Core Viewpoint - The "artificial heart" is experiencing a rapid capitalization phase as the "1+6" reform of the Sci-Tech Innovation Board is implemented, with Shenzhen Core Medical Technology Co., Ltd. (referred to as "Core Medical") having its IPO application accepted by the Shanghai Stock Exchange after two and a half years of listing guidance [2][3]. Company Overview - Core Medical is the third company to apply under the fifth set of listing standards after the resumption announced by the chairman of the China Securities Regulatory Commission [3]. - The flagship product, Corheart 6, is the smallest and lightest commercialized magnetic levitation implantable artificial heart globally, approved by the NMPA in June 2023, with a projected market share exceeding 45% in 2024 [3][8]. - Core Medical is the fastest company in the domestic artificial heart sector to undergo capitalization, aiming to become the first publicly listed "domestic artificial heart" company [3][10]. Product Development - Core Medical has developed five implantable and six interventional artificial heart products, with one implantable product already commercialized and two interventional products in the registration approval stage [7]. - Corheart 6 is noted for its compact size and light weight, showing unique clinical value in pediatric heart failure, and is the first implantable artificial heart product for children in China [7][8]. - The product has received positive evaluations from the NMPA for its innovative design, which reduces surgical incision size and recovery time for patients [8]. Market Position - Core Medical's Corheart 6 has achieved a 52.86% market share in implantations from January to May 2025, significantly outperforming competitors [11]. - The company has completed six rounds of financing, with notable investors including Hillhouse Capital and Zhengxin Valley, indicating strong market confidence [11][12]. - Core Medical is currently the only company in the industry that has entered the IPO review stage, while competitors are still in earlier stages of the listing process [12]. Financial Performance - Despite its leading position, Core Medical's financials show significant losses, with revenues of 0 million, 16.55 million, 93.69 million, and 70.48 million from 2022 to the first half of 2025, and net losses of -178 million, -170 million, -132 million, and -72.75 million respectively [14]. - The high R&D expenditures, which accounted for over 700% of revenue in 2023, and the declining sales prices of its products are contributing factors to the losses [14]. Regulatory Environment - Recent developments have seen artificial hearts included in medical insurance reimbursement lists in several regions, which may impact market dynamics [15]. - The National Medical Insurance Administration has initiated discussions with several companies, including Core Medical, regarding pricing risks and reimbursement policies [16].

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].

Core Insights - The article highlights the rapid capitalization phase 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 preparation [2][8] - Core Medical's flagship product, Corheart6, is noted as the smallest and lightest commercialized magnetic levitation implantable artificial heart globally, having received NMPA approval in June 2023 and projected to capture over 45% of the national market share by 2024 [2][5] Company Overview - Core Medical is recognized as the fastest capitalizing company among domestic artificial heart manufacturers, aiming to become the first publicly listed company in the "domestic artificial heart" category [2][4] - The company has developed multiple products, including five implantable and six interventional artificial heart products, with Corheart6 being the only one currently commercialized [4][9] Product Development - Corheart6 has been praised for its innovative design, which includes a simpler structure and lower power consumption, leading to quicker patient recovery and a broader applicable demographic [5][10] - The company is also expanding internationally, with Corheart6 expected to receive approvals in Colombia and Ukraine in 2024, and has submitted a CE registration application for the European market [5][10] Market Position - Despite being a latecomer to the market, Core Medical's Corheart6 has achieved a significant market share, with a 52.86% implantation rate from January to May 2025, outperforming competitors [7][9] - The company has completed six rounds of financing, with notable investors including Hillhouse Capital and Prosperity7 Ventures, indicating strong market confidence [8] Financial Performance - Core Medical's financials show a trend of increasing revenue but also significant losses, with revenues of 0 million, 16.55 million, 93.69 million, and 70.48 million from 2022 to the first half of 2025, alongside net losses of 1.78 billion, 1.7 billion, 1.32 billion, and 727.51 million in the same periods [9] - The company's strategy of low pricing to gain market share has raised concerns about its long-term profitability, as the average selling price of Corheart6 has decreased over the years [9][10] Regulatory Environment - Recent developments have seen artificial hearts included in medical insurance reimbursement lists in several regions, which could impact the market dynamics and pricing strategies for Core Medical [10][11] - The company faces potential risks related to dynamic adjustments in provincial medical insurance policies, which could affect product sales and profitability [11]

