Group 1 - The company N Beixin-U (688712) was listed today, opening with a rise of 187.16%, and closing with a gain of 183.33%, with a total trading volume of 28.16 million shares and a turnover of 1.409 billion yuan, resulting in a turnover rate of 75.88% [1][2] - The company specializes in the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to provide transformative solutions for cardiovascular disease diagnosis and treatment [1] - The core products include the intravascular ultrasound (IVUS) diagnostic system, which is the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, and the fractional flow reserve (FFR) measurement system, which is the first domestically approved product in the gold standard FFR field [1] Group 2 - The total number of shares issued by the company is 57 million, with an online issuance of 13.68 million shares at a price of 17.52 yuan per share, resulting in a final online subscription rate of 0.03264275% [2] - The initial fundraising amount is 999 million yuan, primarily directed towards the construction of an industrial base for interventional medical devices, research and development projects, working capital supplementation, and marketing network construction [2]

Group 1 - The company N北芯-U (688712) was listed today, opening with a significant increase of 187.16%, and closing the morning session with a rise of 185.67% [1][2] - The total trading volume for the half-day reached 21.47 million shares, with a transaction value of 1.082 billion yuan, resulting in a turnover rate of 57.85% [1][2] - The company specializes in the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, positioning itself as a national high-tech enterprise [1] Group 2 - The core products include the intravascular ultrasound (IVUS) diagnostic system, which is the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, and the fractional flow reserve (FFR) measurement system, which is the first domestic product in the FFR field approved by the same authority [1] - Both products have entered the special review process for innovative medical devices, potentially transforming clinical practices for percutaneous coronary intervention (PCI) surgeries [1] - The company is the first domestic medical device company to offer a combination of vascular functional FFR and imaging IVUS products, filling a gap in the domestic market and changing the reliance on imported products for precise diagnosis of coronary artery diseases in China [1]

Core Viewpoint - The successful listing of Beixin Life Technology Co., Ltd. on the STAR Market marks the first successful IPO under the "fifth set of standards" for innovative medical device companies, highlighting the potential for growth in the cardiovascular precision diagnosis and treatment sector [1][4]. Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with 17 approved and in-development products as of September 30, 2025 [4]. - The company has incurred significant losses due to high R&D and market promotion costs, with a cumulative undistributed profit of -690 million yuan as of June 30, 2025, but is now moving towards profitability as commercialization progresses [4][7]. Financial Performance - Revenue for Beixin Life is projected to grow significantly, with estimates of 520 million to 560 million yuan for 2025, representing a year-on-year increase of 64.24% to 76.88%, and a net profit of 78 million to 88 million yuan, marking a turnaround from previous losses [7]. - The company raised a total of 999 million yuan in its IPO, with a net amount of 899 million yuan allocated primarily for the construction of an interventional medical device industrial base and R&D [7]. R&D and Innovation - Beixin Life has consistently increased its R&D investment, totaling 389 million yuan over the past three years, with a workforce of 100 R&D personnel, over 40% of whom hold advanced degrees [6]. - The company has launched 11 products to market and has 6 products in development, with its core IVUS and FFR systems having received regulatory approval and achieving significant market share [6][8]. Market Position and Competition - The IVUS system is the first domestically approved 60MHz high-definition product and has captured a leading market position, while the FFR system holds a 30.6% market share shortly after its launch [6][10]. - Despite the competitive landscape, with established international players and other domestic manufacturers, the market for IVUS and FFR is expected to grow significantly, with projections indicating a compound annual growth rate of approximately 19.4% to 21.1% through 2030 [10]. Challenges and Risks - Beixin Life faces challenges from increasing competition and potential risks related to product commercialization and R&D failures, as well as pressures from centralized procurement policies that could impact pricing and market share [9][10]. - The company’s stock is currently trading at a higher price-to-sales ratio compared to industry peers, which may pose risks for investors if market conditions change [11].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the first medical device company to do so in 2024 and the first under the new fifth set of standards for the board [2][12]. Company Overview - Established in 2015, Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to transform clinical practices [6][10]. - The company has launched 11 products and has 6 more in development, covering various categories including IVUS systems and FFR systems [6]. Product Highlights - The core product, the IVUS system, is the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, featuring high definition, speed, and intelligence [7]. - The FFR system is recognized as the gold standard for PCI treatment guidance and has received high-level recommendations in multiple domestic and international guidelines [7]. - Beixin Life's PFA system is the first in China to be included in breakthrough clinical research at the European Society of Cardiology [8]. Market Impact - The successful launch of Beixin Life's products has filled a significant gap in the domestic market, previously reliant on imported products for precise cardiovascular diagnosis [7][10]. - The company has established a presence in over 30 provinces in China and has clinical applications in more than 1,000 hospitals globally, including in Belgium, Germany, and Italy [8]. Innovation and R&D - Beixin Life emphasizes long-term independent research and technological innovation, having developed four core technology platforms for medical devices [10]. - The company holds 185 domestic and international patents, including 86 invention patents and 14 PCT international patent applications [10]. Future Prospects - The listing is seen as a new starting point for Beixin Life, enabling it to accelerate development in innovation, global market expansion, and capital collaboration [12]. - The cardiovascular intervention field is expected to see significant growth, driven by increasing clinical needs and technological advancements [11]. Investment and Support - Major institutional investors include Sequoia China and Qiming Venture Partners, who have expressed confidence in Beixin Life's innovative capabilities and market potential [14][15]. - The company has received continuous support from its investors, focusing on building a strong product portfolio and enhancing its competitive edge in the market [15][17].

