Core Viewpoint - The article discusses the growth of the intravascular ultrasound (IVUS) industry, driven by three main factors: the increasing volume of PCI surgeries, the rising penetration rate of IVUS in PCI procedures, and the significant potential for domestic replacement of imported IVUS products [9][24][26]. Group 1: PCI Surgery Volume Growth - The mortality rate from coronary artery disease (CAD) remains high, with a significant number of patients. In China, the death rates for rural and urban residents due to coronary heart disease were 14.82 and 13.51 per 10,000 respectively in 2021 [14]. - The number of CAD patients in China is projected to grow from 27 million in 2022 to 32 million by 2030, with a CAGR of approximately 2.2%. Globally, the number of CAD patients is expected to increase from 213 million to 250 million during the same period, with a CAGR of about 2.0% [14][19]. - PCI has become the mainstream treatment for CAD, with advantages such as minimal invasiveness, effective results, and quick recovery times [14]. Group 2: Increasing IVUS Penetration in PCI - The penetration rate of IVUS in PCI procedures in China was only 15.4% in 2021, significantly lower than developed countries. The U.S. and Japan have penetration rates exceeding 23% [22][26]. - The domestic IVUS penetration rate has rapidly increased from 8.5% in 2020 to 15.4% in 2021, indicating a near doubling within a year. The usage of IVUS consumables in China is projected to rise from approximately 322,800 units in 2022 to 553,700 units in 2024 [26]. - The overall market size for IVUS in China is expected to grow from about 1.76 billion RMB in 2024 to 5.11 billion RMB by 2030, with a CAGR of 19.4% [26]. Group 3: Domestic Replacement Potential - The IVUS market in China is currently dominated by imported brands, with Boston Scientific and Philips holding 81.4% of the market share in 2024. Domestic brands like Beixin Life and Kaili Medical are gradually entering the market [24]. - As domestic supply increases and product quality improves, the trend towards domestic replacement is expected to accelerate, supported by favorable policies and market conditions [24][26]. - The domestic IVUS market is characterized by a growing number of approved products, with 10 products already on the market and one in clinical research [24].

Company Overview - Beixin Life (688712.SH) is a leading domestic manufacturer of precision PCI medical devices, breaking the monopoly of international manufacturers and maintaining a leading market share among domestic companies[1] - The company focuses on the research, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with a product portfolio that includes IVUS and FFR systems[5] Financial Performance - The company is projected to achieve revenue of CNY 312 million and a net loss of CNY 44 million in 2024[1] - Revenue growth from 2022 to 2024 is expected to have a compound annual growth rate (CAGR) of 85.05%, with revenues of CNY 92.45 million, CNY 183.98 million, and CNY 316.60 million for the years 2022, 2023, and 2024 respectively[7][8] - The gross margin is expected to remain stable, with rates of 63.51%, 65.02%, 63.31%, and 69.05% from 2022 to the first half of 2025[13] Market Trends - The precision PCI market in China is projected to grow from CNY 2.04 billion in 2022 to CNY 9.42 billion by 2030, with a CAGR of approximately 21.1%[6][21] - The IVUS market is expected to reach CNY 5.11 billion by 2030, with a CAGR of about 19.4%[24] - The direct measurement FFR market is anticipated to grow from CNY 230 million in 2024 to CNY 3.12 billion by 2030, with a CAGR of approximately 54.9%[25] IPO and Fundraising - The company plans to issue 57 million shares, representing 13.67% of the total post-IPO share capital, with total fundraising expected to reach CNY 952 million[29] - The funds will be used to optimize the capital structure, expand production capacity, enhance R&D capabilities, and improve product lines[30] Competitive Landscape - The average price-to-sales (PS) ratio for comparable companies in the specialized equipment manufacturing industry is 19.31 for 2024, 15.94 for 2025, and 12.46 for 2026[32] - Beixin Life's FFR system captured a market share of approximately 30.6% in 2021, while the IVUS system has been rapidly adopted in around 1,000 hospitals across China[5][27]

Core Viewpoint - The percutaneous coronary intervention (PCI) market in China is experiencing significant growth due to increasing rates of cardiovascular diseases driven by aging population and rising obesity rates, with the number of PCI procedures expected to reach 3.6 million by 2030 from 1.9 million in 2024 [1][11]. Industry Overview - PCI is a minimally invasive procedure aimed at improving blood flow in narrowed or blocked coronary arteries, with various techniques including balloon angioplasty and stent implantation [1][5]. - The PCI industry is supported by a supply chain that includes raw materials like stainless steel and cobalt-chromium alloys, as well as advanced medical devices and technologies [5]. Industry Environment - China has approximately 330 million patients with cardiovascular diseases (CVD), with a significant portion being elderly, which correlates with a rising incidence of heart diseases [7]. - The aging population in China is projected to increase from 145 million in 2015 to 220 million by the end of 2024, leading to a higher prevalence of cardiovascular diseases [7]. Industry Status - The total number of registered PCI cases in China reached 1,636,055 in 2023, marking a year-on-year growth rate of 26.44%, the highest recorded [9]. - National policies are enhancing healthcare services and infrastructure, leading to increased accessibility and acceptance of PCI procedures among patients [11]. Development Trends - The PCI industry is witnessing rapid technological innovation and product upgrades, with advancements in drug-eluting stents and biodegradable stents improving treatment outcomes and reducing complications [20]. - Market demand for PCI is expected to continue growing due to rising cardiovascular disease rates and increased public awareness of health [21]. - The industry faces intensified international competition, necessitating domestic companies to enhance innovation and expand into global markets [22]. Competitive Landscape - The PCI market in China is characterized by a mix of international giants like Medtronic and Abbott, and domestic companies such as Lepu Medical and Sino Medical, with the latter gaining market share through competitive pricing and innovative products [15][16]. - Companies like Weimai Medical and Yiju Medical are focusing on comprehensive solutions in interventional devices, with a strong emphasis on research and development [16][18].