北芯生命冲刺科创板第五套标准：业绩扭亏与隐忧并存

Core Viewpoint - The reactivation of the fifth listing standard for the Sci-Tech Innovation Board has accelerated the IPO process for innovative pharmaceutical and medical device companies, providing them access to capital markets [1][2]. Group 1: IPO Progress and Financing - North Chip Life is set to undergo its IPO review on July 18, marking it as the second medical device company to be reviewed under the reactivated fifth listing standard [1]. - The company aims to raise 9.52 billion yuan, with allocations for the establishment of a medical device industrialization base, R&D projects, and working capital [1]. - The initial fundraising target was 12.74 billion yuan, indicating a reduction in the scale of fundraising and the removal of the marketing network construction project [1]. Group 2: Market Environment and Support - The Chinese government has increased support for genuinely innovative pharmaceutical and medical device companies through diversified financing, favorable tax policies, and integration of industry, academia, and research [2]. - The development environment for these companies has significantly improved, although the success of IPOs will increasingly depend on the companies' inherent value [2]. Group 3: Company Performance and Product Development - North Chip Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with nine products commercialized, including IVUS and FFR systems [3]. - Revenue has shown consistent growth, with figures of 92.45 million yuan, 184 million yuan, and 317 million yuan from 2022 to 2024 [3]. - The FFR system's revenue decreased from 81 million yuan to 77 million yuan, while IVUS revenue surged from 9 million yuan to 217 million yuan, indicating a shift in revenue sources [4]. Group 4: Financial Health and Profitability - In Q1 2025, the company achieved a revenue of 128 million yuan, a year-on-year increase of 104.9%, and turned a profit of 18.68 million yuan, a growth of 184.28% [4]. - Despite recent profitability, the company still faces cumulative losses of 736 million yuan as of the end of 2024, indicating a need for further strengthening of its profit base [4]. Group 5: Competitive Landscape - North Chip Life faces competition from established international brands like Boston Scientific and Abbott, which have significant market shares in the cardiovascular sector [5]. - The domestic IVUS market has ten approved products, with most entering the medical insurance directory, while the FFR market is dominated by established players [6]. Group 6: R&D and Sales Challenges - The company has seen a decline in R&D investment from 143 million yuan to 113 million yuan from 2022 to 2024, with a significant drop in the proportion of revenue allocated to R&D [7]. - The number of R&D personnel has decreased from 151 to 109, raising concerns about the retention of high-level talent [7]. - Sales expenses have remained high, with figures of 75.88 million yuan, 103 million yuan, and 110 million yuan from 2022 to 2024, significantly above industry averages [8][9].