深圳商报·读创客户端记者 宁可坚 根据招股书，核心医疗是一家致力于提供更全面、更创新、更优质的人工心脏产品的创新医疗器械企 业。 需要注意的是，创新医疗器械的开发周期及产业化发展是一个长周期、高风险、持续投入的过程。 目前，公司拥有1款人工心脏产品处于商业化初期，其他人工心脏产品均处于研发阶段，公司尚未盈利 且存在累计未弥补亏损。 2023年度、2024年度、2025年1-6月，公司各期营业收入分别为1655.03万元、9368.84万元和7047.76万 元，规模尚小。 报告期各期，公司归母净利润分别为-1.78亿元、-1.7亿元、-1.32亿元和-7275.14万元，扣非净利润分别 为-1.22亿元、-1.39亿元、-1.34亿元和-6813.82万元。 此外，报告期内，公司实施股权激励确认股份支付费用分别为8283.75万元、6308.92万元、3490.93万元 和2078.52万元，导致公司累计未弥补亏损增加。 核心医疗明确表示，公司上市后未盈利状态预计持续存在，短期内无法进行利润分配。公司同时提及， 若公司商业化进度不及预期且未盈利状态持续存在，公司上市后可能面临退市风险。 报告期各期，公司经营活 ...

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, marking it as the first innovative medical device company to be accepted under the new listing standards of the Sci-Tech Innovation Board [1] Company Overview - Core Medical specializes in the research, development, production, and sales of high-end medical devices in the field of artificial hearts and is recognized as a national high-tech enterprise [1] - The company has received investments from reputable institutional investors such as Hillhouse Capital and Zhengxin Valley [1] Product Development - Core Medical has innovatively applied "time-sharing zoned dynamic axial full magnetic suspension control technology" and "axial magnetic flux multi-drive motor technology" to the field of artificial hearts [1] - The company has developed 5 implantable and 6 interventional artificial heart products, addressing clinical needs from long-term to short-term support and from left heart to dual heart support, as well as from pediatric to adult support [1] - Several core products have entered China's special review process for innovative medical devices, with the number of products ranked first in the artificial heart field in China [1] Market Position - The Corheart® 6, launched in June 2023, is the smallest and lightest commercialized magnetic suspension implantable artificial heart globally, with a projected market share exceeding 45% in 2024 and cumulative implantations surpassing 1,000 [2] - The DuoCor® 2 is expected to be the world's first integrated magnetic suspension dual heart assist system, designed to address the long-term treatment challenges of "total heart failure" [2] - The interventional artificial heart series CorVad® 4.0/6.0 is currently in the registration approval stage and is anticipated to become the first approved interventional artificial heart product in China [2]

Group 1 - The 2025 World Internet Conference Leading Technology Award ceremony was held in Wuzhen, Zhejiang, recognizing 17 internationally representative projects in fields such as large models, embodied intelligence, and quantum computing [1] - A total of over 400 technological achievements were collected from 34 countries and regions for the 2025 awards [1] Group 2 - The State Council approved the "Chengdu-Chongqing Economic Circle Land Space Planning (2021-2035)", aiming to maintain a cultivated land reserve of no less than 74.1758 million acres by 2035 [2] - The plan includes ecological protection measures, with a designated area of no less than 15,800 square kilometers for ecological protection red lines [2] Group 3 - Huahong reported a record high sales revenue of $635.2 million for Q3, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 12.2% [3] - The company's profit attributable to shareholders was $25.7 million, down 42.6% year-on-year but up 223.5% quarter-on-quarter [3] - The expected sales revenue for Q4 is projected to be between $650 million and $660 million, with a gross margin estimated between 12% and 14% [3] Group 4 - The Ministry of Commerce held a roundtable meeting for foreign enterprises during the China International Import Expo, discussing recent policies to stabilize foreign investment [4] - Representatives from over 30 foreign enterprises participated, including major companies like Intel and Nissan [4] Group 5 - Douyin announced measures to further regulate financial account operations, including stricter merchant qualification standards and compliance reviews [5] - Non-compliant financial accounts will face penalties such as the revocation of financial operating rights [5] Group 6 - The National Medical Insurance Administration launched a pilot program for intelligent review of medical insurance processing, integrating AI technology into the review process [6] - The initiative aims to establish a nationwide knowledge and rules database for standardized review processes [6] Group 7 - The Mineral Resources Industry Trusted Data Innovation Alliance was officially established, focusing on building a credible data ecosystem in the mineral resources sector [8] - The alliance aims to promote high-end, intelligent, and green development in the industry [8] Group 8 - A report from the Development Research Center of the State Council indicates that China is expected to become one of the largest markets for digital transformation in manufacturing globally [9] - The report highlights that small and medium-sized manufacturing enterprises will be key players in advancing digital transformation [9] Group 9 - ASML showcased its panoramic lithography solutions at the China International Import Expo, emphasizing the growing demand driven by AI in mainstream markets [10] - The company aims to assist Chinese customers in seizing opportunities in the mainstream market [10] Group 10 - The Shanghai Stock Exchange accepted the IPO application of Shenzhen Core Medical Technology Co., marking the first acceptance under the restarted fifth set of standards for the Sci-Tech Innovation Board [11] - Core Medical has undergone multiple rounds of financing, attracting investments from several prominent venture capital firms [11]

