Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 9.52 billion yuan for the development of innovative medical devices focused on cardiovascular disease diagnosis and treatment [1] Company Overview - Beixin Life is a national high-tech enterprise specializing in the research, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company has developed China's first domestically innovative 60MHz high-definition IVUS product and the first domestically approved FFR measurement system, both of which are expected to transform clinical practices in percutaneous coronary intervention (PCI) [1][2] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, addressing the market gap and reducing reliance on imported products for coronary artery disease diagnosis in China [1] Product Development - The company has launched a total of 11 products and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [2] - The core IVUS system is recognized for its high-definition, high-speed, and intelligent features, facilitating efficient and precise PCI strategy formulation [2] Fundraising and Financials - The funds raised will be allocated to various projects, including the construction of an interventional medical device industrialization base and R&D projects, with a total investment of approximately 95.22 million yuan [3] - Financial projections indicate that the company expects to achieve revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively [3] - The company reported net losses of approximately 300 million yuan, 155 million yuan, and 53.74 million yuan for the same years [3] Financial Metrics - As of December 31, 2024, the total assets are projected to be approximately 782.99 million yuan, with total equity attributable to shareholders of approximately 686.43 million yuan [4] - The company’s debt-to-asset ratio is expected to rise from 11.75% in 2022 to 17.47% in 2024 [4] - Revenue is projected to increase significantly, with net profit losses decreasing from 300.44 million yuan in 2022 to 53.74 million yuan in 2024 [4] - R&D investment as a percentage of revenue is expected to decrease from 154.95% in 2022 to 35.65% in 2024, indicating a shift towards commercialization [4]

Core Viewpoint - The innovative drug industry continues to strengthen in Q2, significantly outperforming similar risk assets like AI and robotics sectors, attracting high market attention [1][2]. Policy Factors - The National Medical Insurance Administration (NMI) encourages innovation, leading to favorable policies for innovative drugs and a notable acceleration in domestic approvals [2]. - The introduction of a multi-layered insurance payment system is expected to enhance the market for innovative drugs, transitioning from a reliance on basic medical insurance to a dual-driven model of commercial and basic insurance [4]. Performance Factors - Many large innovative drug companies reported profits or are on the verge of profitability in their Q1 reports, boosting market confidence in the sector [2]. - The innovative drug sector has seen a significant increase in the number and value of outbound deals, with Chinese innovative drugs accounting for over half of global transactions [2]. Market Outlook - The period from 2025 to 2028 is anticipated to be crucial for Chinese innovative drug companies as they collectively enter a profitability phase, marking a potential turning point for the sector [3]. - 2025 is projected to be a pivotal year for revenue growth, with around 80% of A-share and Hong Kong-listed innovative drug companies expected to see a surge in product revenues [3]. Investment Strategy - The investment strategy focuses on identifying high-quality companies with favorable valuation through a multi-dimensional comparison of business models, competitiveness, and performance [2]. - The management of the Ping An Medical Health Mixed Securities Investment Fund has achieved a remarkable performance of 57.41% in the first half of the year, with the net value recently surpassing its previous peak in 2021 [1][5].

AI基金国投瑞银创新医疗混合A（005520）披露2025年二季报，第二季度基金利润461.85万元，加权平均基金份额本期利润0.0779元。报告期内，基金净值 增长率为9.05%，截至二季度末，基金规模为5513.18万元。 该基金属于灵活配置型基金，长期投资于医药医疗股票。截至7月17日，单位净值为1.08元。基金经理是刘泽序，目前管理2只基金近一年均为正收益。其 中，截至7月17日，国投瑞银创新医疗混合A近一年复权单位净值增长率最高，达41.33%；国投瑞银医疗保健混合A最低，为31.01%。 基金管理人在二季报中表示，投资方向上，我们继续加仓了创新药板块，尤其是基本面和估值匹配度较高的港股创新药，并看重创新药企业的估值和确定 性。选股方向上，我们主要关注以下企业：已经落地BD、等待临床兑现的企业；BD概率较高的企业；估值中对BD预期不高的企业。同时，非创新药板块 我们认为依然值得重视，并保持了一定仓位的布局，如科研服务、CXO、医疗器械等。 截至7月17日，国投瑞银创新医疗混合A近三个月复权单位净值增长率为25.54%，位于同类可比基金67/138；近半年复权单位净值增长率为43.45%，位于同 类可 ...

Industry Insights - Shanghai YanSi Brain-like AI Research Institute collaborates with Huashan Hospital to achieve breakthroughs in brain-computer interface technology, enabling real-time display of intended Chinese phrases from patients with implanted electrodes [1] - Brain-computer interfaces are recognized as a frontier technology with vast applications in healthcare, wellness, and education, with 2025 anticipated as a pivotal year for the industry [1] - The global market for brain-computer interfaces is projected to grow by approximately $10 billion over the next decade, with China's market rapidly catching up, potentially exceeding a trillion yuan in comprehensive industry scale [1] Company Developments - Dineike focuses on the brainwave interaction sector, particularly in sleep health, cognitive rehabilitation, and concentration enhancement, with initial production of smart sleep devices and brainwave monitoring instruments underway [2] - Innovation Medical has stakes in Boling Brain Machine, a tech company centered on brain-computer interface technology and high-end medical devices, and in Quan Diagnostic, which specializes in AI medical product development and sales [2]

