一直以来，心血管疾病严重威胁着人们的健康，是藏在身体里的"隐形杀手"。 近日，深圳北芯生命科技股份有限公司（以下简称"北芯生命"）在上交所科创板提交注册，这正是一家 专注于心血管疾病精准诊疗创新医疗器械的企业。 对于上市，北芯生命有着强烈的渴望，毕竟若最终上市失败，公司实控人宋亮或仍面临着回购股份的风 险。 而对于近三年累计亏损4.74亿元的北芯生命而言，真正的考验是如何在波士顿科学、飞利浦垄断超80%市 场的情况下，与乐普医疗等国产对手赛跑。 在递表港交所前，北芯生命已经进行了六轮融资，引入了红杉中国、国投创合等机构，估值也水涨船 高。 招股书显示，北芯生命每股成本从Pre-A轮的人民币0.898元增长至4.523美元（约合人民币32.46元）；投 后估值也从Pre-A轮的5400万元增长至D轮的50.43亿元，五年时间增长超90倍。 中科院名誉主任创业，港股IPO已"折戟" 北芯生命的前身北芯生命有限成立于2015年，由宋亮、陈丽丽、硅基仿生、付晓阳共同投资设立。 其中，宋亮在2010年12月毕业于美国圣路易斯华盛顿大学生物医学工程专业，博士研究生学历。 宋亮目前是中国科学院深圳先进技术研究院生物医学光学 ...

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]

Core Viewpoint - The successful IPO of Shenzhen Beixin Life Technology Co., Ltd. marks the second company to pass the review under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [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 [3] - The company is recognized as a national high-tech enterprise and has developed China's first domestically innovative 60MHz high-definition IVUS product approved by the National Medical Products Administration [3][4] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, addressing the previously import-dependent market for coronary artery disease diagnosis in China [3][4] Product Development - Since its establishment, Beixin Life has launched 11 products and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [4][5] - The core IVUS system is noted for its high-definition, high-speed, and intelligent features, which facilitate precise PCI strategy formulation [4] - The FFR system is recognized as the gold standard for PCI treatment guidance and has received high-level recommendations from various domestic and international guidelines [4] Financial Performance - From 2022 to 2024, Beixin Life's projected revenues are 92.45 million yuan, 184 million yuan, and 317 million yuan, with net profits of -179 million yuan, -164 million yuan, and -6.29 million yuan respectively [5] - The company plans to raise 952 million yuan through its IPO to fund the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [5] - Cumulatively, the company has invested over 389 million yuan in R&D from 2022 to 2024, accounting for over 65% of its total revenue during this period [5]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 9.52 billion yuan for the development of innovative medical devices focused on cardiovascular disease diagnosis and treatment [1] Company Overview - Beixin Life is a national high-tech enterprise specializing in the research, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company has developed China's first domestically innovative 60MHz high-definition IVUS product and the first domestically approved FFR measurement system, both of which are expected to transform clinical practices in percutaneous coronary intervention (PCI) [1][2] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, addressing the market gap and reducing reliance on imported products for coronary artery disease diagnosis in China [1] Product Development - The company has launched a total of 11 products and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [2] - The core IVUS system is recognized for its high-definition, high-speed, and intelligent features, facilitating efficient and precise PCI strategy formulation [2] Fundraising and Financials - The funds raised will be allocated to various projects, including the construction of an interventional medical device industrialization base and R&D projects, with a total investment of approximately 95.22 million yuan [3] - Financial projections indicate that the company expects to achieve revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively [3] - The company reported net losses of approximately 300 million yuan, 155 million yuan, and 53.74 million yuan for the same years [3] Financial Metrics - As of December 31, 2024, the total assets are projected to be approximately 782.99 million yuan, with total equity attributable to shareholders of approximately 686.43 million yuan [4] - The company’s debt-to-asset ratio is expected to rise from 11.75% in 2022 to 17.47% in 2024 [4] - Revenue is projected to increase significantly, with net profit losses decreasing from 300.44 million yuan in 2022 to 53.74 million yuan in 2024 [4] - R&D investment as a percentage of revenue is expected to decrease from 154.95% in 2022 to 35.65% in 2024, indicating a shift towards commercialization [4]