Core Viewpoint - The article discusses the third IPO attempt of Saikesaisi Biotechnology Co., Ltd., highlighting the company's journey through technological leadership, regulatory scrutiny, and governance restructuring in the context of the rapidly evolving domestic high-value medical consumables market [1][20][25]. Company and Products: Deeply Engaged in Domestic "Uniqueness" - Established in 2003, Saikesaisi focuses on the research, production, and sales of implantable biomaterials, with a strong technical capability from material innovation to clinical application [4]. - The product portfolio includes hemostatic and anti-adhesion products, tissue sealing and protection, interventional embolization, and tissue engineering, with several products holding a "domestic first" status [4]. Key Products - **Composite Microporous Polysaccharide Hemostatic Powder**: A high-demand product in various surgical fields, achieving over 25% market share in 2021 [7]. - **Absorbable Dural Sealant Medical Glue**: The first approved domestic product in its category, with a compound annual growth rate (CAGR) of 96.33% from 2020 to 2022 [11]. - **Absorbable Vascular Sealant Medical Glue**: Exhibiting a CAGR of 199.04% from 2020 to 2022, indicating strong growth potential in cardiovascular surgeries [12]. - **EVAL® Non-Adhesive Liquid Embolic Agent**: A domestic alternative to a previously monopolized product, significantly reducing treatment costs for patients [15]. Financial Characteristics: High Gross Margin and Concentrated Product Line - The company reported total assets of 873.72 million yuan in 2022, with a net profit of 136.51 million yuan [16]. - Gross margin has consistently remained around 90%, primarily due to a focus on high-margin biomaterials [17]. - Four core products contribute over 95% of the company's main revenue and profit [17]. Three IPO Attempts: From Technical Brand to Governance Battle - The first IPO attempt in 2020 faced regulatory challenges focusing on compliance and governance issues, leading to a withdrawal [22]. - The second attempt in 2023 encountered stricter regulatory scrutiny, resulting in another withdrawal due to internal control weaknesses [23]. - The third attempt in 2025 comes after significant internal restructuring, with a more robust compliance framework in place [25]. Market Situation: High Growth Track and Competitive Threshold - The Chinese medical device market surpassed 1.2 trillion yuan in 2024, with implantable biomaterials being one of the fastest-growing segments, projected to reach 30 billion yuan in 2025 [26]. - The company benefits from a diversified product structure, with hemostatic and anti-adhesion products accounting for 45%, sealing products for 25%, and embolization products for about 20% [28]. Growth Potential and Challenges - The company faces both opportunities and challenges in a regulatory environment that is becoming increasingly stringent, with a focus on compliance and market access [30]. - The potential for growth in hemostatic and anti-adhesion products is significant, with over 50% replacement space available, while sealing products are expected to grow at a CAGR exceeding 20% [35].

Group 1 - The company, Guangzhou Maipu Regenerative Medicine Technology Co., Ltd., plans to acquire 100% equity of Yijie Medical through issuing shares and cash payment, along with raising supporting funds [7][14] - The target company, Yijie Medical, specializes in the research, production, and sales of neuro-interventional medical devices, which aligns with the company's focus on high-performance implantable medical devices [14][26] - The transaction aims to expand the company's product portfolio and enhance its market presence in the neuro-interventional field, which is experiencing significant growth due to increasing demand for innovative treatment options for cerebrovascular diseases [14][26] Group 2 - The company has established a strong distribution network with nearly 1,000 domestic and international distributors, covering around 2,000 hospitals in China and over 100 countries globally [14] - The neurovascular intervention medical consumables market in China is projected to grow from 3.2 billion RMB in 2017 to 43.2 billion RMB by 2028, with a compound annual growth rate of 36.5% [26] - The company has received multiple medical device registrations and certifications, indicating its commitment to quality and compliance in the medical device sector [25][26] Group 3 - The transaction is subject to regulatory approvals and the completion of auditing and evaluation processes, which are still ongoing as of the date of the announcement [2][19] - The company has committed to strict information disclosure obligations and will provide updates on the transaction's progress to ensure transparency for investors [18] - The controlling shareholder and management have pledged not to reduce their holdings during the transaction process, reinforcing their commitment to the company's stability [17]