Core Insights - The medical device CDMO sector in China is experiencing growth driven by policy support and increasing demand, with expectations to replicate the successful trajectory of the pharmaceutical CXO model over the next five years [1][6]. Policy Support - The China Federation of Logistics and Purchasing reported that the market size of the medical device industry is projected to reach 1.2 trillion yuan by 2024 [1]. - The implementation of the MAH system allows R&D companies to outsource production, providing significant policy support for the industry [2]. - The demand for innovation and cost control due to centralized procurement and medical insurance payment reforms is pushing companies to focus on medical device CDMO [2]. Industry Landscape - The global medical device CDMO market is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2020 to 2025, significantly outpacing the overall medical device industry growth [2]. - Domestic companies are rapidly entering the CDMO space, with firms like Meihao Medical providing comprehensive services from product development to mass delivery [3]. - High-end medical device sectors, such as surgical robots, show a particularly strong demand for CDMO platforms, which can facilitate faster product development and compliance [4]. Company Strategies - Companies are increasingly collaborating with CDMO platforms to enhance their product development capabilities and reduce time to market [4]. - Non-medical device companies, such as Huoyi Technology, are also entering the CDMO space, leveraging technology transfer and attracting global talent [4]. - The industry is characterized by a fragmented "specialized and precise" model, with a focus on specialized processes and engineering experience [5]. Future Outlook - The medical device CDMO sector is at a critical transition phase, moving from niche markets to broader product lines and upgrading from traditional OEM to full-service CDMO offerings [6]. - Key growth areas include high-value consumables, precision processing, and automated sterilization platforms [6]. - The industry is expected to face challenges such as talent shortages and insufficient intellectual property protection, necessitating coordinated efforts for talent development and regulatory compliance [7]. Development Pathways - The industry is likely to see the emergence of 1-2 leading companies capable of providing integrated services from R&D to mass production within the next 3-5 years [8]. - Companies are encouraged to focus on single market segments initially, ensuring quality and delivery efficiency before expanding into adjacent categories through mergers and acquisitions [8].

Core Insights - The medical device CDMO sector in China is experiencing significant growth driven by policy support and surging demand, with expectations to replicate the successful trajectory of the pharmaceutical CXO model over the next five years [1][7]. Policy Support - The Chinese medical device market is projected to reach 1.2 trillion yuan by 2024, indicating robust growth potential [2]. - Global leaders in the medical device industry have long outsourced production to specialized CDMO providers to enhance R&D efficiency and reduce time-to-market for new products [2]. - The implementation of the MAH system allows R&D companies to outsource production, providing a significant policy boost to the industry [3]. Industry Demand - There is a growing demand for CDMO services in high-end medical equipment sectors, particularly in surgical robotics, where innovative companies require robust support for product commercialization [5]. - The medical device CDMO market is expected to grow rapidly, with a projected annual compound growth rate of 16.3% from 2020 to 2025, significantly outpacing the overall medical device industry growth [2]. Company Developments - Companies like Meihua Medical are actively expanding their CDMO capabilities, offering comprehensive services from product development to mass delivery across various medical device segments [4]. - The establishment of high-end medical device CDMO platforms, such as Shuimu Dongfang, is facilitating the acceleration of product development and market entry for innovative projects [5]. Market Trends - The Chinese medical device CDMO sector is transitioning from a focus on specific segments like IVD to a broader range of product lines and full-service capabilities [7]. - The industry is characterized by a fragmented landscape with a focus on specialized, high-quality services rather than large-scale operations [6]. Future Outlook - The next 3-5 years are critical for the industry, with expectations for the emergence of 1-2 leading companies capable of providing integrated services from R&D to mass production [9]. - Key growth areas include high-value consumables, automated filling and sterilization platforms, and the development of accelerators for prototype registration and small batch production [7].

北京星昊医药股份有限公司 北京市北京经济技术开发区中和街 18 号 证券简称： 星昊医药 证券代码： 430017 北京星昊医药股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对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 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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益变化或者股票价格变动引致的投资 风险。 1-1-2 声明 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对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 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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益变化或者股票价格变动引致的投资 风险 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对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 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，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益变化或者股票价格变动引致的投资 风险。 1-1- ...

北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 保荐机构（主承销商） 申万宏源证券承销保荐有限责任公司 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 证券简称： 星昊医药 证券代码： 430017 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明 其对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者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行 ...