Investment Rating - The industry investment rating for the pharmaceutical and biotechnology sector is "Hold" [2]. Core Insights - The report highlights significant breakthroughs in the domestic brain-computer interface (BCI) technology, indicating an acceleration in industry development and international recognition [5]. - The report emphasizes the transition of invasive brain-computer interfaces from laboratory settings to market approval processes, suggesting a rapid expansion of application scenarios [6]. Summary by Relevant Sections Industry Overview - The report discusses the recent advancements in invasive brain-computer interface technology, including the first domestic medical device entering the FDA's breakthrough therapy pathway, which enhances the international recognition of China's BCI technology [5]. - It mentions successful clinical trials using high-throughput wireless invasive BCI systems, enabling patients with high-level paralysis to control smart wheelchairs and robotic dogs through brain signals, achieving a 15%-20% improvement in brain control performance [5]. Investment Recommendations - The report suggests focusing on companies such as Innovation Medical, Aipeng Medical, and Sanbo Brain Science, as they are positioned to benefit from the advancements in the BCI sector [6].

Market Overview - The Shanghai Composite Index rose by 0.53% on December 24, with 26 out of the 28 sectors experiencing gains, led by the defense and electronics sectors, which increased by 2.88% and 2.12% respectively [1] - The pharmaceutical and biological sector saw a modest increase of 0.24% [1] - The agriculture, forestry, animal husbandry, and fishery sectors, along with coal, were the worst performers, declining by 0.85% and 0.70% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 10.37 billion yuan, with 17 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow, totaling 8.68 billion yuan, coinciding with its 2.12% increase [1] - The power equipment sector also performed well, with a 1.03% increase and a net inflow of 3.76 billion yuan [1] - Conversely, 14 sectors experienced net outflows, with the non-ferrous metals sector leading with a net outflow of 1.635 billion yuan, followed by the basic chemicals sector with 1.212 billion yuan [1] Pharmaceutical and Biological Sector - The pharmaceutical and biological sector increased by 0.24%, but faced a net outflow of 1.141 billion yuan [2] - Out of 479 stocks in this sector, 320 rose while 134 fell, with one stock hitting the daily limit down [2] - The top three stocks with significant net inflows included C Jianxin with 690 million yuan, followed by Hanyu Pharmaceutical and Innovation Medical with 134 million yuan and 68.69 million yuan respectively [2] - The sector's outflow leaders included Hainan Haiyao with a net outflow of 280 million yuan, followed by Heng Rui Pharmaceutical and Luyan Pharmaceutical with 180 million yuan and 136.53 million yuan respectively [4]

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, aiming to leverage the fifth set of listing standards, marking it as the first domestic company to have its ECMO system approved for market entry [1][2]. Financial Performance - Hanno Medical is experiencing rapid growth, with revenue projected to increase from 29.83 million yuan in 2023 to 49.31 million yuan in 2024, and 37.36 million yuan achieved in the first half of 2025. The company's losses have significantly narrowed from 341 million yuan in 2023 to 82.27 million yuan in the first half of 2025, indicating improved operational efficiency [2]. Fundraising and Investment - The company plans to raise 1.06 billion yuan through its public offering, which will be allocated to R&D centers, production bases, marketing network construction, and working capital, aligning with its long-term strategy and national policies promoting high-end medical equipment development [3]. Technological Innovation - Hanno Medical emphasizes independent innovation, having developed all key technologies in-house, maintaining a leading edge in the industry. The company has mastered seven core technologies and holds 38 authorized invention patents, establishing a strong competitive barrier [4]. Product Development - The core product, Lifemotion ECMO system, was approved for market entry in 2023, breaking foreign monopolies. It received EU CE MDR certification in early 2025, becoming the first domestic ECMO product to enter international markets [4]. Market Coverage - The company's products have been adopted by over 140 hospitals nationwide, including top-tier hospitals, and have achieved international orders in Europe, South America, and Africa, with ongoing product registration efforts in emerging markets [6][7]. Market Growth Potential - The ECMO industry is projected to grow significantly, with the Chinese market expected to expand from 960 million yuan in 2024 to 3.71 billion yuan by 2030, reflecting a compound annual growth rate of 25.2%. The global market is anticipated to reach 5.8 billion USD by 2035 [7]. Business Model - Hanno Medical has established a sustainable business model centered on "equipment first, consumables driven," ensuring predictable cash flow through the continuous consumption of high-value consumables associated with ECMO systems. This model is expected to replicate in broader international markets, contributing to long-term value [8].

