Innovation Medical(SZ:002173) Zhong Zheng Wang·2025-12-24 06:52Core 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, aiming to leverage the fifth set of listing standards, marking it as the first domestic company to have its ECMO system approved for market entry [1][2]. 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 achieved in the first half of 2025. The company's losses have significantly narrowed from 341 million yuan in 2023 to 82.27 million yuan in the first half of 2025, indicating improved operational efficiency [2]. Fundraising and Investment - The company plans to raise 1.06 billion yuan through its public offering, which will be allocated to R&D centers, production bases, marketing network construction, and working capital, aligning with its long-term strategy and national policies promoting high-end medical equipment development [3]. Technological Innovation - Hanno Medical emphasizes independent innovation, having developed all key technologies in-house, maintaining a leading edge in the industry. The company has mastered seven core technologies and holds 38 authorized invention patents, establishing a strong competitive barrier [4]. Product Development - The core product, Lifemotion ECMO system, was approved for market entry in 2023, breaking foreign monopolies. It received EU CE MDR certification in early 2025, becoming the first domestic ECMO product to enter international markets [4]. Market Coverage - The company's products have been adopted by over 140 hospitals nationwide, including top-tier hospitals, and have achieved international orders in Europe, South America, and Africa, with ongoing product registration efforts in emerging markets [6][7]. Market 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 [7]. Business Model - Hanno Medical has established a sustainable business model centered on "equipment first, consumables driven," ensuring predictable cash flow through the continuous consumption of high-value consumables associated with ECMO systems. This model is expected to replicate in broader international markets, contributing to long-term value [8].