Innovation Medical(SZ:002173) Zheng Quan Shi Bao Wang·2025-06-09 04:09Core Viewpoint - Tianxing Medical's IPO on the Sci-Tech Innovation Board has been terminated due to the withdrawal of its sponsor, leading to the cessation of its listing review process [1] Company Overview - Tianxing Medical is an innovative medical device company specializing in sports medicine, focusing on the research, production, and sales of sports medicine implants, active devices, consumables, and surgical tools [3] - The company has established a comprehensive product matrix with 47 approved sports medicine products as of September 30, 2024, including several first domestically approved products in the implant field [3] - Tianxing Medical has obtained 20 Class III and 17 Class II medical device registration certificates, along with CE certifications for 15 products, and has received medical device registration or filing certificates from multiple countries [3] Market Position - As of 2023, Tianxing Medical holds approximately 4% of the sports medicine medical device market in China, ranking first among domestic companies [3] Financial Performance - The company reported revenues of 148 million yuan, 241 million yuan, and 223 million yuan for the years 2022 and the first three quarters of 2024, respectively, with net profits of 40.34 million yuan, 63.58 million yuan, and 64.08 million yuan [4] - A significant price drop of around 60% for its products was noted following the national centralized procurement process, which could impact the company's profitability if sales do not meet expectations [4] IPO Journey - Tianxing Medical's IPO was accepted in September 2023, with plans to raise 880 million yuan for a smart factory project, product development, and working capital [5] - The company faced inquiries during the review process but did not disclose responses before withdrawing its IPO application [5]