Group 1 - The core viewpoint of the news is that Innovation Medical has shown significant stock performance and trading activity, with a year-to-date increase of 169.97% in stock price and notable trading volumes [1][2] - As of December 24, the stock price reached 21.49 CNY per share, with a total market capitalization of 9.483 billion CNY and a trading volume of 302 million CNY [1] - The company has seen a net inflow of 15.23 million CNY from major funds, indicating strong investor interest [1] Group 2 - Innovation Medical operates primarily in the medical services sector, with 99.73% of its revenue coming from medical services and only 0.27% from other sources [1] - As of September 30, the number of shareholders increased to 130,200, a rise of 58.75%, while the average number of circulating shares per person decreased by 37.01% [2] - For the period from January to September 2025, the company reported a revenue of 597 million CNY, a year-on-year decrease of 2.11%, while the net profit attributable to the parent company was 4.7244 million CNY, reflecting a significant increase of 116.97% [2] Group 3 - Since its A-share listing, Innovation Medical has distributed a total of 55.8729 million CNY in dividends, but there have been no dividend distributions in the past three years [3]

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, marking a significant milestone as the first domestic company to achieve market approval for ECMO systems, indicating a key leap in China's high-end life support equipment sector [1] Financial Performance - Hanno Medical is experiencing rapid growth, with revenue projected to increase from 29.83 million yuan in 2023 to 49.31 million yuan in 2024, and 37.36 million yuan in the first half of 2025; losses are expected to narrow significantly from 341 million yuan in 2023 to 82.27 million yuan in the first half of 2025 [2] - The company has completed 10 rounds of financing since its establishment, attracting investments from notable institutions, reflecting strong market recognition of its technological capabilities and growth prospects [2] - The company plans to raise 1.06 billion yuan through its public offering, which will be allocated to R&D, production, marketing network development, and working capital, aligning with its long-term strategy and national policies promoting domestic high-end medical equipment [2] Technological Innovation - Hanno Medical emphasizes independent innovation, having developed all key technologies in-house, maintaining a significant competitive edge in the industry; it has mastered seven core technologies and holds 38 authorized patents, establishing a robust technological foundation for future product development [3][4] Market Position and Product Development - The company's core product, the Lifemotion ECMO system, received market approval in 2023, breaking the long-standing technological monopoly held by countries like the US, Germany, and Italy; it also obtained EU CE MDR certification in early 2025, marking it as the first domestic ECMO product to enter the international market [4][6] - Hanno Medical's product offerings span a comprehensive range of life support solutions, including ECMO, ECPR, CPS, and Low-Flow systems, demonstrating clear clinical value and sustainable commercial growth potential [5] International Expansion - As of June 30, 2025, the Lifemotion ECMO system has been adopted by over 140 hospitals in China, including top-tier institutions, and has successfully entered international markets in Europe, South America, and Africa, with ongoing product registration efforts in various countries [6][7] - The CE certification signifies that Hanno Medical's products meet international standards for quality, safety, and effectiveness, enhancing global market trust and enabling participation in international competition [7] Industry Growth Potential - The ECMO industry is projected to grow significantly, with the Chinese market expected to expand from 960 million yuan in 2024 to 3.71 billion yuan by 2030, reflecting a compound annual growth rate of 25.2%; the global market is anticipated to reach 5.8 billion USD by 2035 [8] - Hanno Medical has established a sustainable business model centered on "equipment first, consumables driven," ensuring predictable cash flow and market penetration, with plans to replicate this model in international markets [9]

Group 1 - The high-pressure oxygen chamber concept increased by 2.20%, ranking fourth among concept sectors, with eight stocks rising, including Jinling Pharmaceutical, BeiYikang, and Innovation Medical, which rose by 6.35%, 5.73%, and 3.79% respectively [1] - The main capital inflow for the high-pressure oxygen chamber concept was 0.29 billion yuan, with five stocks receiving net inflows, led by Innovation Medical with a net inflow of 52.09 million yuan [2][3] - The net inflow ratios for International Medical, Innovation Medical, and Jinling Pharmaceutical were 9.48%, 5.21%, and 3.12% respectively, indicating strong investor interest in these stocks [3] Group 2 - The top gainers in the high-pressure oxygen chamber concept included Innovation Medical, International Medical, and Jinling Pharmaceutical, while the top losers were Samsung Medical and Hangyang Co., which fell by 3.20% and 1.14% respectively [1][4] - The trading volume for Innovation Medical was 11.31%, indicating a high turnover rate, while other stocks like International Medical and Jinling Pharmaceutical had lower turnover rates of 1.77% and 4.54% respectively [3]

