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科创板IPO遭保荐人“撤单”后，天星医疗转战港股！
Shen Zhen Shang Bao·2025-09-01 03:28

Core Viewpoint - Tianxing Medical, the largest sports medicine solution provider in China, has submitted an application for listing on the Hong Kong Stock Exchange after a failed attempt to list on the Shanghai Stock Exchange due to the withdrawal of its sponsor [1][4]. Company Overview - Tianxing Medical was established in 2017 and focuses on innovative medical devices for sports medicine, including implants, active devices, consumables, and surgical tools [1]. - As of December 31, 2024, the company had a market share of 6.5% in China's sports medicine market, with its products available in over 3,000 hospitals, including more than 1,000 tertiary hospitals [1]. Financial Performance - The company has shown explosive growth in revenue from 2022 to 2024, with revenues of approximately 147 million RMB, 239 million RMB, and 327 million RMB, respectively, representing a compound annual growth rate (CAGR) of over 40% [2][3]. - Net profits for the same period were 40.34 million RMB, 57.11 million RMB, and 95.39 million RMB, with gross margins increasing from 68.7% in 2022 to 71.7% in 2024 [2][3]. - In the first five months of 2025, the company achieved revenue of 111.41 million RMB, a year-on-year increase of 39.7%, and a profit of 32.60 million RMB, with a gross margin of 73.7% [2][3]. International Expansion - Tianxing Medical has increased its overseas presence, with overseas revenues growing significantly, reaching 2.09 million RMB in 2024 and 20.60 million RMB in the first five months of 2025, a year-on-year increase of 370.5% [3]. Shareholder Structure - The company was co-founded by three individuals, with the actual controller holding 41.47% of the shares before the IPO [4]. - There have been significant fluctuations in shareholding, with one founder reducing their stake from 55% to 4.9% through multiple transfers, raising concerns about the motivations behind these changes [4]. Valuation Concerns - The rapid increase in company valuation, from 800 million RMB in 2020 to 3.5 billion RMB before the IPO, has raised questions about the legitimacy of external investments aimed at inflating the company's valuation [4][5].