Core Viewpoint - North Chip Life officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 5, 2026, with an issue price of 17.52 yuan per share, marking it as the third company to successfully list under the fifth set of standards and the first domestic medical device company in this category [2] Company Positioning - North Chip Life, established in December 2015 and headquartered in Shenzhen, focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [4] - It is the first domestic medical device company to possess a combination of intravascular functional FFR and imaging IVUS products, breaking the reliance on imported products for clinical precision diagnosis of coronary artery diseases in China [4] Product Overview - The company has accumulated over 20 Class III medical device registrations, with core products including China's first approved domestic 60MHz high-definition IVUS system and the first approved domestic gold standard FFR system, enhancing accessibility to cardiovascular precision diagnosis in China [5][6] - As of the signing date of the prospectus, North Chip Life has 17 approved and in-development cardiovascular interventional medical device products, covering five categories: IVUS diagnostic systems, FFR measurement systems, vascular access products, shockwave balloon treatment systems, and electrophysiological solutions [6] Technological Advancements - In 2025, the company plans to launch the first domestic integrated solution for coronary function and the first domestic peripheral IVUS catheter, achieving a key breakthrough in the electrophysiology field with the "single-shot" technique for pulsed electric field ablation [7] - The TRUEVISION® & VivoHeart® intravascular ultrasound diagnostic system is the first domestically developed IVUS product, featuring industry-leading imaging resolution (60MHz) and speed (100 frames per second) [8] Market Implications - In the context of cardiovascular intervention, IVUS and FFR are not merely auxiliary tools but are core infrastructures that directly influence lesion assessment, surgical strategy, and efficacy evaluation [18] - The long-term value of North Chip Life is not solely dependent on whether a single product can replace imports but on its ability to continuously integrate domestic precision diagnostic tools into real clinical workflows, establishing a verifiable and replicable business model [18]

Core Insights - The company, Shenzhen Beixin Life Technology Co., Ltd., has successfully completed its initial public offering and is now listed on the Sci-Tech Innovation Board, marking a significant milestone in its growth journey [2] - The company focuses on innovative and high-quality solutions for cardiovascular disease treatment, emphasizing its commitment to clinical and patient-centered approaches [2] Product Development - The core products, including the Intravascular Ultrasound (IVUS) system and the Fractional Flow Reserve (FFR) system, have entered the national special review process for innovative medical devices, which is expected to transform clinical practices in Percutaneous Coronary Intervention (PCI) [3] - The Pulsed Field Ablation (PFA) system for atrial fibrillation treatment is also in the special review process and is the first PFA product from China to be included in the late-breaking clinical trial at the European Society of Cardiology Congress [3] - The InsightPFA clinical research results have been published in the top cardiovascular journal, JACC, representing the first randomized controlled clinical study of nanosecond pulse PFA in the industry [3] Future Outlook - The medical device sector is entering a new cycle of innovation characterized by intelligence and precision, presenting a historic strategic opportunity for Chinese medical enterprises to develop into globally influential medical technology companies over the next decade [4] - The company aims to leverage the "Healthy China" strategy, maintaining its focus on cardiovascular precision intervention and striving for exceptional quality, thereby showcasing the strength of Chinese innovation to the world [4] - The company expresses a desire for investors to understand its value proposition and growth potential, highlighting the opportunity for shared long-term growth [4]

Group 1 - The core viewpoint is that Beixin Life has rapidly become a leader in China's medical device industry, focusing on cardiovascular precision intervention with innovative products [2] - Beixin Life's core products, the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, have entered the national special review procedure for innovative medical devices [2] - The company is the first domestic medical device company to have a combination of intravascular functional FFR and imaging IVUS products, filling a gap in the domestic market and changing the reliance on imported products for clinical precision diagnosis of coronary artery disease in China [2] Group 2 - The underwriting and lead underwriting of Beixin Life's IPO is handled by China International Capital Corporation (CICC), which has witnessed the company's steady and rapid development and recognizes the management's industry insight and experience [2] - The company's technology platform, R&D system, and rich product pipeline lay a solid foundation for long-term development [2] - The IPO will inject more capital into Beixin Life, further promoting the industrialization of its core products and strengthening its global market layout [2]

