Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, marking a significant step for the company in the innovative medical device sector [1] Company Overview - Core Medical is focused on providing comprehensive, innovative, and high-quality artificial heart products, addressing major clinical needs in acute and chronic heart failure [1] - The company has been dedicated to original innovation and tackling key core technologies to continuously promote product iteration and upgrades in the artificial heart field [1] Industry Context - Core Medical is the first innovative medical device company to be accepted under the fifth set of listing standards since their reactivation on the Sci-Tech Innovation Board [1]

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in five years [3][4] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with major revenue sources from its performance "Chang Hen Ge" and cableway business [3] - ZhiXin Co. focuses on automotive welding parts and related molds, with concerns raised about market competition and revenue sustainability [4] - Three companies, including QiLong Ocean and HaiSheng Medical, passed the review at the Beijing Stock Exchange, with inquiries focused on financial information authenticity and customer stability [5] Upcoming IPOs - Four companies are set to undergo IPO reviews this week, including QiangYi Co. and HengYunChang, with QiangYi aiming to raise 1.5 billion yuan for semiconductor probe card projects [6] - Financial data for QiangYi shows steady revenue growth from 254 million yuan in 2022 to an estimated 647 million yuan in 2025, but highlights high customer concentration risks [6][7] - HengYunChang plans to raise 1.469 billion yuan, but anticipates a revenue decline in 2025 due to increased R&D expenses and capacity expansion costs [7] New Stock Listings - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of 497.08% on its first day [14][15] - Other notable listings include FengBei Bio and DaMing Electronics, with respective first-day gains of 172.6% and 413.55% [14][15] - This week, two new stocks are scheduled for subscription, including NanTe Technology, which aims to raise funds for precision mechanical components [16][17] IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi seeking to raise 725 million yuan for a new materials production base [10][11] - Core Medical has developed several artificial heart products but has yet to achieve profitability, with significant losses reported [11][12] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal [13]

Core Insights - The eighth China International Import Expo (CIIE) showcases a blend of "black technology" and the "silver economy," highlighting new industries, business models, and the potential for economic growth in China [1][2][9]. Group 1: Black Technology Innovations - Siemens Medical introduced a high-gradient magnetic resonance device to assist Neuralink in clinical trials for brain-machine interfaces, enhancing surgical precision [2]. - The Photon Counting CT family made its Asian debut, with two models expected to be produced locally by 2026, aiming to improve conditions for Parkinson's patients and offer hope for paraplegics [2]. - Notable products include Tesla's Cybercab, Johnson & Johnson's artificial heart, and Sony's AI fall detection sensor, indicating a shift from science fiction to market reality [2][3]. Group 2: Silver Economy Developments - The expo highlighted technologies aimed at the elderly, such as a caregiving robot that can switch between robot and wheelchair modes, designed to assist with daily tasks and provide companionship [3][4]. - IKEA introduced six "age-friendly" living zones focused on safety for seniors, featuring designs like non-slip handrails and adjustable tables [4]. - Sony's AI fall detection device offers privacy-preserving monitoring, capable of detecting falls without cameras and providing immediate alerts [6]. Group 3: Industry Trends and Policy Support - The "silver economy" is gaining traction, with a complete industry chain emerging, including smart aids, health services, and home modifications [7]. - Philips emphasized its commitment to AI in healthcare, with significant R&D investment aimed at integrating AI into medical workflows [8]. - The national "14th Five-Year Plan" supports the development of the silver economy, reflecting a strong policy push towards addressing aging population challenges [9][11].

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Insights - The eighth China International Import Expo (CIIE) showcases a blend of "black technology" and the "silver economy," highlighting new industries, business models, and the potential for high-quality economic development in China [1][5][13] Group 1: Innovations in Healthcare - Philips launched a clinical multi-nuclear magnetic resonance device that integrates AI into every aspect of imaging examinations, marking a significant advancement in medical technology [1][12] - Siemens Medical introduced a high-gradient magnetic resonance device to assist Neuralink in clinical trials for brain-machine interfaces, enabling more precise surgical procedures [4][12] - The expo featured several AI-powered healthcare products, including a photon-counting CT family aimed at improving the quality of life for Parkinson's and paralyzed patients [4][12] Group 2: Silver Economy Developments - The expo highlighted numerous technologies aimed at the elderly, addressing the diverse needs of an aging population, with the "silver economy" being a key focus area [5][6][13] - A notable innovation is the caregiving robot that can switch between robot and wheelchair modes, assisting with daily tasks and providing companionship [6][9] - Sony's AI fall detection sensor exemplifies the trend of "invisible care," offering privacy protection while ensuring timely assistance for elderly individuals [10][12] Group 3: Market Trends and Future Outlook - The CIIE serves as a platform for global companies to launch new products, making China a testing ground for innovative technologies and business models [5][13] - The integration of AI into various sectors, including healthcare and elder care, is seen as a driving force for the silver economy, with significant market potential [10][15] - The event also showcased a complete "silver economy" industry chain, from smart aids to health services, indicating a shift towards comprehensive service systems [10][12]