Core Viewpoint - The brain engineering sector experienced a rise of 1.48% on July 17, with a total capital outflow of 385.08 million [1] Group 1: Stock Performance - A total of 27 stocks in the sector increased in value, while 5 stocks declined [1] - The top-performing stocks included: - Seli Medical: +10.01% - Boji Pharmaceutical: +9.5% - Innovation Medical: +3.23% - Pulite: +3.03% - Beilu Pharmaceutical: +2.6% [1] Group 2: Capital Flow - Major stocks with significant capital inflow included: - Innovation Medical: +16.07 million, accounting for 2.21% - Seli Medical: +199 million, accounting for 15.64% [1] - Stocks with capital outflow included: - Boji Pharmaceutical: -2.46 million, accounting for -2.82% - Beilu Pharmaceutical: -1.41 million, accounting for -3.62% [1] Group 3: Declining Stocks - The stocks that saw the largest declines included: - ST Huatuo: -4.77% - Botuo Bio: -1.59% - Hanwei Technology: -1.49% [1]

Core Viewpoint - The "Spring Rain Action" initiative aims to promote the transformation of clinical research results in medical devices, enhancing innovation and industrialization processes in Guangdong's medical device sector [3][4]. Group 1: Policy and Implementation - The "Spring Rain Action" is a significant measure led by the National Medical Products Administration (NMPA) to facilitate the transformation of innovative medical device research results [3]. - Guangdong has established a comprehensive implementation plan for the "Spring Rain Action," which includes setting clear objectives, standards, and mechanisms for clinical research result collection and evaluation [4][5]. - The province's drug regulatory authority has emphasized the importance of early intervention and tailored support for medical device projects to streamline the approval process [5]. Group 2: Industry Status and Achievements - As of June 2025, Guangdong has 8,983 medical device production enterprises and over 1.76 million registered products, leading the nation in both categories [2]. - The province has received approval for 25 innovative drugs and 48 innovative medical devices, showcasing significant breakthroughs in the industry [2]. - Guangdong is home to 250 tertiary hospitals and 50 high-level hospitals, providing a robust platform for clinical trials and research [2]. Group 3: Collaborative Efforts and Future Directions - The training session for the "Spring Rain Action" involved over 60 representatives from various medical and research institutions, fostering collaboration across the medical, academic, and regulatory sectors [6]. - The initiative aims to create a coordinated mechanism involving multiple stakeholders to enhance the transformation of clinical research results into practical applications [6]. - The provincial drug regulatory authority plans to leverage this training as a catalyst for further collaboration and innovation in the medical device field [6].

证券代码：002173 证券简称：创新医疗 公告编号：2025-040 创新医疗管理股份有限公司 独立董事提名人声明与承诺 提名人创新医疗管理股份有限公司董事会现就提名陈文强为创新医疗管理 股份有限公司第七届董事会独立董事候选人发表公开声明。被提名人已书面同 意作为创新医疗管理股份有限公司第七届董事会独立董事候选人(参见该独立董 事候选人声明)。本次提名是在充分了解被提名人职业、学历、职称、详细的工 作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为 被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所 业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事 项： 一、被提名人已经通过创新医疗管理股份有限公司第六届董事会提名委员 会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 √是□否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不 得担任公司董事的情形。 √是□否 如否，请详细说明：____________ ...

证券代码：002173 证券简称：创新医疗 公告编号：2025-041 创新医疗管理股份有限公司 独立董事候选人声明与承诺 声明人姚航平，作为创新医疗管理股份有限公司第七届董事会独立董事候 选人，已充分了解并同意由提名人创新医疗管理股份有限公司董事会提名为创 新医疗管理股份有限公司（以下简称"该公司"）第七届董事会独立董事候选人。 现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过创新医疗管理股份有限公司第六届董事会提名委员会或 者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 √ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管 ...

√ 是 □ 否 证券代码：002173 证券简称：创新医疗 公告编号：2025-042 创新医疗管理股份有限公司 独立董事候选人声明与承诺 声明人黄韬，作为创新医疗管理股份有限公司第七届董事会独立董事候选 人，已充分了解并同意由提名人创新医疗管理股份有限公司董事会提名为创新 医疗管理股份有限公司（以下简称"该公司"）第七届董事会独立董事候选人。 现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过创新医疗管理股份有限公司第六届董事会提名委员会或 者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 √是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办 ...

证券代码：002173 证券简称：创新医疗 公告编号：2025-038 创新医疗管理股份有限公司 独立董事提名人声明与承诺 提名人创新医疗管理股份有限公司董事会现就提名姚航平为创新医疗管理 股份有限公司第七届董事会独立董事候选人发表公开声明。被提名人已书面同 意作为创新医疗管理股份有限公司第七届董事会独立董事候选人(参见该独立董 事候选人声明)。本次提名是在充分了解被提名人职业、学历、职称、详细的工 作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为 被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所 业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事 项： 一、被提名人已经通过创新医疗管理股份有限公司第六届董事会提名委员 会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 √是□否 √是□否 如否，请详细说明：______________________________ 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 √是□否 如否，请详 ...