北芯生命IPO背后：核心人员流失与持续亏损引关注

Core Viewpoint - The IPO process of North Chip Life Technology Co., Ltd. is under significant market scrutiny due to concerns over team stability and ongoing losses, despite plans to raise 9.52 billion yuan by issuing up to 90 million shares [1] Group 1: Company Structure and Independence - North Chip Life's factory is located at the same address as a related company, Pruijin Enterprise Management Services, raising questions about operational independence and potential resource sharing [2] - The Beijing branch of North Chip Life shares its registered address with Beijing Qirui Zhicheng Management Consulting Co., which also operates in the healthcare sector, further complicating the independence narrative [2] Group 2: Workforce and R&D Challenges - The company claims stability among core technical personnel, yet data shows a significant reduction in R&D staff from 151 to 109, a decrease of 27.8% from 2022 to 2024 [3][4] - The overall employee count is increasing, but the proportion of R&D personnel is declining, which may impact innovation and competitive edge in a technology-driven industry [3][5] Group 3: Financial Performance and Market Challenges - North Chip Life's revenue is projected to grow from 92.45 million yuan in 2022 to 317 million yuan in 2024, but cumulative losses exceed 470 million yuan, with 29 million yuan lost in 2022 alone [6] - High sales and management expenses are a primary driver of losses, with sales expenses reaching 288 million yuan from 2022 to 2024, and 34.6% of revenue in 2024 [6] - The company's core products, FFR and IVUS systems, face severe pricing pressures due to market conditions, including a 58.5% price drop for the IVUS system following its inclusion in provincial collective procurement [6] - Increased competition from domestic firms like Lepu Medical and unresolved issues from a previous failed IPO application raise further concerns about the competitiveness of the FFR system [6]