报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 吻合器是替代手工切除与缝合的医疗器械，由于其具有安全及操作便捷等特点，在微创外科手术领域中应用广泛。一方面，微创外科手术具有手术创伤小、 疼痛感和术后并发症少、患者恢复快等优势，已逐步扩展至各个科室，微创外科手术的普及将会拉动吻合器市场持续增长。另一方面，伴随着中国医疗水平 的不断提升，医生和患者对外科手术的精准性与安全性要求日益提高，吻合器可提高手术效率与质量、缩短康复时间，吻合器市场发展态势持续向好。 （1）吻合器分类及适用范围分析 | 吻合器可分为开放吻合器和腔镜吻合器两大类，广泛应用于各个科室中。 | | --- | | 大类 | 细分类别 | 适用范围 | | --- | --- | --- | | 开放吻合 ...

Company Overview - Tianxing Medical has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors [1] - Tianxing Medical is the largest domestic sports medicine company in China, providing treatment solutions for soft tissue injuries and sports rehabilitation covering joints such as shoulders, knees, and hips [1] - The company relies on self-developed implants, active devices, consumables, and surgical instruments, boasting the most comprehensive sports medicine product line in the Chinese market with 52 products, many of which are among the first approved domestically [1] Industry Insights - The Chinese sports medicine market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 14.3% from 2024 to 2030, driven by an increase in the sports population, aging demographics, rising health awareness, and higher penetration rates of minimally invasive surgeries [1] - National policies encourage the development of domestic medical devices, and advancements in domestic brand technologies are expected to enhance the market penetration of local sports medicine providers [1] Financial Performance - By the end of 2024, Tianxing Medical's products are expected to be available in over 3,000 hospitals, including more than 1,000 tertiary hospitals [1] - The company anticipates achieving revenue of 327 million RMB and a profit of 95.39 million RMB for the fiscal year 2024 [1]

Core Viewpoint - Beijing Tianxing Medical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as the largest domestic sports medicine company in China by projected sales revenue in 2024 [1][4]. Company Overview - Tianxing Medical focuses on innovative medical devices providing comprehensive clinical solutions for sports medicine, including treatment for soft tissue injuries in various joints [4]. - The company offers a diverse product matrix with 52 products, including implants, active devices, consumables, and surgical instruments, making it a leader in the domestic sports medicine market [4]. Market Growth - The sports medicine market in China is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030, driven by an increasing sports population, aging demographics, heightened health awareness, and rising penetration of minimally invasive surgeries [4]. Financial Performance - Tianxing Medical reported revenues of approximately RMB 146.6 million, RMB 238.5 million, RMB 327.1 million, and RMB 111.4 million for the years 2022, 2023, 2024, and the first five months of 2025, respectively [5][7]. - The net profit for the same periods was RMB 40.3 million, RMB 57.1 million, RMB 95.4 million, and RMB 32.6 million [5][7]. - The company has achieved deep market penetration, with its products entering over 1,000 hospitals by the end of 2022 and projected to exceed 3,000 by the end of 2024 [5].

Core Viewpoint - The successful completion of Dongguan's first domestic Longjing PR intraocular lens implantation surgery marks a significant breakthrough in refractive correction technology in the region, providing more medical options for myopia patients [1]. Group 1: Surgical Details - The surgery was performed by Chen Xiaobei, the director of the refractive surgery department, who has over 8,000 cases of intraocular lens surgeries experience [1]. - The Longjing PR lens, approved for market in January 2025, is the first ciliary groove-fixated artificial lens in China, filling a domestic technology gap and providing a new solution for myopia patients with degrees ranging from 325 to 1800 [1]. Group 2: Patient Experience - The first beneficiary of the surgery, a 35-year-old professional named Xiao, had over 600 degrees of myopia and chose the lens implantation due to its non-invasive nature and strong reversibility, expressing confidence in the surgical outcome [1]. Group 3: Industry Context - The advancement in domestic medical technology is emphasized by the statement from Chen Xiaobei, highlighting the importance of integrating international advanced technology while accumulating local experience for the benefit of Dongguan patients [2]. - The first ICL implantation surgery in Dongguan was completed in April 2015, marking the beginning of the "additive correction" era, with the recent Longjing lens surgery representing a decade of progress in the field [2].

现在回头看，人口老龄化在长尺度上确实带来了持续的超额动力，和科技突破以及支付能力提升一起，推动卫 生支出占中国GDP的比重从以前的3%提高到现在的超过7%，预计10年内会进一步提升到10%以上。但医药的 需求优势是个相对优势，随着中国名义GDP的持续减速，过去几年医药行业的整体营收增速也在不可避免地趋 势性放缓。 反而是 国内医药的供给端，凭借成功的转型升级释放工程师红利优势，开始出现越来越明显的加速突破迹象 。当前阶段，中国医药行业相比海外的供给优势明显强化，而需求优势明显弱化，这对我们的投资方向选择可 能有着较为重要的影响。 青侨阳光医药投资 - 月度思考 几年前，当大家谈起投资医药的逻辑时，最常听到的理由是人口老龄化，因为老龄人口占比提升会给医药带来 源源不断的需求增强。 以下图统计的公司为例，用2023年的研发开支去除以在研管线数量得出的每10亿美元支撑的研发管线数，欧美 头部药企普遍是15-16款左右，日本药企典型是30+款，而中国药企平均有100+款，超过欧美MNC(跨国公司)的 6倍！考虑国际多中心临床的规模和占比等，日本药企或许更具可比性，但就算跟日本企业比，中国药企的成 本效率优势依然十分巨 ...