第二家未盈利IPO！通过！

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, marking it as the second company to do so after the resumption of the fifth listing standard [1][2]. Group 1: IPO Details - Beixin Life aims to raise 9.52 billion yuan for projects including the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [4][5]. - The company has a history of continuous financing since its establishment in 2015, with multiple rounds of equity transfers and capital increases [7]. - The company has been in a state of continuous losses, with cumulative undistributed profits amounting to -735.86 million yuan as of December 31, 2024 [11][15]. Group 2: Financial Performance - Revenue has shown rapid growth, with figures of 92.45 million yuan, 183.98 million yuan, and 316.60 million yuan over the reporting periods [14]. - The company has incurred net losses of -300.44 million yuan, -155.21 million yuan, and -53.74 million yuan in the same periods, with a decreasing trend in loss amounts [14][16]. - The gross profit margin has remained relatively stable at 63.50%, 65.02%, and 63.32%, although it is slightly lower than the industry average [18]. Group 3: Product and Market Position - Beixin Life specializes in innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with core products including the IVUS diagnostic system and FFR measurement system [12][13]. - The company has launched 11 products to the market and has 6 products under development, covering various categories [13]. - The core products have gained regulatory approval, with the FFR system launched in 2020 and the IVUS system in 2022, contributing significantly to revenue [13]. Group 4: Challenges and Risks - The company faces high operational costs, with sales expense ratios significantly above industry averages, indicating potential inefficiencies [20]. - There has been a notable decline in R&D personnel, with a reduction of nearly 30% from 151 to 109 employees, which may impact innovation and product development [24][26]. - The company has experienced high share-based payment expenses due to multiple employee stock incentive plans, contributing to its cumulative losses [22][23].