哈工大博士创业，最小“人工心脏”企业冲刺科创板

Core Insights - The article highlights the rapid capitalization phase of the artificial heart sector in China, particularly focusing on Shenzhen Core Medical Technology Co., Ltd. (Core Medical), which has recently had its IPO application accepted by the Shanghai Stock Exchange's Sci-Tech Innovation Board after two and a half years of preparation [2][8] - Core Medical's flagship product, Corheart6, is noted as the smallest and lightest commercialized magnetic levitation implantable artificial heart globally, having received NMPA approval in June 2023 and projected to capture over 45% of the national market share by 2024 [2][5] Company Overview - Core Medical is recognized as the fastest capitalizing company among domestic artificial heart manufacturers, aiming to become the first publicly listed company in the "domestic artificial heart" category [2][4] - The company has developed multiple products, including five implantable and six interventional artificial heart products, with Corheart6 being the only one currently commercialized [4][9] Product Development - Corheart6 has been praised for its innovative design, which includes a simpler structure and lower power consumption, leading to quicker patient recovery and a broader applicable demographic [5][10] - The company is also expanding internationally, with Corheart6 expected to receive approvals in Colombia and Ukraine in 2024, and has submitted a CE registration application for the European market [5][10] Market Position - Despite being a latecomer to the market, Core Medical's Corheart6 has achieved a significant market share, with a 52.86% implantation rate from January to May 2025, outperforming competitors [7][9] - The company has completed six rounds of financing, with notable investors including Hillhouse Capital and Prosperity7 Ventures, indicating strong market confidence [8] Financial Performance - Core Medical's financials show a trend of increasing revenue but also significant losses, with revenues of 0 million, 16.55 million, 93.69 million, and 70.48 million from 2022 to the first half of 2025, alongside net losses of 1.78 billion, 1.7 billion, 1.32 billion, and 727.51 million in the same periods [9] - The company's strategy of low pricing to gain market share has raised concerns about its long-term profitability, as the average selling price of Corheart6 has decreased over the years [9][10] Regulatory Environment - Recent developments have seen artificial hearts included in medical insurance reimbursement lists in several regions, which could impact the market dynamics and pricing strategies for Core Medical [10][11] - The company faces potential risks related to dynamic adjustments in provincial medical insurance policies, which could affect product sales and profitability [11]