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]