股票简称：北芯生命 股票代码：688712 深圳北芯生命科技股份有限公司 Insight Lifetech Co., Ltd. （深圳市龙华区民治街道北站社区鸿荣源北站中心A塔2102） 首次公开发行股票科创板上市公告书 科创成长层公司最近一个会计年度经审计的财务会计报告显示公司符合《上海证券 交易所科创板上市公司自律监管指引第 5 号——科创成长层》第四条规定条件的，公司 应当在披露年度报告的同时，披露符合条件且将被调出科创成长层的公告，上海证券交 易所及时将公司调出科创成长层。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二六年二月四日 特别提示 深圳北芯生命科技股份有限公司（以下简称"北芯生命"、"本公司"、"发行人"或"公 司"）股票将于 2026 年 2 月 5 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长层》，上 市时未盈利的科创板公司，自上市之日起纳入科创成长层 ...

的投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳北芯生命科技股份有限公司 Insight Lifetech Co., Ltd. （深圳市龙华区民治街道北站社区鸿荣源北站中心 A 塔 2102） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 科创板投资风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高 深圳北芯生命科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人 的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收 ...

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 ...

Core Viewpoint - The company is a national high-tech enterprise focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to transform solutions for cardiovascular care [7]. Company Overview - The company specializes in the research, development, production, and sales of innovative medical devices for cardiovascular disease diagnosis and treatment [7]. - It is the first domestic medical device company with a combination of vascular functional FFR and imaging IVUS products, filling a market gap and changing the reliance on imported products for coronary artery disease clinical diagnosis in China [12]. Financial Data - Projected revenue for 2024 is 3.17 billion yuan, up from 1.84 billion yuan in 2023 and 0.92 billion yuan in 2022 [8]. - The company reported a net loss of 0.54 billion yuan in 2024, an improvement from a loss of 1.55 billion yuan in 2023 and 3.00 billion yuan in 2022 [8]. - Cash flow from operating activities per share is expected to be 0.08 yuan in 2024, recovering from negative cash flows in previous years [8]. Industry Context - The cardiovascular disease market is expected to grow due to an aging population, with projections indicating that by 2030, the population aged 65 and above in China will reach 270 million, accounting for 19.6% of the total population [12]. - The increasing prevalence of obesity, hypertension, and diabetes is expected to drive the demand for cardiovascular disease diagnosis and treatment solutions [12]. SWOT Analysis Strengths - The company has a strong focus on independent research and technological innovation, which is crucial for developing solutions for cardiovascular diseases [12]. - It possesses a mature commercialization network recognized globally and regionally [12]. Opportunities - The trend of population aging and increasing regulatory focus on innovative medical devices present significant growth opportunities for the company [13]. Weaknesses - The company faces challenges due to the high difficulty and risk associated with developing Class III medical devices, which involve complex and lengthy processes [14]. - There is significant competition from established foreign manufacturers, and the company has relatively weak financial strength [14].

Core Viewpoint - Beixin Life (688712.SH) has launched its subscription with an issue price of 17.52 yuan per share, aiming to innovate in cardiovascular disease diagnosis and treatment through advanced medical devices [1] Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company plans to launch a total of 11 products by September 30, 2025, with 6 products currently under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [1] Key Products - The core product, the IVUS system, is China's first domestically developed 60MHz high-definition and high-speed IVUS product, designed to efficiently guide precise PCI strategy formulation [1] - The FFR measurement system is the first domestically approved product in China within the gold standard FFR field, both products are undergoing special review procedures for innovative medical devices [1] Market Position - After launching, the core products quickly captured the second-largest market share domestically and the largest share among domestic brands, contributing to the increase in the localization rate of high-end active interventional medical devices [1] Financial Performance - Revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 92.45 million yuan, 184 million yuan, 317 million yuan, and 259 million yuan respectively, with net profits of -30 million yuan, -15.55 million yuan, -5.37 million yuan, and 4.55 million yuan [2] - As of June 30, 2025, total assets are approximately 838.54 million yuan, with equity attributable to the parent company at 755.23 million yuan and a debt-to-asset ratio of 15.20% [3]

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 ...