47岁哈工大博士闯关IPO，公司冲刺国产人工心脏第一股

Core Viewpoint - The article highlights the rapid capitalization of the artificial heart sector in China, particularly focusing on Shenzhen Core Medical Technology Co., Ltd. (Core Medical), which has recently had its IPO application accepted by the Shanghai Stock Exchange's Sci-Tech Innovation Board after two and a half years of preparatory work [1][8]. Group 1: Company Overview - Core Medical's flagship product, Corheart 6, is the smallest and lightest commercialized magnetic levitation implantable artificial heart globally, approved for market in June 2023, with a projected market share exceeding 45% in 2024 [1][6]. - The company has developed five implantable and six interventional artificial heart products, with one implantable product already commercialized and two interventional products in the registration phase [5][6]. Group 2: Market Position and Competition - Core Medical is positioned as the fastest capitalizing company in the domestic artificial heart market, aiming to become the first publicly listed domestic artificial heart company [1][8]. - Despite being a latecomer, Core Medical's Corheart 6 achieved a 52.86% market share in implantations from January to May 2025, outperforming competitors like Everheart and Abbott [10][11]. Group 3: Financial Performance - Core Medical's revenue from 2022 to the first half of 2025 shows a growth trajectory from zero to approximately 70.48 million yuan, but the company has consistently reported net losses, with a projected loss of 72.75 million yuan for the first half of 2025 [12][13]. - The company's R&D expenditures are substantial, with ratios to revenue exceeding 700% in 2023, indicating a heavy investment in product development [13]. Group 4: Regulatory and Market Dynamics - Recent developments have seen artificial hearts included in medical insurance reimbursement lists in several regions, which could enhance market penetration for Core Medical's products [14][15]. - The company faces potential risks related to pricing pressures and reimbursement policies, which could significantly impact sales and profitability if not managed effectively [15].