北芯生命闯A股上市：募资额缩水，研发投入连降，有股东提前退出

Core Viewpoint - The Shanghai Stock Exchange has scheduled a listing review meeting for Shenzhen Beixin Life Technology Co., Ltd. on July 18, 2025, marking a significant step in the company's IPO process after previous attempts to list on the Hong Kong Stock Exchange failed [1][3]. Group 1: Company Overview - Beixin Life is a medical device company that previously attempted to list on the Hong Kong Stock Exchange but faced setbacks, including an expired prospectus [3]. - The company signed a listing guidance agreement with China International Capital Corporation in October 2022, aiming for a listing on the STAR Market [3]. - Beixin Life's updated prospectus indicates a revised fundraising target of 9.52 billion yuan, down from an initial 12.74 billion yuan [3]. Group 2: Fundraising and Project Allocation - The total investment for the company's projects is approximately 127.39 million yuan, with significant allocations for the construction of an interventional medical device industrialization base and R&D projects [4]. - The updated prospectus shows a reduction in the proposed fundraising for the interventional medical device R&D project from 3.76 billion yuan to 2.82 billion yuan, reflecting a decrease of about 937 million yuan [6]. Group 3: Production Capacity and Utilization - Beixin Life's IVUS system capacity utilization rates have improved significantly, reaching 98.64% in 2024, while the FFR system's utilization was 67.54% [7][8]. - The company anticipates that the industrialization base project will achieve stable production by 2030, with projected annual capacities of 545,000 units for IVUS and 360,000 units for FFR [9]. Group 4: Financial Performance - Beixin Life reported revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for 2022, 2023, and 2024, respectively, with net losses decreasing from 300 million yuan in 2022 to 53.74 million yuan in 2024 [10][11]. - The company's R&D expenses have decreased over the years, with a notable drop in the R&D expense ratio from 154.95% in 2022 to 35.65% in 2024 [12]. Group 5: Shareholder Dynamics - Several shareholders have exited the company prior to its application for listing on the STAR Market, with notable transactions involving SpringHill and Shihezi Taiyu [17][18]. - The company has undergone multiple rounds of financing, with commitments made by investors that included performance-based clauses related to the company's IPO timeline [17].