Core Viewpoint - Beixin Life Technology Co., Ltd. successfully passed the IPO review on July 18, marking it as the second company to do so under the restarted fifth listing standard of the Sci-Tech Innovation Board [1][2]. Group 1: IPO and Funding - Beixin Life plans to raise 9.52 billion yuan for projects including the construction of an interventional medical device industrialization base, R&D projects, and working capital [5][6]. - The company has a history of continuous financing since its establishment in 2015, with multiple rounds of funding leading up to its IPO application in 2023 [10][12]. Group 2: Financial Performance - The company has reported continuous losses, with cumulative undistributed profits reaching -735.86 million yuan as of December 31, 2024 [22][26]. - Revenue has shown rapid growth, with figures of 92.45 million yuan, 183.98 million yuan, and 316.60 million yuan over the reporting periods, but net profits were -300.44 million yuan, -155.21 million yuan, and -53.74 million yuan respectively [25][27]. Group 3: Product and Market Position - Beixin Life focuses on innovative medical devices for cardiovascular diseases, with its core products including the IVUS diagnostic system and FFR measurement system, both of which are the first domestically approved products in their categories [23][24]. - The company has launched 11 products to date and has 6 products in development, covering various medical device categories [23]. Group 4: Operational Challenges - The company has faced high management and sales expenses, with sales expense ratios significantly above industry averages [29][30]. - R&D personnel have decreased by nearly 30%, which poses a risk to the company's innovation capabilities [34][36].