9月25日， 上海建发致新医疗科技集团股份有限公司（简称"建发致新"）正式在深交所创业板挂牌上市。公司股票发行价格为7.05元/股，开盘价36元/股， 随后股价一路冲高至46.20元/股，盘中涨幅一度超过550%，截至收盘，公司股价为36.56元/股，上涨418.58%，总市值约154亿元。 2022年至2024年，公司营业收入从118.82亿元增长至179.23亿元，年均复合增长率达22.81%。2024年公司净利润达到2.74亿元，较2022年的1.89亿元相 比，三年复合增长率超过20%，显示了公司在医疗器械集中带量采购政策下良好的产业政策适应能力和发展潜力。 此次上市，建发致新预计实际募集资金总额4.46亿元，通过募集资金投资项目，持续加强信息系统的建设和SPD业务项目拓展建设，这些新增投资将进一 步提升公司精细化、智能化管理能力，为公司快速扩大的业务规模与精益管理提供有力的技术支撑。 建发致新董事长余峰表示，将以上市为契机、借助资本市场的力量，继续秉持"专业创造价值，为生命健康提供更有品质的服务"的企业使命，聚焦产业链 痛点，深耕医院场景，积极拥抱智能化时代，主动服务国家、区域和城市发展大局。 文字 ...

Core Viewpoint - Shenzhen Maikedian Biomedical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its presence in the medical device industry, despite facing challenges such as consecutive net losses and high sales expenses [1][5]. Company Overview - Maikedian was established on April 26, 2011, originally named Shenzhen Yusheng Medical Technology Co., Ltd., and is located in Nanshan District, Shenzhen [2]. - The company is led by Liu Jie, who has over 20 years of experience in the healthcare industry, including significant roles at Johnson & Johnson and Mindray Medical [3][4]. Financial Performance - The company has reported net losses for three consecutive years before 2024, totaling approximately 387 million yuan [15][16]. - Revenue has shown growth, with figures of 917 million yuan in 2022, 1.31 billion yuan in 2023, and 1.4 billion yuan in 2024, alongside an increase in gross margin from 43.7% in 2022 to 52.9% in the first half of 2025 [16][17]. Product Portfolio - Maikedian's product offerings include over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products, with a presence in over 140 countries [6][10][13]. - The company ranks first in the infusion workstation market and has a strong position in the minimally invasive intervention market in China [11][12]. Sales and Distribution - The majority of Maikedian's products are sold through a network of over 2,500 distributors, with more than 80% of sales coming from this channel [18][21]. - The company has established a comprehensive distribution network, covering over 6,000 hospitals in China, including about 90% of tier-three hospitals [6][18]. Research and Development - The internal R&D team consists of over 500 members, accounting for 25.1% of the total workforce, with R&D expenses totaling approximately 934 million yuan over the reporting period [21][22]. - The company has invested heavily in R&D, but sales expenses have consistently exceeded R&D expenses, indicating a focus on market expansion [22][23]. Market Context - The global market for life support medical devices is projected to reach $75.1 billion by 2024, with significant growth opportunities in China [6]. - The medical device industry is influenced by regulatory policies, including centralized procurement, which may impact pricing strategies and future performance [23].

Core Viewpoint - The article discusses the financial performance and market position of Kangdai, highlighting a decline in revenue and profit while emphasizing the company's efforts in product innovation and market adaptation [3][4][5]. Financial and Market Performance - In 2024, Kangdai reported total revenue of 2.261 billion yuan, a year-on-year decrease of 7.79% due to changes in the market environment affecting product sales [3][5]. - The net profit attributable to shareholders was 215 million yuan, down 6.75% year-on-year, although the fourth quarter saw a net profit of 50.29 million yuan, an increase of 13.73% compared to the previous year [5]. - The company's total expenses for sales, management, and finance amounted to 384 million yuan, accounting for 16.96% of revenue, a slight decrease of 0.17% year-on-year [5]. - The net cash flow from operating activities was 292 million yuan, down 33.47% year-on-year [5]. - Kangdai's asset-liability ratio was 29.86% in 2024, a decrease of 12.49% from 2023, indicating improved debt repayment capability [5]. Main Business and Business Model - Kangdai's primary business includes the research, production, sales, and service of medical devices such as medical puncture needles and infusion devices [3]. - The business model primarily focuses on self-branded product sales while also providing related medical device services [3]. Comprehensive Analysis - The overall market size of the medical device industry continues to grow, but competition is intensifying, particularly due to the normalization of centralized procurement [4]. - Despite revenue and profit declines, Kangdai has seen slight growth in its proprietary product business and is actively enhancing product quality and driving technological innovation [4]. About Kangdai - Established in 1987 and headquartered in Shanghai, Kangdai specializes in the research, production, and sales of disposable medical puncture devices [5]. - The company has been recognized as a "High-tech Enterprise" and has received support for its innovative projects, including the development of high-tech medical products [7]. Products and Technology - Kangdai's product line includes medical puncture needles, infusion devices, high polymer consumables, interventional consumables, and medical packaging, among others [7]. - The company employs advanced technology and equipment to ensure the highest quality of medical devices [7]. Market and Cooperation - Kangdai is adapting to changes in medical insurance policies and centralized procurement by employing a marketing model that combines agency distribution, delivery, and service [8]. - The company's products are sold domestically and exported to over 50 countries and regions, establishing long-term cooperative relationships [8].

报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月21日， 康德莱 发布了2024年年报。 # 财务与市场表现 # 主营业务与商业模式 康德莱的主要业务包括 医用穿刺针、医用输注器械等医疗器械的研发、生产、销售和服务 。其商业模式主要 以自有品牌产品销售为主，同时提供相关的医疗器械服务。2024年，公司营业收入为22.61亿元，同比下降 7.79%。这一下降主要源于市场环境的变化，导致公司产品销售受到一定影响。 # 综合分析 医疗器械行业整体市场规模持续增长，但市场竞争也日益激烈。尤其是在医疗器械集中带量采购常态化的背景 下，康德莱的市场份额和盈利能力受到一定挤压。尽管如此，康德莱通过调整经营策略、优化成本结构和推进 新产品上市等措施，试图稳住基本盘。 康德莱的核心驱动力在于其持续的研发投入和产品创新。 2024年，公司扣非净利润为2.11亿元，同比下降 5.44%。尽管面临营收和利润的下滑，但公司在自有产品业务上仍略有增长。此外，公司在医疗器械行业标 准制修订加速的背景下，积极提升产品质量，推动技术创新。 # 关于康德莱 营 ...