这与 Brainlab 一贯的经营风格一致。作为一家深耕全球高端医疗器械市场的企业，Brainlab 多年来始终保持稳健的现金流。公司特别强调， 即便取消 IPO， Brainlab 的资金实力仍足以支持未来的有机增长，无需急于依赖外部融资。 招商通知： 第三届全球手术机器人大会 2025年7月，德国医疗科技领军企业 博医来Brainlab 宣布 推迟其原定在法兰克福证券交易所的首次公开募股（IPO）计划。 虽然此次 IPO 已获得市场超额认 购，反响颇为积极，但 Brainlab 管理层在审慎考量后，仍决定按下"暂停键"。 这家在神经外科手术导航领域拥有全球60%市场份额、被誉为"手术导航金标准"的创新型企业，在行业动荡与地缘政治风险的背景下，展现出对技术主导型企 业未来发展节奏的深刻把握。 # 超额认 购背后，却选择 谨 慎 根据 Brainlab 此前提交的招股文件，公司原计划发行 200 万股新股，并转让最多 320 万股现有股份，拟募集约 4.16 亿欧元（折合人民币超 30 亿元），定价区 间为每股 80-100 欧元。按最高发行价计算，Brainlab 的估值可达 17 亿欧元（约合人民币 14 ...

Core Viewpoint - Brainlab, a leading company in the German medical technology sector, has unexpectedly postponed its IPO plans due to ongoing geopolitical uncertainties affecting capital markets, despite having received oversubscription for the offering [2][4]. Company Overview - Founded in 1989 and headquartered in Munich, Germany, Brainlab specializes in developing image-guided surgery, radiation therapy, and digital operating room solutions, with a core philosophy of "software-defined medicine" [7]. - The company has installed over 5,000 systems globally, covering 85 countries, and holds a 60% market share in the neurosurgery navigation field, being recognized as the "gold standard" in surgical navigation [7]. IPO Details - Brainlab planned to issue 2 million new shares and transfer up to 3.2 million existing shares, with a pricing range of €80-100, aiming to raise approximately €416 million [2]. - The overall valuation of the company was estimated at around €1.7 billion (over 14.3 billion RMB) [2]. Financial Position - The company emphasized that its cash flow situation does not rely on IPO funding for organic growth, providing financial confidence for the postponement [5]. - Brainlab participated in a €27 million Series A funding round for neurosurgical robotic developer Robeauté, indicating its strong cash flow position [5]. Management Perspective - CEO Rainer Birkenbach stated that the current geopolitical uncertainties and market volatility led management to believe that it was not the optimal time for the IPO, despite positive business performance in the previous quarter [4]. Market Impact - Brainlab is the second German company to postpone its IPO this year, following Autodoc, which has negatively impacted the IPO market in Germany and Europe [10]. - A survey indicated that 74% of European investment bankers expect an increase in IPO activity in 2025, but uncertainties from the German elections and potential U.S. tariffs are affecting market confidence [10]. - The DAX index has risen by 15.63% this year, while the expected growth rate for the real economy is only 0.2%, highlighting a divergence between capital markets and the real economy [10]. Strategic Considerations - The case of Brainlab illustrates that even in favorable conditions such as oversubscription, strategic determination and timing are crucial considerations for capital operations in the medical technology sector [11].