| 简称 | 申购代 | 发行日期 | 发行 | 发行总量（万 | 网上发行量（万 | 网上发行最终中签率 | | --- | --- | --- | --- | --- | --- | --- | | | 码 | | 价 | 股） | 股） | （%） | | 北芯生命 | 787712 | 2026.01.26 | 17.52 | 5700.00 | 1368.00 | 0.03264275 | | 恒运昌 | 787785 | 2026.01.16 | 92.18 | 1693.06 | 541.75 | 0.02184853 | | 强一股份 | 787809 | 2025.12.19 | 85.09 | 3238.99 | 1036.50 | 0.02295383 | | 健信超导 | 787805 | 2025.12.15 | 18.58 | 4192.00 | 1341.45 | 0.0241683 | | 优迅股份 | 787807 | 2025.12.08 | 51.66 | 2000.00 | 640.00 | 0.0224897 | | 沐曦股份 U | 787802 | 2025.12 ...

公司是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产和销售的国家高新技术企业，致力 于开发为心血管疾病诊疗带来变革的精准解决方案。 公司无控股股东，实际控制人为宋亮。截至2025年9月30日，本次发行前，公司整体股权结构较为 分散，公司实际控制人宋亮的持股比例较低，直接持有公司16.1530%的股份。除自身直接持有公司股 份外，宋亮通过担任公司员工持股平台北芯共创、北芯橙长及北芯同创的执行事务合伙人控制公司 13.4140%的股份，宋亮自身及通过其控制的员工持股平台合计控制公司29.5670%的股份。公司第二至 第四大股东红杉智盛、DechengInsight、国投创合分别持有公司10.1759%、9.6743%及7.1479%的股份。 北芯生命2026年1月16日披露的首次公开发行股票并在科创板上市招股意向书显示，公司拟募资 95,221.13万元，用于介入类医疗器械产业化基地建设项目、介入类医疗器械研发项目和补充流动资金。 北芯生命2026年1月23日披露的首次公开发行股票并在科创板上市发行公告显示，按本次发行价格 17.52元/股和5,700.0000万股的新股发行数量计算，若本次发行成功，预计公司 ...

（来源：国金证券第5小时） 来源：市场资讯 优势 | 申购价格 | 所属行业 | 发行市盈率 | 行业最近一个月平 | | --- | --- | --- | --- | | | | | 均静态市盈率 | | 17.52元 | 专用设备 制造业 | 不适用 市销率 | 41.36倍 | | | | 19.92倍 | | | 可比公司 | | | | | --- | --- | --- | --- | | 证券简称 | 市盈率(倍) | 市值(亿元) | 近一月涨跌 | | 惠泰医疗 | 44.51 | 342.00 | -0.32% | | --- | --- | --- | --- | | 心脉医疗 | 32.00 | 120.92 | 7.03% | 公司主营业务介绍 公司是一家专注于心血管疾病精准诊疗创新医疗器械研发、生 产和销售的国家高新技术企业,致力于开发为心血管疾病诊疗 带来变革的精准解决方案。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 2022年 | | 营业收入 | 3.17 | 1.84 | 0.92 | | ...

截至2025年9月30日，公司累计向市场推出11个产品，在研产品共有6个，覆盖IVUS系统、FFR系统、血管通路产 品、冲击波球囊治疗系统及电生理解决方案五大产品类别。 1月26日，北芯生命(688712.SH)开启申购，发行价格为17.52元/股，申购上限为0.9万股，行业市盈率41.36倍，属于 上交所，中金公司（601995）为其保荐机构。 招股书显示，北芯生命是一家专注于心血管疾病精准诊疗创新医疗（002173）器械研发、生产和销售的技术企业， 亦致力于开发为心血管疾病诊疗带来变革的精准解决方案。 | 项目 | 2025.6.30/ | 2024.12.31/ | 2023.12.31/ | 2022.12.31/ | | --- | --- | --- | --- | --- | | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额(万元) | 83,853.98 | 78,299.68 | 77.991.49 | 85.432.77 | | 归属于母公司所有者权益(万元) | 75,523.22 | 68,642.56 | 69.065.72 | ...

