Innovation Medical(SZ:002173) Zheng Quan Shi Bao Wang·2025-12-23 14:29Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board, marking a significant milestone as the first domestic company to achieve market approval for ECMO systems, indicating a key leap in China's high-end life support equipment sector [1] Financial Performance - Hanno Medical is experiencing rapid growth, with revenue projected to increase from 29.83 million yuan in 2023 to 49.31 million yuan in 2024, and 37.36 million yuan in the first half of 2025; losses are expected to narrow significantly from 341 million yuan in 2023 to 82.27 million yuan in the first half of 2025 [2] - The company has completed 10 rounds of financing since its establishment, attracting investments from notable institutions, reflecting strong market recognition of its technological capabilities and growth prospects [2] - The company plans to raise 1.06 billion yuan through its public offering, which will be allocated to R&D, production, marketing network development, and working capital, aligning with its long-term strategy and national policies promoting domestic high-end medical equipment [2] Technological Innovation - Hanno Medical emphasizes independent innovation, having developed all key technologies in-house, maintaining a significant competitive edge in the industry; it has mastered seven core technologies and holds 38 authorized patents, establishing a robust technological foundation for future product development [3][4] Market Position and Product Development - The company's core product, the Lifemotion ECMO system, received market approval in 2023, breaking the long-standing technological monopoly held by countries like the US, Germany, and Italy; it also obtained EU CE MDR certification in early 2025, marking it as the first domestic ECMO product to enter the international market [4][6] - Hanno Medical's product offerings span a comprehensive range of life support solutions, including ECMO, ECPR, CPS, and Low-Flow systems, demonstrating clear clinical value and sustainable commercial growth potential [5] International Expansion - As of June 30, 2025, the Lifemotion ECMO system has been adopted by over 140 hospitals in China, including top-tier institutions, and has successfully entered international markets in Europe, South America, and Africa, with ongoing product registration efforts in various countries [6][7] - The CE certification signifies that Hanno Medical's products meet international standards for quality, safety, and effectiveness, enhancing global market trust and enabling participation in international competition [7] Industry Growth Potential - The ECMO industry is projected to grow significantly, with the Chinese market expected to expand from 960 million yuan in 2024 to 3.71 billion yuan by 2030, reflecting a compound annual growth rate of 25.2%; the global market is anticipated to reach 5.8 billion USD by 2035 [8] - Hanno Medical has established a sustainable business model centered on "equipment first, consumables driven," ensuring predictable cash flow and market penetration, with plans to replicate this model in international markets [9]