命科技股份有限公司 关于使用自有资金支付募投项目所需部分资金并以募 集资金等额置换的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳北芯生命科技股份有限公司（以下简称"公司"）于2026年3月6日召 开公司第二届董事会第十一次会议，审议通过了《关于使用自有资金支付募投 项目所需部分资金并以募集资金等额置换的议案》，同意公司在募投项目实施 过程中预先使用自有资金支付募投项目所需部 ...

证券代码：688712 证券简称：北芯生命 公告编号：2026-002 深圳北芯生命科技股份有限公司 关于部分募投项目增加实施地点的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司募投项目"介入类医疗器械产业化基地建设项目"原实施地点位于深 圳市龙华区总部基地场地（拟购置地块）、深圳市坪山区坑梓街道金沙社区卢 辉路2号综合楼。为满足公司业务发展及产能提升需要，积极推进募投项目的建 设，合理分布内部资源配置，经公司经营管理层审慎评估和综合考量，在不改 变募投项目的投资内容、募集资金投入总额、实施主体的前提下，拟增加"广 东省深圳市坪山区坑梓街道金沙社区临惠路6号坪山生物医药产业加速器园区" 为募投项目新的实施地点，与原实施地点共同构成该项目的实施地点，具体调 整情况如下： | 募投项目 | 增加前 | 增加后 | | --- | --- | --- | | | | 深圳市龙华区总部基地场地（拟 | | 介入类医疗器械产 | 深圳市龙华区总部基地场地（拟 | 购置地块）、深圳市坪山区坑梓 | | | 购 ...

Core Viewpoint - Six companies in the Sci-Tech Innovation Board's growth tier have turned profitable in 2025 and will be removed from this tier, marking a significant milestone for these previously unprofitable firms [1][3]. Group 1: Company Performance - Cambrian (688256) reported a revenue of 6.497 billion and a net profit of 2.059 billion in 2025 [1]. - BeiGene (688235) achieved a revenue of 38.2 billion and a net profit of 1.422 billion, reflecting a 40.4% increase in total revenue compared to the previous year [3][5]. - Orbbec (688322) generated a revenue of 941 million and a net profit of 127 million in 2025 [4][6]. - Jikong Electric (688280) reported a revenue of 2.726 billion and a net profit of 162 million [6]. - North Chip Life (688712) achieved a revenue of 542 million and a net profit of 81 million [8]. - Innovent Biologics (688428) projected a revenue of approximately 2.365 billion and a net profit of around 633 million for 2025, although it did not release a performance report by the specified date [9]. Group 2: Growth Tier Overview - The Sci-Tech Innovation Board's growth tier was established to support technology companies that are not profitable at the time of listing but have significant technological breakthroughs and commercial potential [1]. - As of March 6, 2025, there are 39 companies in the growth tier, with 32 existing and 7 newly registered [1].

IPO Performance - In February 2026, 8 new stocks were listed on the A-share market, raising a total of 6.076 billion yuan, with a month-on-month decrease of 33% in fundraising amount[2][9] - The number of new listings decreased by 11% month-on-month, but showed a significant year-on-year increase compared to February 2025[2][9] - The average first-day increase for the 5 new stocks listed in February was 206%, with significant variation among individual stocks[10][12] Sector and Industry Insights - The pharmaceutical and biological sector had the highest number of new listings in February 2026, with 3 new stocks, accounting for 37% of total listings[5][9] - Other sectors included light industry manufacturing, machinery, national defense, automotive, and transportation, each contributing 12-13% of new listings[5][6] Investment Returns - The estimated returns for A/B class accounts from new stock subscriptions in February were 1.1264 million yuan and 1.1058 million yuan, respectively, marking a significant increase[15] - The stock "Electric Blue Sky" contributed the highest returns, with A/B class accounts earning approximately 961,300 yuan[15][17] Market Strategy - The current optimal strategy is to participate in low-priced, small-cap new stocks with expected first-day increases exceeding expectations, as well as large-cap stocks with substantial offline allocation[16][18] - Attention is recommended for registered but unlisted companies such as Tai Jin New Energy and Lianxun Instruments, which are expected to list soon[16][18] Risk Factors - Potential risks include an increase in the rate and depth of new stock price declines, as well as a decrease in subscription success rates[2][9][19]

证券代码：688712 证券简称：北芯生命 公告编号：2026-001 深圳北芯生命科技股份有限公司 2025 年度业绩快报公告 1、报告期的经营情况、财务状况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载深圳北芯生命科技股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币 万元 ■ 注：1、本报告期初数同法定披露的上年年末数； 2、以上财务数据及指标以合并报表数据填列，未经审计，最终结果以公司2025年年度报告中披露的数 据为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入54,210.81万元，较上年同期增长71.23%；归属于母公司所有者的净利润 8,062.19万元，归属于母公司所有者的扣除非经常性损益的净利润6,513.95万元，较上年同期实现扭亏为 盈。报告期末，公司财务 ...

报告期内，公司核心产品凭借有显著临床价值的差异化创新，在满足过往未被完全满足的重要临床需求 方面，持续获得国内外专家的广泛认可，产品已进入全球超过60个国家和地区，在超过2,000家医院实 现临床应用。其中，海外业务营业收入同比增长超过130%，在公司收入占比进一步提升，公司国际化 业务取得快速突破。 智通财经APP讯， 北芯生命(688712.SH)发布2025年度业绩快报，报告期内，公司实现营业收入 54,210.81万元，较上年同期增长71.23%;归属于母公司所有者的净利润8,062.19万元，归属于母公司所有 者的扣除非经常性损益的净利润6,513.95万元，较上年同期实现扭亏为盈。 ...