Core Viewpoint - The company focuses on innovative medical devices for precise cardiovascular diagnosis and treatment, aiming to improve health outcomes through quality and innovation [1] Business Overview - The company specializes in the research, development, production, and sales of innovative medical devices for cardiovascular diseases, addressing clinical needs in areas such as coronary artery disease, peripheral vascular disease, and atrial fibrillation [1] - As of September 30, 2025, the company has launched 11 products and has 6 products in development, covering five major categories including IVUS systems and FFR systems [2] Operational Performance - The core product, the FFR system, captured 30.6% of the domestic market share in 2021, with over 70% of its usage in tertiary hospitals across 30 provinces in China and clinical applications in over 1,000 hospitals globally [3] - The IVUS system is the first domestically developed 60MHz high-definition product approved by the National Medical Products Administration, achieving a market share of 10.4% in the coronary disease sector by 2024 [3] Research and Development - The company has established four core technology platforms to support continuous innovation in cardiovascular medical devices, resulting in 25 Class III medical device registrations and 185 patents as of June 30, 2025 [4] - The R&D team consists of 100 members, with over 40% holding advanced degrees, ensuring a strong foundation for long-term development [9] Financial Performance - The company's revenue for the periods from 2022 to 2025 is projected to grow significantly, with expected net profits for 2025 ranging from 78 million to 88 million yuan, representing a growth of 278.91% to 301.85% year-on-year [6] - The gross profit margins for the same periods are reported at 63.50%, 65.02%, 63.32%, and 69.06%, indicating stable margins due to increased production scale [7] Industry Context - The cardiovascular disease market in China is rapidly growing, with PCI procedures being the main application for the company's products, although the penetration rate remains lower than in developed countries [12] - Future trends indicate an increase in PCI penetration, a shift towards high-end active intervention devices, and a growing emphasis on integrated diagnostic solutions [13] Competitive Advantages - The company emphasizes its focus on precise cardiovascular solutions, strong independent R&D capabilities, and a well-established commercialization network, positioning itself favorably in the market [11] Funding and Investment - The company plans to raise approximately 952.21 million yuan through its public offering, with funds allocated for the construction of a medical device industrialization base and R&D projects [19][20][21]

Core Insights - The 2025 Future Medical and Pharmaceutical Top 100 Exhibition (VBEF) was held in Suzhou, showcasing advancements in medical technology, with Shenzhen Beixin Life Technology Co., Ltd. recognized in the "Top 100 Chinese Innovative Medical Devices and Intelligent Manufacturing" list [1] - Beixin Life's core product, the Intravascular Ultrasound (IVUS) system, won the "Best Intelligent Medical Device Technology Innovation Product" award, marking a significant achievement in the cardiovascular precision intervention field [1][2] - The company has successfully broken the long-standing dominance of imported products in China's cardiovascular precision diagnosis market, completing this transition in nine years [1] Product and Technology Highlights - The IVUS system features a 60MHz imaging resolution, high retraction speed, and intelligent operation, establishing a strong position in the domestic market [2] - It is the first domestically developed IVUS system approved under the EU MDR, successfully entering international markets [2] - The FFR (Fractional Flow Reserve) system, another core product, is recognized as the first domestically approved gold standard FFR system, showcasing Beixin Life's technological leadership [2] Innovation and Development - Beixin Life has established four core technology platforms: micro-nano device research and packaging, interventional catheter research and processes, high-performance medical hardware development, and high-performance signal and image algorithms [2][3] - The company has launched 11 commercialized products based on these platforms, obtaining over 20 Class III medical device registration certificates, and serving more than 1,000 hospitals and 150,000 patients globally [2] - The IVUS system incorporates advanced features such as the inSmartVision platform for automatic image analysis and the EasyGO function for angiography registration, enhancing clinical efficiency and reducing procedure time [3] Future Aspirations - Beixin Life aims to continue its mission of improving life and health through innovation and quality, aspiring to become a world-class medical technology enterprise with lasting influence [3] - The recognition from the awards and the inclusion in the top 100 list serve as validation of the company's technological innovations and clinical value, motivating further advancements in the cardiovascular precision intervention sector [3]

