Core Viewpoint - Beixin Life Technology Co., Ltd. has successfully listed on the STAR Market, marking a significant milestone as the first medical device company in the cardiovascular field to do so since 2024, breaking the long-standing monopoly of foreign giants in the high-end interventional medical device sector [1] Group 1: Market Opportunity and Product Innovation - Cardiovascular diseases are a leading health threat globally, with 330 million patients in China, including approximately 11.39 million with coronary heart disease, indicating a rising prevalence [2] - The company focuses on addressing critical clinical pain points in cardiovascular diagnosis and treatment, having developed innovative solutions such as the Intravascular Ultrasound (IVUS) and Fractional Flow Reserve (FFR) systems, which enhance the precision of coronary interventions [2][3] - The IVUS system is the first domestically approved high-definition product, while the FFR system is recognized as a "gold standard" for coronary heart disease diagnosis, significantly reducing patient burden and improving treatment accuracy [3] Group 2: Research and Development Strength - The company has invested 438 million yuan in R&D from 2022 to June 2025, with a projected R&D expense ratio of 35.65% in 2024, surpassing industry averages [4] - Beixin Life has secured 185 domestic and international patents, including 86 invention patents, covering key technologies in ultrasound transducers and image algorithms [4] Group 3: Product Portfolio and Market Penetration - The company has developed a comprehensive product ecosystem covering diagnostic devices, therapeutic instruments, and supporting consumables, enhancing procurement stickiness for hospitals [5] - As of September 2025, Beixin Life's products are available in 30 provinces and approximately 1,000 hospitals in China, with over 70% being tertiary hospitals [7] Group 4: Financial Performance and Growth - The company's revenue surged from 92.45 million yuan in 2022 to 317 million yuan in 2024, representing a growth of over 340%, with a year-on-year increase of 71.29% in 2024 [7] - Despite price pressures from centralized procurement, the company maintained a gross margin of 63.32% in 2024, demonstrating resilience and effective cost control [10] Group 5: Industry Trends and Future Outlook - The cardiovascular interventional device market is projected to grow significantly, driven by an aging population and supportive policies, with the precision PCI market expected to expand from 2.04 billion yuan in 2022 to 9.42 billion yuan by 2030, at a CAGR of approximately 21.1% [11] - The penetration rates for FFR and IVUS in China are currently low, at 3.4% and under 5% respectively, indicating substantial growth potential as clinical awareness increases and domestic product prices decrease [13] - Beixin Life aims to leverage its first-mover advantage in the domestic market and its CE MDR certification to capture a larger share of the global cardiovascular interventional device market [17][19]
立足高增蓝海市场，国产精准诊疗破局者北芯生命登陆A股科创板