Core Viewpoint - Shenzhen Maiketian Biomedical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, showing significant revenue growth and a turnaround to profitability in the first half of 2025, with a gross margin increase from 43.7% to 52.9% [1][7]. Industry Overview - The global life support medical device market is projected to reach $75.1 billion in 2024 and $109.7 billion by 2030. In China, the market is expected to grow from 55.7 billion yuan in 2024 to 93.2 billion yuan by 2030 [4]. - The global minimally invasive endoscopy market is anticipated to grow from $32.1 billion in 2024 to $48.8 billion by 2030, with China's market expected to increase from 24.9 billion yuan in 2024 to 53.2 billion yuan by 2030 [4]. - The global in vitro diagnostics market is expected to reach $108.4 billion in 2024 and grow to $167.3 billion by 2030, while China's market is projected to grow from 116.1 billion yuan in 2024 to 191.2 billion yuan by 2030 [4]. Company Performance - Maiketian's revenue for the years 2022 to 2025 (first half) was 917 million yuan, 1.313 billion yuan, 1.399 billion yuan, and 787 million yuan, respectively, with a compound annual growth rate of 23.5% over the first three years and a year-on-year growth of 15.31% in the first half of 2025 [8]. - The company reported a profit turnaround in the first half of 2025, achieving a profit of 40.97 million yuan compared to a loss of 58.03 million yuan in the first half of 2024 [9][10]. - The gross margin improved from 43.7% in 2022 to 52.9% in the first half of 2025, with adjusted EBITDA margins increasing significantly from -3.2% in 2022 to 18.9% in the first half of 2025 [9]. Product Portfolio - Maiketian has commercialized over 50 life support products, 80 minimally invasive products, and 210 in vitro diagnostic products as of June 30, 2025 [5]. - In the life support sector, the company ranks first in sales in China for infusion workstation and enteral nutrition pump markets from 2018 to 2024 [5]. - The company is one of the few domestic brands in China with a complete range of proprietary endoscopic products, ranking second in the minimally invasive consumables market from 2022 to 2024 [5][6]. Shareholding and Valuation - Maiketian has completed seven rounds of financing since 2016, raising over 2 billion yuan, with a post-investment valuation increasing from 320 million yuan in 2016 to 8.245 billion yuan in 2023, a growth of over 24 times [12]. - Hillhouse Capital holds a 20.79% stake, making it the largest institutional investor, with its shares valued at approximately 1.71 billion yuan based on the latest valuation [11][14].