第二家！采用科创板第五套标准，本周上会

Core Viewpoint - The article discusses the recent developments in the Shanghai Stock Exchange (SSE) regarding the listing of companies under the Sci-Tech Innovation Board, particularly focusing on the upcoming IPO of Beixin Life, which is the second company to adopt the fifth set of listing standards in 2025 [1][3]. Group 1: Company Overview - Beixin Life is a medical device company specializing in innovative diagnostic equipment for cardiovascular diseases, with a focus on the development, production, and sales of its products [3]. - The company meets the listing criteria under the Sci-Tech Innovation Board, with an expected market value of no less than 4 billion yuan and has achieved significant milestones in its product development [3]. Group 2: Product and Market Position - The core products of Beixin Life include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, making it the first domestic company to offer a combination of these technologies [4]. - The FFR system captured a 30.6% market share in China shortly after its launch in 2020, indicating strong market acceptance and demand for its products [4]. Group 3: Financial Performance - Beixin Life reported net losses of 179 million yuan, 164 million yuan, and 63 million yuan for the years 2022 to 2024, respectively, with a cumulative undistributed profit of -736 million yuan as of the end of 2024 [4]. - The ongoing losses are attributed to a small revenue scale that cannot cover operational costs, particularly high R&D and sales expenses [4]. Group 4: Regulatory Environment - The SSE has recently implemented reforms to the Sci-Tech Innovation Board, allowing unprofitable companies to enter the growth tier without additional listing hurdles, which is significant for companies like Beixin Life [2][6]. - The new rules also include a special identifier "U" for stocks in the growth tier, helping investors distinguish between new and existing stocks in this category [7]. Group 5: Industry Context - Since the establishment of the Sci-Tech Innovation Board in 2019, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing [6]. - The total revenue generated by these companies in 2024 reached 174.48 billion yuan, showcasing the potential for growth and recovery in the sector [6].