Group 1 - The core point of the news is that QuanZhen Medical is undergoing a B+ round financing to support its business development, with investments from multiple partners [1] - The company has agreed to sign the B+ round capital increase agreement and shareholder agreement with the investors [1] - After the capital increase and share transfer, the company's stake will be 16.5160% [1] Group 2 - According to the B+ round capital increase agreement, Puhua Zhongxiao will invest RMB 20 million, subscribing to an increase in registered capital of RMB 1.180579 million [2] - Changzhou Hengnuo and the Talent Fund will each invest RMB 5 million, subscribing to an increase in registered capital of RMB 0.295145 million [2] - Following the capital increase, the registered capital of QuanZhen Medical will rise to RMB 165.28106 million, with Puhua Zhongxiao, Changzhou Hengnuo, and the Talent Fund acquiring 7.1429%, 1.7857%, and 1.7857% equity respectively [2]

格隆汇12月12日丨创新医疗(002173.SZ)公布，现全诊医学因业务发展需要进行B+轮融资，确定接受普 华中小二期（杭州）创业投资合伙企业（有限合伙）（简称"普华中小"）、常州恒诺数智创业投资合伙 企业（有限合伙）（简称"常州恒诺"）、杭州高层次人才创新创业投资合伙企业（有限合伙）（简 称"人才基金"）的投资。公司作为全诊医学股东，董事会同意公司签署《杭州全诊医学科技有限公司 B+轮增资协议》（简称《B+轮增资协议》）《杭州全诊医学科技有限公司B+轮股东协议》（简称 《B+轮股东协议》）等相关文件。全诊医学实施本次增资及转股方案后，公司的出资额占比为 16.5160%。 根据全诊医学《B+轮增资协议》，本次增资方案为：普华中小以货币形式出资人民币2,000万元，认缴 全诊医学本次B+轮新增注册资本人民币118.0579万元；常州恒诺以货币形式出资人民币500万元，认缴 全诊医学本次B+轮新增注册资本人民币29.5145万元；人才基金以货币形式出资人民币500万元，认缴全 诊医学本次B+轮新增注册资本人民币29.5145万元。全诊医学注册资本增加至人民币1,652.8106万元，普 华中小、常州恒诺、人才基 ...

日前，公司董事会审议通过了《关于同意签署参股公司全诊医学〈B+轮增资协议〉〈B+轮股东协议〉 及相关文件的议案》。根据全诊医学《B+轮增资协议》，本次增资方案为：普华中小以货币形式出资 2000万元，认缴全诊医学本次B+轮新增注册资本118.0579万元;常州恒诺以货币形式出资500万元，认缴 全诊医学本次B+轮新增注册资本29.5145万元;人才基金以货币形式出资500万元，认缴全诊医学本次 B+轮新增注册资本29.5145万元。全诊医学注册资本增加至1652.8106万元，普华中小、常州恒诺、人才 基金分别获得全诊医学本次增资后的7.1429%股权、1.7857%股权、1.7857%股权。全诊医学实施本次增 资及转股方案后，公司的出资额占比为16.5160%。 创新医疗（002173）(002173.SZ)公告，现公司参股公司全诊医学因业务发展需要进行B+轮融资，确定 接受普华中小二期(杭州)创业投资合伙企业(有限合伙)(简称"普华中小")、常州恒诺数智创业投资合伙企 业(有限合伙)(简称"常州恒诺")、杭州高层次人才创新创业投资合伙企业(有限合伙)(简称"人才基金")的 投资。 ...

日前，公司董事会审议通过了《关于同意签署参股公司全诊医学〈B+轮增资协议〉〈B+轮股东协议〉 及相关文件的议案》。根据全诊医学《B+轮增资协议》，本次增资方案为：普华中小以货币形式出资 2000万元，认缴全诊医学本次B+轮新增注册资本118.0579万元;常州恒诺以货币形式出资500万元，认缴 全诊医学本次B+轮新增注册资本29.5145万元;人才基金以货币形式出资500万元，认缴全诊医学本次 B+轮新增注册资本29.5145万元。全诊医学注册资本增加至1652.8106万元，普华中小、常州恒诺、人才 基金分别获得全诊医学本次增资后的7.1429%股权、1.7857%股权、1.7857%股权。全诊医学实施本次增 资及转股方案后，公司的出资额占比为16.5160%。 智通财经APP讯，创新医疗(002173.SZ)公告，现公司参股公司全诊医学因业务发展需要进行B+轮融 资，确定接受普华中小二期(杭州)创业投资合伙企业(有限合伙)(简称"普华中小")、常州恒诺数智创业投 资合伙企业(有限合伙)(简称"常州恒诺")、杭州高层次人才创新创业投资合伙企业(有限合伙)(简称"人才 基金")的投资。 ...