Group 1 - Braveheart Bio, a biotech startup, has completed a $185 million Series A financing round, led by top life science investment firms. The financing is linked to its sole pipeline product BHB-1893, which originates from China's Heng Rui Medicine. A licensing agreement was established in September 2025 between Heng Rui Medicine and Braveheart Bio for the HRS-1893 project, a small molecule inhibitor of cardiac myosin [1] - Core Medical has been accepted for IPO on the Sci-Tech Innovation Board, becoming the first innovative medical device company to be accepted under the new listing standards. The company has developed five implantable and six interventional artificial heart products, with one implantable product already commercialized and two interventional products in the registration approval stage [2] - Chongqing Precision Bio has received approval from the National Medical Products Administration for its CAR-T therapy product, Pukiorun, aimed at treating acute B lymphoblastic leukemia in children aged 3 to 21. This is the first CAR-T therapy approved in China for treating refractory or relapsed B-ALL in this age group [3] Group 2 - YKYY013, a dual-strand siRNA drug developed by Yuekang Kexin and Tianlong Pharmaceutical, has been approved for clinical trials to treat chronic hepatitis B virus infection. This drug utilizes RNA interference to silence HBV gene transcription, potentially leading to functional cure for hepatitis B [4] - Huahui Anjian has released key clinical data for its monoclonal antibody HH-003, which shows significant efficacy in treating chronic hepatitis D virus infection. The 48-week clinical trial results indicate superior outcomes in composite endpoint response rates, virological suppression, ALT normalization, and liver stiffness improvement compared to the control group [5][6]

Core Points - Shenzhen Core Medical Technology Co., Ltd. has submitted its application for listing on the Sci-Tech Innovation Board, aiming to raise 1.217 billion yuan [1] - The company, established in August 2016, focuses on providing comprehensive, innovative, and high-quality artificial heart products [1] - Huatai United Securities Co., Ltd. is the sponsor for this issuance [1] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 0 million yuan, 16.55 million yuan, and 93.6884 million yuan, respectively, indicating a significant growth of 466.08% in 2024 [1] - Net profits for the same years are projected at -178 million yuan, -170 million yuan, and -132 million yuan, showing a year-on-year improvement of 22.44% in 2024 [1] - Key financial metrics for 2024 include a basic and diluted earnings per share of -0.44 yuan, and a weighted average return on equity of -38.08% [1]

Group 1 - Quanzhou Jiadeli Electronic Materials Co., Ltd. and Shenzhen Core Medical Technology Co., Ltd. have had their IPO applications accepted by the Shanghai Stock Exchange [1] - Jiadeli specializes in the research, production, and sales of BOPP electrical films, recognized as a national-level "little giant" enterprise and high-tech enterprise, with over 20 years of experience in the BOPP electrical film sector [2] - Jiadeli has achieved breakthroughs in key technical indicators such as ultra-thin film, high-temperature resistance, and high-voltage resistance, with notable products including 1.9µm ultra-thin film, 125℃ ultra-high temperature film, and 900V ultra-thin film [2] Group 2 - Core Medical is an innovative medical device company focused on providing comprehensive, innovative, and high-quality artificial heart products, with 5 implantable and 6 interventional artificial heart products in its portfolio [3] - Among Core Medical's products, 3 core products are included in China's special review procedure for innovative medical devices, leading the country in the artificial heart field [3]

Core Insights - Shenzhen Core Medical Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, marking it as the first innovative medical device company to be accepted under the fifth set of listing standards since their reactivation [1][2] - The company focuses on providing comprehensive, innovative, and high-quality artificial heart products, addressing significant clinical needs in acute and chronic heart failure [1] - Core Medical has achieved key milestones and is expected to have a market value of no less than 4 billion yuan, with its main products requiring approval from relevant national authorities [1] Company Overview - Core Medical is dedicated to the iterative upgrade of artificial heart products through original innovation and key core technology breakthroughs [1] - The company meets the listing criteria outlined in the "Listing Rules," specifically requiring at least one core product to have obtained approval for Phase II clinical trials [1] Industry Context - The acceptance of Core Medical's IPO application highlights the growing market space and potential for innovative medical device companies within the healthcare sector [1][2]