核心产品血流储备分数(FFR)测量系统为金标准FFR领域内中国首个获国家药监局批准的国产产品，上述两款产品 均进入了国家创新医疗器械特别审查程序，有望为精准指导经皮冠状动脉介入治疗(PCI)手术临床实践带来变革。 公司核心产品上市后迅速占据国内市场市占率第二且国产品牌市占率第一，实现高端有源介入医疗器械国产化率的 提升。 智通财经APP获悉，1月26日，北芯生命(688712.SH)开启申购，发行价格为17.52元/股，申购上限为0.9万股，行业 市盈率41.36倍，属于上交所，中金公司为其保荐机构。 招股书显示，北芯生命是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产和销售的技术企业，亦致力于开 发为心血管疾病诊疗带来变革的精准解决方案。 截至2025年9月30日，公司累计向市场推出11个产品，在研产品共有6个，覆盖IVUS系统、FFR系统、血管通路产 品、冲击波球囊治疗系统及电生理解决方案五大产品类别。 公司核心产品IVUS系统是中国首个自主创新60MHz高清高速国产IVUS产品，拥有高清、高速、智能三大特点，可 高效便捷指导精准PCI策略制定。 公司根据创新医疗器械行业特点，主要通过销售一次性使用耗 ...

Core Viewpoint - Beixin Life is planning to publicly issue 57 million shares, all of which are new shares, resulting in a total share capital of 41.7 million shares after issuance [1] Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to revolutionize solutions in this field [2] - The company's core products include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, both of which are the first domestically developed products approved by the National Medical Products Administration (NMPA) in China [2][3] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, filling a gap in the domestic market and reducing reliance on imported products [2] Product Development - Since its establishment, the company has launched 11 products and has 6 products under development, covering five categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [3] - The IVUS system is recognized for its high-definition, high-speed, and intelligent features, and is included in the National Key R&D Program for digital diagnostic equipment [3] Financial Data - As of June 30, 2025, the total assets amounted to 838.54 million yuan, with a net profit of 45.51 million yuan, marking a significant improvement from previous years [8] - The company reported a revenue of 258.86 million yuan for the first half of 2025, compared to 186.98 million yuan in 2023 [8] Market Position - Beixin Life specializes in precise cardiovascular disease diagnosis solutions, competing with major companies like Boston Scientific, Abbott, Philips, and Lepu Medical in the IVUS and FFR segments [9] - The company has achieved a leading market share in the domestic market for its core products, significantly reducing the dependency on imports [9][10] - Beixin Life's innovative capabilities and management team position it well for growth in the high-end active interventional diagnosis and treatment market, where domestic competitors have yet to make significant breakthroughs [10]

Group 1 - The company, Beixin Life (688712.SH), plans to publicly issue 57 million shares, accounting for 13.67% of the total share capital after the issuance [1] - The initial strategic placement will involve 11.4 million shares, representing 20% of the total issuance, with senior management and core employees participating in a special asset management plan for 5.7 million shares, which is 10% of the total issuance [1] - The initial strategic placement by the sponsoring institution, China International Capital Corporation Wealth Securities Co., Ltd., is expected to be 2.85 million shares, or 5% of the total issuance, with a subscription amount not exceeding 40 million yuan [1] Group 2 - The company specializes in innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, recognized as a national high-tech enterprise [2] - The core products include the intravascular ultrasound (IVUS) diagnostic system, the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, and the flow reserve fraction (FFR) measurement system, the first domestic product in the FFR field approved by the same authority [2] - The company reported net profits attributable to the parent company of -290 million yuan, -140 million yuan, -43.596 million yuan, and 49.4496 million yuan for the years 2022 to the first half of 2025, with an expected profit of 78 million to 88 million yuan for 2025, representing a growth of 278.91% to 301.85% compared to the previous year [2] - The total planned investment of 952 million yuan from the fundraising will be allocated to the construction of an interventional medical device industrialization base, research and development projects, and to supplement working capital [2]

