北芯生命冲击IPO，估值48亿，科五标准第二家，累计亏损超7亿

Group 1 - The medical sector is experiencing significant growth, with companies like Kangfang Biotech, BeiGene, and China National Pharmaceutical Group showing strong performance, alongside high-value consumables companies such as Xinmai Medical and Nanwei Medical [1] - North Chip Life Technology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with the listing review meeting scheduled for July 18, 2025 [2][3] - North Chip Life focuses on precision diagnostic devices for cardiovascular diseases, with a valuation of 4.8 billion yuan, backed by investors like Song Liang and Songhe Capital [4][6] Group 2 - North Chip Life was established in December 2015 and is headquartered in Shenzhen, with major institutional investors including Xiaerba and Songhe Capital [5][6] - The company has developed 11 products and has 6 in the pipeline, covering categories such as IVUS systems and FFR systems [15] - The IVUS system, a core product, was approved for sale in China in July 2022 and has been implemented in approximately 1,000 hospitals [17] Group 3 - The market for IVUS devices in China is projected to grow from approximately 1.76 billion yuan in 2024 to about 5.11 billion yuan by 2030, with a compound annual growth rate of around 19.4% [19] - The FFR measurement system, another key product, is expected to see its market size increase from about 230 million yuan in 2024 to approximately 3.12 billion yuan by 2030, with a compound annual growth rate of about 54.9% [24] - North Chip Life's revenue from the FFR system accounted for 87.31% in 2022, dropping to 24.48% in 2024, while revenue from the IVUS system rose from 10.14% to 68.62% during the same period [28][29] Group 4 - The company reported revenues of 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 290 million yuan, 140 million yuan, and 43.6 million yuan [26] - As of the end of 2024, North Chip Life had cash and cash equivalents of approximately 15.04 million yuan, indicating financial pressure [26] - The company faces high sales and research expenses, with sales expenses accounting for 82.08%, 55.98%, and 34.61% of revenue during the reporting period [31]