核心产品商业化未明 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 [1][3]. Financial Performance - Hanno Medical has reported significant losses over the past three and a half years, totaling over 600 million yuan, with net profits of -64.79 million yuan in 2022, -341 million yuan in 2023, -183 million yuan in 2024, and -82.27 million yuan in the first half of 2025 [3][7]. - The company has consistently negative cash flow from operating activities, with figures of -84.01 million yuan, -35.19 million yuan, -119 million yuan, and -71.57 million yuan during the reporting periods [9]. - The asset-liability ratio has been increasing, reaching 72.36% in the first half of 2025, significantly higher than the industry average [9][10]. 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 [6]. - The demand for ECMO treatment is increasing, with the number of cases rising annually, while the per capita equipment availability is still low compared to developed countries, indicating a substantial market gap [6]. Product Development and Challenges - Hanno Medical's core product, the Lifemotion ECMO system, has generated limited revenue since its launch, failing to cover substantial R&D investments [7]. - The company faces several barriers to commercializing its ECMO products, including high technical and cost barriers, market monopolization by imported brands, inadequate training and support systems, and long-term profitability challenges [8]. IPO and Future Plans - Hanno Medical's IPO application was accepted on December 23, 2025, and it is the only pharmaceutical company selected for on-site inspection in the first batch of 2026 [3][4]. - The company plans to raise 1.062 billion yuan through the IPO, which will be allocated to R&D center construction, production base development, marketing network establishment, and working capital supplementation [10].