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, marking a significant step in its growth and development in the high-end medical device sector [1] Company Summary - Core Medical was established in August 2016 and focuses on the research and production of mechanical circulatory support devices, commonly known as "artificial hearts," achieving comprehensive layout in the field of implanted and interventional artificial hearts [1] - The company has attracted investments from several reputable institutional investors, including Zhuhai Hillhouse and Zhengxin Valley Investment, indicating strong market confidence in its business model and growth potential [1] Industry Context - The recent "1+6" policy introduced by the Sci-Tech Innovation Board aims to support high-quality, unprofitable technology companies in going public, which includes the establishment of a growth tier and the introduction of professional institutional investors [1] - The relevant supporting rules were officially implemented in July, enhancing the regulatory framework for companies like Core Medical seeking to leverage the capital markets for growth [1]

Core Viewpoint - The Shanghai Stock Exchange has accepted the IPO application of Shenzhen Core Medical Technology Co., Ltd., marking it as the first innovative medical device company to be accepted under the newly restarted fifth set of listing standards [1][4]. Group 1: Company Overview - Core Medical is focused on providing artificial heart products and has developed 5 implantable and 6 interventional artificial heart products, with one implantable product already commercialized and two interventional products in the registration approval stage [3]. - The company's first commercialized product, the Corheart6, is the smallest and lightest magnetic levitation implantable artificial heart globally, with the highest cumulative implantation volume and market share in China [3]. Group 2: Financial Status - As of June 30, 2025, Core Medical reported a cumulative undistributed profit of -367 million yuan, indicating it is still in a non-profitable state [4]. - The company aims to raise 1.217 billion yuan through its IPO to support product development, establish an industrialization base for artificial hearts, and enhance its marketing network and digital infrastructure [4]. Group 3: Investment and Market Position - Core Medical has undergone multiple rounds of financing, attracting investments from notable shareholders including Hillhouse Capital, Zhengxin Valley Investment Management, and others [6]. - The acceptance of Core Medical's IPO application under the fifth set of standards exemplifies the Shanghai Stock Exchange's efforts to broaden financing channels for innovative enterprises [5].

科创板第五套标准再现医疗器械企业！ 11月6日，上交所受理了深圳核心医疗科技股份有限公司（以下简称"核心医疗"）的科创板IPO申请，成为科创板第五套上市标准重启后，首家获受理的创新医疗器 械企业。招股说明书显示，核心医疗获多家资深专业机构投资者投资。 认定资深专业机构投资者第二单 核心医疗以第五套标准申报科创板IPO获受理，是上交所落实证监会《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以市场化改革举措拓宽科创 企业融资渠道的生动例证。 记者了解到，核心医疗是继泰诺麦博后第二家认定资深专业机构投资者的科创板IPO申报企业。 根据上交所发布的《发行上市审核规则适用指引第8号——资深专业机构投资者》，核心医疗认定和披露珠海高瓴私募基金管理有限公司、上海正心谷投资管理有 限公司为其资深专业机构投资者。 第五套标准新增一家创新医疗器械企业 核心医疗是一家致力于提供人工心脏产品的创新医疗器械企业。截至招股说明书签署日，公司已布局 5 款植入式和6款介入式人工心脏产品，其中1款植入式产品已 实现商业化、2款介入式产品处于注册审批阶段、多款人工心脏产品处于临床阶段。 创新医疗器械的开发周期及产业化发展是一个长 ...

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has successfully had its IPO application accepted by the Shanghai Stock Exchange, marking it as the first innovative medical device company to be accepted under the new fifth set of listing standards for the Sci-Tech Innovation Board [1] Company Summary - Core Medical has received investments from multiple seasoned professional institutional investors, including Zhuhai Hillhouse Private Equity Fund Management Co., Ltd. and Shanghai Zhengxin Valley Investment Management Co., Ltd. [1] - This acceptance follows the case of Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd., making Core Medical the second company to recognize seasoned professional institutional investors in its Sci-Tech Innovation Board application [1] Industry Summary - The acceptance of Core Medical's IPO application is seen as a practical implementation of the "Sci-Tech-Capital" dual circulation in the innovative medical device sector [1] - It highlights the clear direction of the Sci-Tech Innovation Board in providing essential capital market support for high-quality technology enterprises that have significant R&D investments and long profit cycles [1]