香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Mindray Bio-Medical Electronics Co., Ltd. 深圳邁瑞生物醫療電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Shenzhen Maikedian Biomedical Technology Co., Ltd. to provide supplementary information regarding its overseas listing application and A-share listing plans, highlighting the need for legal verification of various operational and financial aspects [1][2][3]. Group 1 - The CSRC has asked Maikedian to clarify its capital increase, decrease, and share transfer pricing, including whether there are any unfulfilled capital contributions or issues with the capital contribution methods [1][2]. - The company must provide details on its subsidiaries' business scope, including e-commerce, medical research, and testing services, and confirm whether it has obtained necessary qualifications and licenses [1][3]. - Maikedian is required to confirm compliance with the regulations regarding overseas issuance and listing, particularly if there are any prohibitive circumstances [1][2]. Group 2 - The company must disclose information about its major shareholders, particularly foreign and Hong Kong investors, to ensure compliance with legal restrictions on shareholding [2]. - The progress of state-owned shareholders in fulfilling state asset management procedures must be reported [2]. - The company needs to clarify the shareholding structure before and after the full exercise of the over-allotment option, particularly regarding the proportion of domestic and H-shares [3]. Group 3 - Maikedian's product portfolio includes over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products, which are commercialized and meet various clinical needs [3]. - The company's products are distributed in over 140 countries and regions globally, with coverage in more than 6,000 hospitals in China, including approximately 90% of top-tier hospitals [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested Shenzhen Maikedian Biomedical Technology Co., Ltd. to provide supplementary materials regarding its overseas listing application, including details on its A-share listing plans and any significant impacts on the issuance process [1][3]. Group 1: Company Financial and Operational Details - The CSRC requires Maikedian to clarify its past capital increases, decreases, and share transfer pricing, including whether actual contributions were made and if there are any issues with capital obligations [1][2]. - The company must provide information on its subsidiaries' business scope, including e-commerce, medical research, and testing services, and confirm whether it has obtained necessary qualifications [1][3]. - Maikedian is asked to detail the types of in vitro diagnostic products it offers, particularly those related to human stem cells and gene diagnosis and treatment technologies [1][3]. Group 2: Shareholder and Regulatory Compliance - The CSRC requests clarification on the basic situation of major shareholders, particularly foreign enterprises and Hong Kong companies, to ensure compliance with legal regulations [2]. - The company must explain the progress of state-owned shareholders in fulfilling state asset management procedures [3]. - Maikedian is required to disclose the shareholding structure before and after the full exercise of the over-allotment option, particularly regarding domestic shares and H-shares [3]. Group 3: Listing Plans and Market Presence - The company needs to provide an update on its counseling record and plans for continuing the A-share listing process, including any factors that may significantly affect the listing [3][4]. - The prospectus indicates that Maikedian offers a comprehensive product portfolio that meets clinical needs across various healthcare settings, with over 50 life-support products, 80 minimally invasive products, and 210 in vitro diagnostic products commercialized as of June 30, 2025 [4]. - Maikedian's products are distributed in over 140 countries and regions, covering more than 6,000 hospitals in China, including approximately 90% of top-tier hospitals [4].

Core Viewpoint - Shenzhen Maiketian Biomedical Technology Co., Ltd. (Maiketian) has submitted its IPO application to the Hong Kong Stock Exchange after nearly five years of A-share listing guidance, revealing a paradox of increasing revenue and gross margin while struggling with persistent losses until mid-2025, when it finally turned profitable through stringent cost control [1][2][3]. Financial Performance - Revenue for the years 2022 to 2024 was reported at 917 million, 1.313 billion, and 1.399 billion RMB, respectively, indicating continuous growth. However, the company faced losses of -226 million, -64.5 million, and -96.6 million RMB during the same periods, with a notable 49.8% increase in losses in 2024 despite a 6.55% revenue increase [5][6]. - The gross margin improved from 43.7% in 2022 to 49.7% in 2024, further rising to 52.9% in the first half of 2025, yet this did not translate into actual profits until mid-2025 [6][7]. Business Segments - Maiketian's product matrix includes life support, minimally invasive intervention, and in vitro diagnostics (IVD), with over 6000 hospitals covered in China, predominantly tier-three hospitals [2][10]. - The minimally invasive intervention segment has become the core growth driver, with its revenue share increasing from 42.1% in 2022 to 51.6% in 2024, largely due to the acquisition of Vedecon Medical [10][11]. Acquisition and Valuation - The company has completed multiple acquisitions since 2016, raising approximately 2.259 billion RMB in total funding, leading to a valuation increase from 320 million RMB in early 2016 to 8.245 billion RMB before the IPO [3][16]. - As of mid-2025, Maiketian's goodwill reached 908 million RMB, accounting for 49.6% of its net assets, raising concerns about potential impairment risks [16][17]. Market Position and Competition - Despite growth, Maiketian faces significant competition, holding only a 15% market share in the drug infusion sector and 19.2% in the minimally invasive intervention market, trailing behind competitors [11][12]. - The company's reliance on distributors for sales poses risks, with a high dependency on them for revenue generation, which could impact cash flow and pricing power [12][13]. Challenges and Risks - The company has experienced a decline in the proportion of its core life support business from 45.3% in 2022 to 35.3% in 2024, attributed to temporary demand adjustments during the pandemic [12]. - The sales channel's health is concerning, with a significant increase in inactive distributors, indicating potential inefficiencies in market coverage [13][15].

