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].

Core Points - The China Securities Regulatory Commission has accepted the application for the initial public offering (IPO) and listing of Sykes Biotech Co., Ltd. on October 20, 2025, with Everbright Securities as the counseling institution [1] - The counseling agreement was signed on October 16, 2025, and other participating institutions include Shanghai Chengming Zezheng Law Firm and Xinyong Zhonghe Accounting Firm [3][4] - Sykes Biotech aims to raise 455 million yuan for projects including the second phase of its biopharmaceutical production and R&D base and development reserve funds [4][5] Financial Performance - Sykes Biotech's revenue for 2021, 2022, and 2023 was 437.25 million yuan, 435.82 million yuan, and 379.47 million yuan, respectively, showing a decline in 2023 [8] - The net profit for the same years was 126.75 million yuan, 136.51 million yuan, and 150.16 million yuan, indicating an increase in net profit over the years [8] - The total assets at the end of 2023 were 936.55 million yuan, with a debt-to-asset ratio of 8.58% [9] R&D and Market Position - The company specializes in the R&D, production, and sales of implantable biomaterials and medical devices, with major products including surgical anti-adhesion solutions and absorbable medical adhesives [8] - The gross profit margins for the reporting periods were 90.52%, 88.28%, and 87.45%, indicating strong profitability [10] - Sykes Biotech's R&D expenses were 24.93 million yuan, 24.31 million yuan, and 35.00 million yuan for the years 2021, 2022, and 2023, respectively, with R&D investment as a percentage of revenue increasing to 9.22% in 2023 [10] Corporate Governance - The controlling shareholder of Sykes Biotech is Shandong Saixing Holding Group Co., Ltd., which holds 72.11% of the shares [10] - The company faced regulatory scrutiny in September 2024, with warnings issued to its former chairman and executives for failing to act diligently and responsibly [11]

Core Viewpoint - Sykes Bio-Tech Co., Ltd. (referred to as "Sykes") has resumed its application for an A-share listing, with guidance from Everbright Securities, after previously withdrawing its IPO application in January 2025 due to market conditions and strategic considerations [1] Group 1: Company Overview - Sykes is a high-tech enterprise specializing in the research, production, and sales of implantable biomaterials for medical devices, focusing on areas such as hemostasis, surgical adhesion prevention, tissue sealing, and interventional embolization [1] - The company currently has 20 medical device products, including 8 Class III medical devices, with 3 being exclusive domestic products [1] Group 2: Product Performance - Key products include surgical adhesion prevention liquid, composite microporous polysaccharide hemostatic powder, absorbable dura mater sealing medical glue, and absorbable vascular sealing medical glue, with the first two having over 10 years of clinical application and a market acceptance rate above 26% [2] - As of the date of the prospectus, the absorbable dura mater sealing medical glue holds the top market share, while the absorbable vascular sealing medical glue is the only domestic brand in its category [2] - From 2021 to 2023, the sales volume of absorbable dura mater sealing medical glue and absorbable vascular sealing medical glue grew rapidly, with compound annual growth rates of 43.36% and 118.93%, respectively [2] Group 3: Financial Performance - Sykes reported revenues of 437 million yuan, 436 million yuan, and 379 million yuan for the years 2021, 2022, and 2023, respectively, with net profits of 127 million yuan, 137 million yuan, and 150 million yuan during the same period [2] Group 4: Fundraising and Future Plans - The company plans to raise 455 million yuan through its IPO to invest in the second phase of its biopharmaceutical production and research base, as well as for development reserve funds [3] - The second phase project aims to establish a biopharmaceutical production and research base focused on the development of research projects, with part of the raised funds allocated for R&D investment [3] - The controlling shareholder of Sykes is Shandong Saixing Holding Group Co., Ltd., which holds 72.11% of the company's shares [3]

文/西风 近日，深交所公布对赛克赛斯生物科技股份有限公司主板IPO终止审核的决定，直接原因是公司及保荐机构海通证券撤回申报。公司IPO于 2023年2月23日获得受 理，2023年5月23日公布首轮问询的回复，2023年12月30日公布首轮问询回复的更新版。2024年6月29日公布最新版本的招股书（申报稿）。公司本次IPO拟募资 4.55亿元。 公司注册地山东济南，前身山东赛克赛斯药业科技有限公司成立于2003年6月，2018年11月整体变更为股份公司，目前注册资本3.5008亿元。公司控股股东为山东 赛星控股集团有限公司，实际控制人为1977年出生的邹方明先生，拥有美国境外永久居留权。邹方明直接和间接合计控制公司 90.94%的股权，现任公司董事长。 一、2个产品技术水平国际先进，1个产品市占率第一 公司为一家专业从事植介入生物材料类医疗器械的研发、生产和销售的高新技术企业，在止血及手术防粘连类、组织封合及保护类、介入栓塞类、组织工程类等 生物材料领域拥有领先技术。目前拥有各类医疗器械产品 20 个，其中第三类医疗器械产品 8 个，3 个产品系国产独家产品；围绕 4 大生物材料领域共拥有主要在 研项目 11 ...