智通财经APP获悉，10月24日，中国证监会公示境外发行上市备案补充材料要求(2025年10月20日— 2025年10月24日)，公示中其中提到，要求麦科田补充说明公司辅导备案的情况，是否计划继续推进A 股上市及具体安排，是否存在对本次发行上市产生重大影响的情形。据港交所9月11日披露，深圳麦科 田生物医疗技术股份有限公司(麦科田)向港交所主板提交上市申请书，摩根士丹利和华泰国际为其联席 保荐人。 证监会请麦科田补充说明以下事项，请律师进行核查并出具明确的法律意见： 一、请补充说明公司历次增资、减资及股权转让价格、定价依据及公允性，是否实缴出资，是否存在未 履行出资义务、抽逃出资、出资方式存在瑕疵的情形。 四、请补充说明公司主要股东上层投资人中"境外企业""香港公司"的基本情况，是否存在法律法规规定 禁止持股的主体。 五、请补充说明公司国有股东履行国有股标识等国资管理程序进展情况。 六、请补充说明全额行使超额配售权的情况下，公司本次境外发行及"全流通"前后内资股及H股的占 比。 七、请补充说明公司辅导备案的情况，是否计划继续推进A股上市及具体安排，是否存在对本次发行上 市产生重大影响的情形。 八、请补充说明本 ...

三、请公司对照《境内企业境外发行证券和上市管理试行办法》第八条的规定，补充说明公司及所有境 内子公司是否存在境外发行上市禁止性情形。 四、请补充说明公司主要股东上层投资人中"境外企业""香港公司"的基本情况，是否存在法律法规规定 禁止持股的主体。 五、请补充说明公司国有股东履行国有股标识等国资管理程序进展情况。 10月24日，中国证监会公示境外发行上市备案补充材料要求(2025年10月20日—2025年10月24日)，公示 中其中提到，要求麦科田补充说明公司辅导备案的情况，是否计划继续推进A股上市及具体安排，是否 存在对本次发行上市产生重大影响的情形。据港交所9月11日披露，深圳麦科田生物医疗技术股份有限 公司(麦科田)向港交所主板提交上市申请书，摩根士丹利和华泰国际为其联席保荐人。 证监会请麦科田补充说明以下事项，请律师进行核查并出具明确的法律意见： 一、请补充说明公司历次增资、减资及股权转让价格、定价依据及公允性，是否实缴出资，是否存在未 履行出资义务、抽逃出资、出资方式存在瑕疵的情形。 二、请补充说明(1)公司下属公司经营范围包含经营电子商务、医学研究和试验发展、检测检验服务等 的具体情况，是否实际开展 ...

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].

中润光能是全球光伏电池片专业化制造商，主营业务为N型及P型光伏电池片的生产与销售。在持续专 注于光伏电池片行业的同时，公司已垂直扩张到光伏组件行业以制造及销售光伏组件。于往绩记录期 间，公司的业务遍及超过32个国家和地区，拥有1,000余家客户。根据弗若斯特沙利文的资料，按光伏 电池对外出货量计，2024年度，公司在全球光伏电池制造商中排名第二，市场占有率14.6%。根据同一 资料来源，公司在全球光伏电池片专业化制造商中的市场占有率为18.3%。 盛威时代是一家中国城内网约车服务提供商及城际道路客运信息服务提供商。根据弗若斯特沙利文的资 料，按2024年GTV计算，公司在中国网约车服务市场排名第14。此外，截至2025年6月30日，公司已承 接17个省、自治区及直辖市的省级道路客运数字化项目。 盛威时代主要提供城内网约车服务及城际道路客运服务。基于公司联网售票服务领域的经验及能力，盛 威时代与多家客运企业合作提供定制客运服务，满足乘客不同场景下的多样化出行需求。截至2025年6 月30日，盛威时代逐渐于超过30个省、自治区及直辖市建立业务并提供客运服务。于往绩记录期间，盛 威时代与12306及航旅纵横合作并为 ...