Core Viewpoint - Shenzhen Maikedian Biomedical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its presence in the medical device industry, despite facing challenges such as consecutive net losses and high sales expenses [1][5]. Company Overview - Maikedian was established on April 26, 2011, originally named Shenzhen Yusheng Medical Technology Co., Ltd., and is located in Nanshan District, Shenzhen [2]. - The company is led by Liu Jie, who has over 20 years of experience in the healthcare industry, including significant roles at Johnson & Johnson and Mindray Medical [3][4]. Financial Performance - The company has reported net losses for three consecutive years before 2024, totaling approximately 387 million yuan [15][16]. - Revenue has shown growth, with figures of 917 million yuan in 2022, 1.31 billion yuan in 2023, and 1.4 billion yuan in 2024, alongside an increase in gross margin from 43.7% in 2022 to 52.9% in the first half of 2025 [16][17]. Product Portfolio - Maikedian's product offerings include over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products, with a presence in over 140 countries [6][10][13]. - The company ranks first in the infusion workstation market and has a strong position in the minimally invasive intervention market in China [11][12]. Sales and Distribution - The majority of Maikedian's products are sold through a network of over 2,500 distributors, with more than 80% of sales coming from this channel [18][21]. - The company has established a comprehensive distribution network, covering over 6,000 hospitals in China, including about 90% of tier-three hospitals [6][18]. Research and Development - The internal R&D team consists of over 500 members, accounting for 25.1% of the total workforce, with R&D expenses totaling approximately 934 million yuan over the reporting period [21][22]. - The company has invested heavily in R&D, but sales expenses have consistently exceeded R&D expenses, indicating a focus on market expansion [22][23]. Market Context - The global market for life support medical devices is projected to reach $75.1 billion by 2024, with significant growth opportunities in China [6]. - The medical device industry is influenced by regulatory policies, including centralized procurement, which may impact pricing strategies and future performance [23].

Core Viewpoint - Shenzhen Maikotian Biomedical Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its product lines and sales networks in the medical device sector, despite facing three consecutive years of net losses before 2024 [1][4]. Company Overview - Maikotian was established on April 26, 2011, previously known as Shenzhen Yusheng Medical Technology Co., Ltd. The company is headquartered in Nanshan District, Shenzhen [3]. - The company is led by Liu Jie, who has over 20 years of experience in the healthcare industry, including significant roles at Johnson & Johnson and Mindray Medical [3][4]. - The company has received multiple rounds of financing from various institutional investors, with a valuation of approximately 8.245 billion yuan in 2023 [4]. Product Portfolio - Maikotian's product offerings include life support, minimally invasive intervention, and in vitro diagnostics, with a total of over 350 commercialized products [6][7][10]. - The company has established a comprehensive distribution network, covering over 6,000 hospitals in China, including about 90% of tier-3 hospitals [6][19]. Financial Performance - The company's revenue has shown growth, with figures of 917 million yuan in 2022, 1.313 billion yuan in 2023, and 1.399 billion yuan in 2024, while the gross profit margins have improved from 43.7% in 2022 to 52.9% in the first half of 2025 [15][17]. - Despite revenue growth, the company reported net losses of 2.26 billion yuan in 2022, 645 million yuan in 2023, and 966 million yuan in 2024, primarily due to significant investments in R&D and marketing [15][22]. Market Position - The global market for life support medical devices is projected to reach 75.1 billion USD in 2024, with the Chinese market expected to reach 55.7 billion yuan [6]. - Maikotian ranks first in the infusion workstation market in China from 2018 to 2024 and holds a strong position in the minimally invasive intervention market [11][12][14]. R&D and Sales Strategy - The company has a dedicated R&D team of over 500 members, accounting for 25.1% of its total workforce, with R&D expenses amounting to approximately 934 million yuan over the reporting period [21][22]. - Sales expenses have consistently exceeded R&D expenses, indicating a strong focus on market penetration and distribution [22][23]. Distribution Network - Maikotian relies heavily on distributors for sales, with over 80% of its products sold through this channel. The company has a network of 1,959 domestic and 607 overseas distributors [19].

