核心医疗IPO：三年半累亏5.53亿元独苗产品销售价格持续走低 递表前夕股权转让价格显著下滑

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, marking it as the first innovative medical device company to be accepted under the new listing standards [1][10] Group 1: Product and Market Position - The company’s flagship product, the Corheart®6, is the smallest and lightest full magnetic levitation artificial heart globally, filling a gap in pediatric heart failure treatment in China [1][10] - The market share for Corheart®6 is projected to exceed 45.9% in 2024, increasing to 52.86% in the first five months of 2025 [1][10] - Despite the potential market size for heart failure treatment, actual market penetration remains low due to high treatment costs and limited clinical awareness [4][14] Group 2: Financial Performance - The company reported revenues of 16.55 million, 93.68 million, and 70.47 million from 2023 to the first half of 2025, indicating growth but still a small overall scale [6][15] - Cumulative losses over three and a half years reached 553 million, primarily due to high R&D expenditures and significant share-based payment expenses [6][15] - Operating cash flow has been negative, relying on external financing, with net cash flow from operating activities of -108 million, -89 million, and -84 million from 2023 to the first half of 2025 [7][16] Group 3: Product Dependency and Risks - The company’s revenue is heavily reliant on the Corheart®6, with all income derived from this single product, while other products are still in development stages [2][11] - The average selling price of Corheart®6 has decreased from 290,400 yuan per unit in 2023 to 247,200 yuan in 2024, reflecting a decline of approximately 14.86% [4][13] - Customer concentration is increasing, with the top five customers accounting for 80.70% of sales by the first half of 2025, highlighting a significant dependency on major clients [4][13] Group 4: Production Capacity and Expansion Plans - The company has established a production capacity of 1,100 units annually, but actual production in the first half of 2025 was only 367 units, resulting in a capacity utilization rate of about 67% [5][14] - Despite underutilized capacity and low cumulative sales of less than 800 units, the company plans to invest 139 million in expanding its production base for artificial hearts [5][14]