2026年1月21日， 江苏爱舍伦医疗科技集团股份有限公司 正式在北京证券交易所上市，成为 2026 年江苏省 及苏州市首家新增 A 股上市公司 。 根据披露信息，公司本次 IPO 发行 1691.98 万股 ，发行价格 15.98 元/股 ，对应募集资金总额约 2.70 亿 元 。本次发行完成后，公司总股本为 6767.93 万股 ，发行市盈率（摊薄）约 14.99 倍 。 上市首日涨幅 175.59%，市值达到30亿元。 从发行节奏与定价水平看，爱舍伦延续了北交所医疗器械企业一贯的稳健取向，更强调既有经营与财务基础， 而非高弹性叙事。 # 公司介绍 公司已建立覆盖研发、生产、质量控制的完整体系，取得 ISO 13485 质量管理体系认证，并通过 CE 认证及 美国 FDA 企业注册和产品列名，具备稳定的国际市场准入能力。 在客户结构上 ，爱舍伦长期服务于 Medline 等国际医疗用品集团客户，客户合作周期较长、订单稳定性较 强， 但同时也带来一定程度的客户集中风险 。 爱舍伦成立于2015年，总部位于江苏苏州，是一家以医用敷料及手术感控相关产品为核心的医疗器械制造企 业。公司长期专注于 康复护理产品 与 ...

分析师认为，爱舍伦医疗所处的医用敷料行业，是医疗健康领域的刚性需求赛道。随着全球人口老龄化 加剧、手术量增长以及感染控制意识提升，全球及中国医用敷料市场规模持续稳步增长。同时，行业正 朝着高品质、多功能、一次性使用的方向发展，拥有规模化生产、技术创新能力和优质客户资源的企业 竞争优势日益凸显。 在这样的背景下，爱舍伦适时登陆北交所，募投扩产，有望更好地抓住行业发展机遇。 据招股书，本次发行募集资金在扣除发行费用后将主要用于投资建设"凯普乐公共卫生医疗物资产业园 建设项目"，扩充产能并拓展新产品线（如灭菌服务、尿袋、OTC产品等）。截至2025年6月末，本次募 投项目建设进度已过半。 2026年1月21日，江苏爱舍伦医疗科技集团股份有限公司(920050)在北京证券交易所正式挂牌上市，成 为今年江苏省首家A股上市企业，也是苏州市相城区首家北交所上市企业。其保荐机构为东吴证券，股 价开盘涨224.78%，总市值达34.9亿元。 一张护理垫背后的"隐形冠军" 爱舍伦医疗自成立以来，始终专注于康复护理与手术感控领域一次性医用耗材的研发、生产和销售。公 司通过ODM/OEM模式，与包括美国Medline集团、波兰Zar ...

电子板块爆发。 A股市场今天（1月21日）上午整体上行，主要指数不同程度上涨，电子板块掀起涨停潮，成为市场主要亮点之一。 港股市场今天上午整体低位震荡。受到相关信息提振，创维集团一度大涨逾40%。 A股电子板块掀涨停潮 A股市场今天上午整体上行，主要指数不同程度上涨。创业板指一度涨超1.5%，科创50指数一度涨超4%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4120.10 | 6.45 | 0.16% | | 399001 | 深证成指 | 14263.20 | 107.57 | 0.76% | | 000680 | 科创综指 | 1855.19 | 34.71 | 1.91% | | 881001 | 万得全A | 6797.97 | 39.04 | 0.58% | | 399006 | 创业板指 | 3306.00 | 28.02 | 0.85% | | 899050 | 北证50 | 1527.53 | 9.93 | 0.65% | 从行业板块和赛道来看，若按照申万一级行业划分，电子板块 ...