智通财经APP获悉，9月19日，中国证监会发布境内企业境外发行证券和上市备案情况表(首次公开发行 及全流通)(截至2025年9月19日)。本周(9月15日-9月19日)，麦科田拟港股IPO，云知声申请股份全流通 获中国证监会接收材料。与此同时，盛威时代、中润光能拟港股IPO，在中国证监会上市备案状态 为"补充材料"。 盛威时代主要提供城内网约车服务及城际道路客运服务。基于公司联网售票服务领域的经验及能力，盛 威时代与多家客运企业合作提供定制客运服务，满足乘客不同场景下的多样化出行需求。截至2025年6 月30日，盛威时代逐渐于超过30个省、自治区及直辖市建立业务并提供客运服务。于往绩记录期间，盛 威时代与12306及航旅纵横合作并为其提供大巴车票。 招股书显示，麦科田提供创新且全面的产品组合，可满足医疗机构内广泛的临床科室、病房和诊所以及 社区卫生中心、检验机构和家庭护理场景的临床需求。截至2025年6月30日，麦科田已将超过(i)50种生 命支持产品，(ii)80种微创介入产品，及(iii)210种体外诊断产品商业化，该等产品有多种型号，可满足 各种不同的应用需求。截至最后实际可行日期，麦科田的产品已遍及全 ...

此外，公司将部分产品直接销售给主要位于中国及英国的医院及其他终端客户。2022年、2023年、2024 年以及2025年上半年，公司的直接销售额分别约为0.22亿元、0.2亿元、0.47亿元及0.28亿元，分别占总 收入的2.3%、1.5%、3.4%及3.5%。 通过公司的销售网络，截至2025年6月30日，公司的产品最终销往中国超过6000家医院，包括约90%的 三级甲等医院。2022年、2023年、2024年及2025年上半年，来自五大客户的收入分别占总收入的 12.4%、10.6%、13.5%及14.8%。 公司面临的部分主要风险包括：产品的市场规模、平均售价及销量以及公司在竞争市场中的份额可能会 下降，这可能会对公司的经营业绩及财务状况产生重大不利影响；公司的持续成功在很大程度上取决于 公司满足客户不断变化的需求及期望以及吸引及留住客户的能力；公司可能无法及时或根本无法开发或 成功上市新型或商业可行产品及技术或改进现有产品及技术；公司面临来自国内外竞争对手的激烈竞 争，可能无法跟上医疗器械行业快速的技术变革步伐，这可能会对公司的业务、财务状况或经营业绩造 成不利影响。 此外，公司未能将并购业务整合到运 ...

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]

星标 ★ IPO日报 精彩文章第一时间推送 9月11日，深圳麦科田生物医疗技术股份有限公司（下称"麦科田"）向港交所主板提交上市申请，摩根士丹利、华泰国际为联席保荐人。 IPO日报注意到，麦科田收入持续增长，2025年上半年期内利润"扭亏为盈"，毛利率从43.7%提升至52.9%，表现亮眼；投后估值增长超过24倍，已高达 82.45亿元，高瓴资本持股20.79%，为最大机构投资方。 业绩方面，2022年—2024年及2025年上半年（下称"报告期"），麦科田实现收入分别为9.17亿元、13.13亿元、13.99亿元、7.87亿元，前三年复合年增长率 为23.5%，今年上半年同比增长15.31%；期内利润分别为-2.26亿元、-6450.8万元、-9661.7万元、4096.8万元。 张力制图 行业赛道景气 根据灼识咨询的资料，于2024年，全球生命支持医疗器械市场规模达到751亿美元，到2030年预计将进一步增至1097亿美元，中国2024年达到557亿元， 2030年将增至932亿元；全球内窥镜微创介入市场规模达到321亿美元，到2030年，预计将进一步增至488亿美元，2024年，中国达到249亿元，到2 ...