Core Insights - The National Medical Products Administration of China emphasizes support for high-end medical device innovation, particularly in advanced medical imaging equipment, to address the growing global demand for cardiovascular disease treatment solutions [1] - Beixin Life, a domestic company focused on high-end medical device innovation, aims to develop high-performance interventional medical devices to tackle the significant public health issue of cardiovascular diseases [1][3] - The company has successfully developed and commercialized proprietary high-performance diagnostic equipment, contributing to the advancement of domestic high-end medical devices [1][3] Industry Overview - Coronary heart disease is recognized as a major health threat globally, with cardiovascular diseases being the leading cause of death in China [2] - China has the highest annual volume of percutaneous coronary intervention (PCI) procedures, with a trend towards precision treatment guided by advanced coronary functional and imaging technologies [2] - The reliance on imported devices and materials has historically dominated the market due to high R&D barriers and long return cycles [2] Company Achievements - Since its establishment in 2015, Beixin Life has developed a series of intelligent cardiovascular interventional solutions, including the first domestically approved IVUS and FFR systems [3][4] - The company has obtained over 20 Class III medical device registrations and successfully launched 11 products [3] - Beixin Life is the only domestic company with the technology to develop and manufacture 60MHz high-frequency micro-ultrasound transducers and MEMS pressure sensor modules [4] Market Potential - The cardiovascular device market is the second largest globally and is expected to grow rapidly over the next decade, with a significant patient population for coronary heart disease [7] - The number of PCI procedures in China is projected to increase from 1.906 million in 2024 to 4.298 million by 2030, with a compound annual growth rate of approximately 14.5% [7] - The precision PCI market in China is expected to grow from 2.04 billion yuan in 2022 to 9.42 billion yuan by 2030, with a compound annual growth rate exceeding 20% [7] Competitive Position - Beixin Life's FFR product captured 30.6% of the domestic market share shortly after its launch, while its IVUS product became the leading domestic option, reducing reliance on imports [8] - The company has successfully expanded its products to international markets, receiving positive feedback and achieving routine clinical use in multiple countries [8] - Beixin Life aims to enhance the synergy of its product system and adapt to international markets, thereby improving the global competitiveness of China's high-performance medical device industry [9]

