一位80后海归博士，要在科创板IPO了

Core Viewpoint - North Chip Life, a company focused on cardiovascular disease treatment, has successfully passed the IPO review on the Sci-Tech Innovation Board, aiming to leverage capital market opportunities for growth [1][3][21]. Company Overview - North Chip Life was established in 2015 and specializes in innovative medical devices for cardiovascular precision intervention, with over ten products commercialized and operations in approximately 1,000 hospitals globally [1][2]. - The company has developed key products such as the blood flow reserve fraction (FFR) system and intravascular ultrasound (IVUS) system, achieving significant technological advancements and filling domestic market gaps [2][6][7]. IPO Details - The IPO aims to raise approximately 950 million yuan, primarily for the construction of an interventional medical device industrialization base, R&D projects, and working capital [2]. - North Chip Life chose the fifth set of standards for the Sci-Tech Innovation Board, which does not require profitability but focuses on market value and R&D capabilities [2][17]. Financial Performance - The company reported rapid revenue growth from 2.91 thousand yuan in 2019 to 9.25 million yuan in 2022, although it has not yet achieved profitability [11][14]. - In the first quarter of 2025, North Chip Life achieved revenue of 127 million yuan, marking a 104.9% year-on-year increase, and a net profit of 16.39 million yuan, indicating a successful turnaround before the IPO [14][15]. Market Position and Future Outlook - North Chip Life's IVUS system is the first domestically developed 60MHz high-definition product, with a projected market share of 10.4% in 2024, ranking third in the industry [2][7]. - The company plans to accelerate the development of its pipeline products and enhance competitive performance, aiming to capture market share in the rapidly growing cardiovascular intervention device market [8][9]. Investment and Support - North Chip Life has completed nine rounds of financing, attracting notable venture capital and private equity firms, with Sequoia China being the largest shareholder [10][11]. - The backing from top-tier VC/PE institutions reflects the company's strong technological capabilities and market potential [10][11]. Regulatory Context - North Chip Life is the second company to benefit from the reintroduction of the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board, following the announcement in June 2025 [17][22]. - The successful IPO of North Chip Life sets a precedent for other high-tech, unprofitable companies seeking to enter the capital market [22].