Group 1: Macotian - Macotian plans to conduct an IPO in Hong Kong and has received material acceptance from the China Securities Regulatory Commission for its full circulation application [1] - The company offers a comprehensive product portfolio that meets clinical needs across various healthcare settings, including hospitals and community health centers [1] - As of June 30, 2025, Macotian has commercialized over 50 life support products, 80 minimally invasive products, and 210 in vitro diagnostic products, with a presence in over 140 countries and regions [1] Group 2: Shengwei Times - Shengwei Times is a provider of urban ride-hailing services and intercity passenger transport information services in China, ranking 14th in the ride-hailing market by GTV in 2024 [2] - The company has undertaken digital passenger transport projects in 17 provinces, autonomous regions, and municipalities as of June 30, 2025 [2] - Shengwei Times collaborates with various passenger transport companies to offer customized services, establishing operations in over 30 provinces and regions [2] Group 3: Zhongrun Solar Energy - Zhongrun Solar Energy specializes in the manufacturing and sales of N-type and P-type photovoltaic cells, with vertical expansion into the photovoltaic module industry [3] - The company ranks second globally in photovoltaic cell manufacturing by external shipment volume, holding a market share of 14.6% for the year 2024 [3] - Zhongrun Solar Energy has a market share of 18.3% among specialized photovoltaic cell manufacturers, serving over 1,000 customers across more than 32 countries and regions [3]

Group 1: Company Overview - 麦科田 is planning an IPO in Hong Kong and has a comprehensive product portfolio that meets clinical needs across various healthcare settings [1] - 盛威时代 ranks 14th in China's ride-hailing service market based on 2024 GTV and has undertaken digital projects in 17 provinces [2] - 中润光能 is a leading manufacturer of photovoltaic cells, with a market share of 14.6% in global shipments and 18.3% among specialized manufacturers [3] Group 2: Product and Service Offerings - 麦科田 has commercialized over 50 life support products, 80 minimally invasive products, and 210 in vitro diagnostic products, serving over 6,000 hospitals in China [1] - 盛威时代 provides urban ride-hailing and intercity passenger transport services, collaborating with various transport companies to offer customized services [2] - 中润光能 has expanded vertically into the photovoltaic module industry while maintaining a focus on photovoltaic cell production [3] Group 3: Market Presence - 麦科田's products are available in over 140 countries and regions, covering approximately 90% of China's top-tier hospitals [1] - 盛威时代 has established operations in over 30 provinces and regions, enhancing its service offerings [2] - 中润光能 operates in over 32 countries and regions, serving more than 1,000 customers globally [3]

Core Viewpoint - Shenzhen Maiketian Biomedical Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, offering a range of medical products including life support, minimally invasive intervention, and in vitro diagnostics [1] Group 1: Company Overview - Maiketian Medical is a global provider of medical solutions, with a product portfolio that meets clinical needs across various healthcare settings, including hospitals, community health centers, and home care [1] - As of June 30, 2025, the company has commercialized over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products [1] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 917 million, 1.313 billion, 1.399 billion, and 787 million respectively, with net profits of approximately -226 million, -64.5 million, -96.6 million, and 40.9 million [1] - Direct sales to major hospitals and end customers in China and the UK amounted to approximately 22 million, 20 million, 47 million, and 28 million for the same periods, representing 2.3%, 1.5%, 3.4%, and 3.5% of total revenue [2] Group 3: Sales Network and Customer Base - The company has a significant sales network, with 1,972, 2,538, 2,791, and 1,959 domestic distributors, and 923, 907, 903, and 607 overseas distributors as of the respective years [1] - Products are sold to over 6,000 hospitals in China, including approximately 90% of tier-3 hospitals, with revenue from the top five customers accounting for 12.4%, 10.6%, 13.5%, and 14.8% of total revenue [2] Group 4: Risks and Challenges - The company faces risks related to market size, average selling prices, and sales volume, which could adversely affect its financial performance [2] - The success of the company largely depends on its ability to meet changing customer demands and retain customers, as well as its capacity to develop new products and technologies [2][3]

Core Viewpoint - Shenzhen Maiketian Medical Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, offering a range of medical products including life support, minimally invasive intervention, and in vitro diagnostics [1] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 917 million, 1.313 billion, 1.399 billion, and 787 million respectively, with net profits of approximately -226 million, -64.5 million, -96.6 million, and 40.9 million [1] - Direct sales to hospitals and other end customers in China and the UK were approximately 22 million, 20 million, 47 million, and 28 million for the same periods, accounting for 2.3%, 1.5%, 3.4%, and 3.5% of total revenue [2] Product and Market Reach - As of June 30, 2025, the company's products were sold to over 6,000 hospitals in China, including about 90% of tertiary hospitals [2] - The company had 1,972, 2,538, 2,791, and 1,959 domestic distributors, and 923, 907, 903, and 607 overseas distributors in the years 2022, 2023, 2024, and the first half of 2025 respectively [1] Customer Concentration - Revenue from the top five customers accounted for 12.4%, 10.6%, 13.5%, and 14.8% of total revenue in the years 2022, 2023, 2024, and the first half of 2025 [2] Competitive Landscape - The company faces risks related to market size, average selling prices, and sales volume, which could adversely affect its financial performance [2] - The company's success is heavily dependent on its ability to meet changing customer demands and retain customers [2]