人工心脏龙头IPO，累亏超5亿

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. is the first innovative medical device company to be accepted for IPO under the fifth set of listing standards of the Sci-Tech Innovation Board, aiming to raise 1.217 billion yuan for various projects, including R&D and marketing network development [1][6] Group 1: Company Overview - Core Medical is a leader in China's artificial heart industry, holding multiple "first" titles [4] - The company has several products included in China's special review process for innovative medical devices, leading the field in terms of the number of products [5] - The Corheart 6, the world's smallest and lightest commercialized magnetic levitation implantable artificial heart, was approved for market in June 2023, with a projected market share of over 45% in 2024 [5] Group 2: Financial Performance - The company reported revenues of 16.55 million yuan, 93.69 million yuan, and 70.48 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 170 million yuan, 132 million yuan, and 72.75 million yuan during the same periods [8] - Cumulative losses since 2022 have exceeded 500 million yuan [8] - Gross margins for the reporting periods were 66.25%, 69.66%, and 72.09%, consistent with industry averages [9] Group 3: Investment and Financing - Prior to the IPO, Core Medical attracted investments from several prominent institutions, including Hillhouse Capital and Zhengxin Valley Investment [2][14] - The company completed a D-round financing of over 100 million USD in April 2025, marking the largest market-based financing in China's innovative medical device sector for that year [16]