冲刺IPO！又一国产医疗器械企业

Core Viewpoint - Hainan Baimaike Medical Technology Co., Ltd. has officially received acceptance for its initial public offering (IPO) application, aiming to raise approximately 306 million RMB for its advanced medical device project, marking a significant step into the capital market for the company focused on surgical sutures and medical consumables [1][2]. Company Overview - Baimaike specializes in surgical sutures, interventional embolization materials, and hemostatic materials, with a presence in around 3,000 hospitals across China, covering all 31 provinces and regions [8]. - The company has a dual focus on consumables and medical equipment, including peptide synthesis and cleavage devices, which helps diversify its product offerings and mitigate risks associated with reliance on a single product line [14]. IPO Process - The IPO process for Baimaike has been notably swift, taking approximately six months from the completion of listing guidance in June 2025 to the acceptance announcement in December 2025 [2][6]. - The funds raised from the IPO will be allocated to expanding production, upgrading equipment automation, and establishing a materials and process research center [6][7]. Market Opportunity - The domestic surgical suture market, historically dominated by foreign brands, is experiencing a shift towards domestic alternatives due to increased demand for cost control and supply chain security in hospitals [3]. - The market for surgical sutures in China is projected to grow at a compound annual growth rate (CAGR) of nearly 9% in the coming years, driven by advancements in minimally invasive surgery and the introduction of new materials and technologies [3]. Financial Performance - Baimaike's revenue has shown significant growth, increasing from approximately 90.67 million RMB in 2022 to 185 million RMB in 2024, with net profit rising from about 29.5 million RMB to approximately 69.19 million RMB during the same period [9]. - As of mid-2025, the company reported a revenue of around 95.81 million RMB and a net profit of approximately 35 million RMB, maintaining a gross margin above 75% [9]. Product Strengths - The company's core products include absorbable surgical sutures, barbed sutures, and functional coated sutures, designed to meet the needs of various surgical departments [11]. - Baimaike's absorbable sutures are made from poly-ε-caprolactone, offering features such as knotless functionality and complete degradation within 180-220 days, which aligns with the high safety and cost-effectiveness demands of domestic hospitals [14]. Conclusion - Baimaike's journey from research to production and now to the capital market reflects the broader transition of domestic medical device companies from followers to builders in the industry [15]. - The successful fundraising and planned capacity expansion could position Baimaike as a significant player in the high-frequency surgical consumables and basic medical device sectors in China, potentially serving as a model for other domestic medical device companies [15].