尚未实现盈利、被抽中现场检查，国产ECMO企业汉诺医疗冲刺科创板

Core Viewpoint - Shenzhen Hanno Medical Technology Co., Ltd. is the first domestic company to successfully develop and obtain approval for the ECMO system, aiming for an IPO on the Sci-Tech Innovation Board by the end of 2025, despite currently not being profitable and facing significant financial challenges [1][4]. Financial Performance - The total assets of Hanno Medical as of June 30, 2025, are approximately 496.07 million yuan, with a continuous increase in asset-liability ratio, reaching 72.36% [2][10]. - The company reported net profits of -64.79 million yuan in 2022, -341 million yuan in 2023, -182.79 million yuan in 2024, and -82.27 million yuan in the first half of 2025, accumulating losses exceeding 600 million yuan over three and a half years [4][8]. - Operating revenues for the same periods were approximately 0 yuan in 2022, 29.83 million yuan in 2023, 49.31 million yuan in 2024, and 37.35 million yuan in the first half of 2025 [8]. Market Potential - The ECMO market in China is expected to grow significantly, projected to reach 3.71 billion yuan by 2030, with a compound annual growth rate (CAGR) of 25.2% from 2024 to 2030, and 10.73 billion yuan by 2035, with a CAGR of 23.7% from 2030 to 2035 [6]. Challenges in Commercialization - Hanno Medical faces several barriers to the commercialization of its ECMO system, including high technical and cost barriers, market monopolization by imported brands, inadequate clinical training and support systems, and a lengthy profitability cycle due to substantial upfront R&D and market investment [8][9]. IPO and Regulatory Scrutiny - Hanno Medical's IPO application was accepted on December 23, 2025, and the company was selected for on-site inspection as part of the first batch of enterprises for 2026, highlighting the importance of regulatory oversight in ensuring the quality of listed companies [5][11].