Group 1 - The company, Beixin Life (688712.SH), plans to publicly issue 57 million shares, accounting for 13.67% of the total share capital after the issuance [1] - The initial strategic placement will involve 11.4 million shares, representing 20% of the total issuance, with senior management and core employees participating in a special asset management plan for 5.7 million shares, which is 10% of the total issuance [1] - The initial strategic placement by the sponsoring institution, China International Capital Corporation Wealth Securities Co., Ltd., is expected to be 2.85 million shares, or 5% of the total issuance, with a subscription amount not exceeding 40 million yuan [1] Group 2 - The company focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, being a national high-tech enterprise [2] - Its core products include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, both of which are the first domestically approved products in China [2] - The company reported net profits attributable to the parent company of -290 million yuan, -140 million yuan, -43.596 million yuan, and 49.4496 million yuan for the years 2022 to the first half of 2025, with an expected profit of 78 million to 88 million yuan for 2025, representing a growth of 278.91% to 301.85% year-on-year [2] - The total planned investment from the raised funds, after deducting issuance costs, is 952 million yuan, allocated to the construction of an interventional medical device industrialization base, R&D projects, and working capital [2]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a failed attempt on the Hong Kong Stock Exchange [1][5]. Group 1: Company Background - Beixin Life was established in 2015 by a group of investors including Song Liang, who has over 18 years of experience in advanced medical imaging technology and cardiovascular interventional devices [2]. - The company transitioned from a limited liability company to a joint-stock company in June 2021 and submitted its prospectus for a Hong Kong IPO in August 2021, which ultimately failed [2][3]. Group 2: Financial Performance - Beixin Life has incurred cumulative losses of approximately 474 million yuan over the past three years, with revenues of 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024 respectively [16][18]. - The company’s net profit attributable to shareholders was -290 million yuan, -140 million yuan, and -43.6 million yuan for the same years, indicating ongoing financial struggles [16][18]. Group 3: Market Position and Competition - The company faces significant competition, with Boston Scientific and Philips dominating over 80% of the market for intravascular ultrasound (IVUS) systems, while Beixin Life holds a market share of 10.6% [11]. - In the blood flow reserve fraction (FFR) measurement system market, Beixin Life is the first domestic product approved by the National Medical Products Administration, with a projected market share of 29.5% in 2024 [14]. Group 4: Investment and Valuation - Beixin Life has undergone multiple funding rounds, with its post-investment valuation increasing from 54 million yuan in the Pre-A round to 5.043 billion yuan in the D round, reflecting a growth of over 90 times in five years [3]. - The company’s valuation has decreased to 4.8 billion yuan following a share transfer by foreign investor SpringHill, which sold its shares at 13.33 yuan each [5]. Group 5: Challenges and Risks - The company has high sales expenses, which accounted for 82.08%, 55.98%, and 34.61% of its revenue in the years 2022, 2023, and 2024, respectively, significantly higher than industry averages [19]. - Beixin Life is currently in a critical phase of commercialization and R&D, with a need to stabilize its R&D team and prevent talent loss, as evidenced by the departure of key personnel [23][26].

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The strategic entry of Shanghai state-owned capital into Kanghua Biotech is expected to enhance the company's research and development capabilities and market expansion, leveraging strong financial support and resource networks [6][7] - North Chip Life's successful IPO approval on the Sci-Tech Innovation Board signifies a positive trend for innovative medical device companies, although it faces challenges in market competition and product sales [6][7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 4.6% over one month, 7.08% over three months, and 7.18% over twelve months compared to the CSI 300 index [2] Key Events - Kanghua Biotech's major shareholder transfer to Shanghai Wankexin Biotech involves approximately 28.47 million shares, representing 21.91% of the total share capital, with a transaction value of 1.851 billion yuan [6] - North Chip Life's IPO has passed the review by the Shanghai Stock Exchange, moving closer to listing [6] Investment Highlights - The entry of Shanghai state-owned capital into Kanghua Biotech is expected to significantly increase R&D investment and enhance the company's competitive position in the biopharmaceutical sector [6][7] - North Chip Life operates in a rapidly growing market for cardiovascular disease diagnostic devices, with the IVUS market projected to grow from approximately 1.76 billion yuan in 2024 to about 5.11 billion yuan by 2030 [6][7] Market Potential and Challenges - Kanghua Biotech is positioned to leverage state resources for market expansion and product development, particularly in vaccine research [6][7] - North Chip Life must innovate and improve its product offerings to compete effectively against emerging technologies in the cardiovascular diagnostic market [7]