冲刺IPO！国产血管介入龙头拟募资17亿

Core Viewpoint - The article discusses the upcoming IPO of Guangdong Boma Medical Technology Co., Ltd., which aims to raise 1.7 billion yuan for various projects, indicating a clear transition from core product development to a systematic expansion in R&D, manufacturing, and market presence [2][19]. Business Model and Product Focus - Boma Medical is positioned as a specialized vascular intervention device company, focusing on high-performance medical devices for complex vascular diseases, rather than a platform-type enterprise [4]. - The product line primarily includes interventional catheters and balloons, covering various applications such as coronary, peripheral, and neuro interventions, with a strong foundation in vascular intervention balloon catheters [4][5]. Product Evolution - The company has evolved from basic consumables like balloon catheters to more complex interventional devices, expanding its product line to accommodate various vascular conditions and intervention pathways [5][7]. - This evolution is characterized by a "vertical deepening" strategy, enhancing product performance and indications within similar clinical procedures, which explains the sustained high R&D investment despite revenue growth [7][10]. Financial Performance - Boma Medical's revenue has shown stable growth from 207 million yuan in 2022 to 335 million yuan in 2023, and projected 460 million yuan in 2024, with net profit turning positive in 2023 [9][10]. - The company reported a net profit of 35.65 million yuan in the first half of 2025, continuing its growth trend, with a significant increase in R&D investment as a percentage of revenue [9][10]. Fundraising Purpose - The 1.7 billion yuan raised from the IPO will be allocated to several projects aimed at enhancing the company's capabilities, including the establishment of a global headquarters, production base upgrades, R&D for interventional devices, and marketing network development [11][13]. - Key allocations include 900 million yuan for the global headquarters project, 160 million yuan for production upgrades, and 450 million yuan for R&D, emphasizing a collaborative expansion strategy rather than aggressive diversification [15]. Management and Governance - The actual controller of Boma Medical, Chairman and General Manager Li Bin, has a strong background in medical device manufacturing and management, aligning with the company's focus on manufacturing and product capabilities [18]. - The company's ownership structure remains relatively concentrated, which supports continuity in technical direction and product strategy [18]. Conclusion - Boma Medical is entering a systematic expansion phase, having established core products and profitability, with a focus on leveraging R&D for new interventional products and enhancing manufacturing efficiency and market coverage post-IPO [19][20].