Core Insights - North Chip Life Technology Co., Ltd. has focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases since its establishment in 2015 [1] - The company has broken the monopoly of overseas giants in the field of cardiovascular precision intervention and has filled multiple domestic gaps [1] - North Chip Life has received over ten Class III medical device registration certificates both domestically and internationally, with 185 authorized patents as of June 30, 2025, including 86 invention patents [1] Product Highlights - The company's intravascular ultrasound (IVUS) system is the first domestically approved high-definition (60 MHz) IVUS product in China and the first to be approved for overseas sales (EU MDR) [1] - The core product, the fractional flow reserve (FFR) measurement system, is also the first domestically approved FFR product in China and the first to be approved for overseas sales (EU MDR), recognized as "internationally leading and domestically pioneering" by the National Medical Products Administration [1] - These products have significantly improved the precision and effectiveness of cardiovascular disease diagnosis and treatment [2] Market Reach and Recognition - North Chip Life's cardiovascular precision intervention solutions have been implemented in over 1,500 hospitals across more than 50 countries, benefiting over 150,000 patients globally [2] - The FFR system has been recognized by Boston Consulting Group as a representative product of China's medical device innovation 3.0 [2] - The 2024 Medical Device Industry Innovation Index recognized North Chip Life as one of the "Top 100 Innovative Enterprises" and "Outstanding Enterprises in Overseas Expansion" [2] Future Vision - The company aims to become a world-class medical technology enterprise with a lasting impact, continuing to invest in research and development to provide more quality diagnostic options for global cardiovascular disease patients [3]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is a leading domestic innovator in the cardiovascular medical device sector, focusing on increasing the localization rate of high-end medical equipment and addressing the growing global demand for cardiovascular disease treatment solutions [1][3]. Financial Performance - In 2024, Beixin's revenue reached 316.60 million yuan, marking a year-on-year growth of over 70% compared to 2023's 183.98 million yuan [2]. - The company has achieved positive cash flow from operating activities, with significant losses narrowing and approaching breakeven [2]. - Sales expense ratio and management expense ratio decreased by approximately 21 percentage points and 26 percentage points, respectively, indicating improved operational efficiency [2]. Market Position and Product Development - Beixin has solidified its position as a leader in the domestic cardiovascular precision interventional device market, with its IVUS system becoming the first domestically produced product to receive EU MDR certification and achieve sales of over 217 million yuan in 2024 [3]. - The FFR system, as the first approved gold standard FFR product in China, has been adopted in approximately 1,000 hospitals nationwide since its launch in 2020 [3]. - The company has launched 11 products to date, with 6 more in development, covering various innovative fields related to coronary artery disease, peripheral vascular disease, and atrial fibrillation treatment [4]. Research and Development - Beixin has increased its R&D investment and was recognized as a national "specialized, refined, and innovative" small giant enterprise in July 2023 [4]. - The company is set to introduce a new generation of integrated functional imaging solutions and the first domestic all-crown functional evaluation solution by 2025 [4]. - Beixin's pulse field ablation technology has entered the special review process for innovative medical devices, with clinical trials selected for the 2025 European Society of Cardiology Congress [4]. International Expansion - In 2024, Beixin achieved overseas revenue of 38.83 million yuan, a nearly 160% increase compared to 2023 [5]. - The company aims to transition from "high-end substitution" to "global leadership" in the cardiovascular precision intervention field, with a vision to become a world-class medical technology enterprise [5].

Core Viewpoint - North Chip Life Technology Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on innovative medical devices in the cardiovascular precision intervention field [1] Company Overview - Established in 2015, North Chip Life specializes in high-performance active interventional devices for major diseases such as coronary heart disease and atrial fibrillation [1] - The company has developed key technologies, including the first domestically developed FFR system and a 60MHz high-speed IVUS system, breaking foreign monopolies [1] - Over ten products have been commercialized, with FFR and IVUS systems used in approximately 1,000 hospitals globally [1] Research and Development - North Chip Life has significantly increased R&D investment, establishing four technical platforms covering the entire chain from core sensor packaging to image analysis algorithms [1] - The company has applied for over 360 patents, with more than 180 granted, including over 80 invention patents and 14 PCT international patent applications [2] Financial Performance - Revenue figures for 2022, 2023, and 2024 are approximately 0.92 billion, 1.84 billion, and 3.17 billion respectively, with positive operating cash flow and narrowing losses [2] - Sales and management expense ratios are projected to decrease by about 21 percentage points and 26 percentage points respectively in 2024, indicating improved operational efficiency [2] Market Potential - The number of PCI procedures in China reached 1.636 million in 2023, expected to grow to 4.3 million by 2030, driving demand for the company's core products [3] - The precision PCI market in China is projected to grow from 2.04 billion in 2022 to 9.42 billion by 2030, with a compound annual growth rate exceeding 20% [3] Global Expansion - North Chip Life is the first domestic company to obtain EU CE/MDR certification for both FFR and IVUS products, with regular supply to countries like Germany, the UK, and Italy [2] - In 2024, overseas revenue reached approximately 38.83 million, a year-on-year increase of nearly 160% [2] Vision and Future Plans - The company aims to become a world-class medical technology enterprise with a long-lasting impact, focusing on technology accumulation, product matrix, and global layout [3] - With a solid R&D capability and high-performance product matrix, North Chip Life is positioned to become a representative enterprise in the high-end medical device sector in China [3]