Core Viewpoint - The electronic sector in the A-share market has experienced a significant surge, with many stocks hitting the daily limit up, indicating strong investor interest and potential growth in this industry [1][6]. A-Share Market Performance - The A-share market showed an overall upward trend, with major indices rising to varying degrees. The ChiNext Index rose over 1.5%, and the Sci-Tech 50 Index increased by more than 4% [4]. - Specific indices and their performance include: - Shanghai Composite Index: 4120.10, up 0.16% [5] - Shenzhen Component Index: 14263.20, up 0.76% [5] - ChiNext Index: 3306.00, up 0.85% [5] Electronic Sector Highlights - The electronic sector led the market with a rise of over 2.8%, with several stocks reaching their daily limit up. Notable performers include: - Longxin Zhongke: 177.72, up 20% [7] - Zhongrong Electric: 143.40, up 20% [7] - Other stocks like Jiahua Technology and Jianghua Microelectronics also saw significant gains [6]. Lithium Mining Sector - The lithium mining sector experienced a substantial increase, with the sector rising over 2%. Stocks such as Dazhong Mining and Weicheng Mining hit their daily limit up. The rise was supported by a significant increase in domestic lithium carbonate futures, with the main contract rising over 6% [8]. New Stock Performance - A new stock, Aisheren, was listed today and saw a remarkable increase of over 200% during trading [12]. The company focuses on medical health, specializing in disposable medical supplies for rehabilitation and medical protection [13]. Hong Kong Market Activity - The Hong Kong market experienced low-level fluctuations, with the stock of Skyworth Group surging over 40% during trading, driven by positive news [2][16].

招股书显示，爱舍伦主要从事应用在专业的康复护理与医疗防护领域的一次性医用耗材的研发、生产和 销售，目前公司产品种类已经涵盖康复护理产品、手术感控产品两个核心品类，可为客户提供医用护理 垫、医用冰袋、手术衣、手术铺单、手术组合包等各种医用敷料产品。 | 项目 | 2025年6月30日 | 2024年12月31日 | 2023年12月31 | 2022年12月31 | | --- | --- | --- | --- | --- | | | /2025年1月-6月 | /2024年度 | 日/2023年度 | 日/2022年度 | | 资产总计(元) | 1, 201, 173, 873. 42 | 1,009, 434, 434. 02 | 860,619,646.97 | 837,998,310.53 | | 股东权益合计(元) | 795, 192, 436. 91 | 736, 845, 455. 85 | 649,528,062.74 | 607,306,947.90 | | 归属于母公司所有 者的股东权益(元) | 785, 550, 061. 50 | 726, 958, 048. 74 | 639, ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% compared to the relevant market index within the next 6-12 months [37]. Core Insights - The company, Aisheren (920050.BJ), specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields. It has established itself as a leading player in the domestic medical dressing industry and has significant competitive advantages in specific segments like medical care pads [2][30]. - The company reported revenues of CNY 574 million in 2022, with a slight growth forecast to CNY 691.6 million in 2024, representing a year-over-year growth of 20.36%. The net profit attributable to the parent company is expected to grow from CNY 63 million in 2022 to CNY 81 million in 2024, with a projected growth rate of 20.54% [8][4]. - The company has a strong partnership with Medline Group, which has been its largest customer since 2007, contributing over 70% of its revenue. This long-term relationship is expected to remain stable [30][31]. Financial Performance - The company achieved revenues of CNY 573.6 million, CNY 574.7 million, and CNY 691.6 million for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 0.03%, 0.19%, and 20.36% [4][8]. - The net profit attributable to the parent company for the same years was CNY 62.8 million, CNY 67 million, and CNY 80.7 million, with year-over-year growth rates of -37.12%, 6.62%, and 20.54% [4][8]. Industry Overview - The medical dressing industry is a significant segment of the low-value medical consumables market, accounting for approximately 21%. The global market for medical dressings is projected to grow from USD 9 billion in 2011 to USD 23.5 billion by 2026, driven by increasing demand due to an aging population and rising healthcare expenditures [15][18]. - In China, the medical dressing market is expected to grow from CNY 7 billion in 2011 to CNY 33.3 billion by 2026, indicating a robust growth trajectory supported by improved healthcare infrastructure and rising health awareness among the population [20][18]. Competitive Positioning - Aisheren is positioned among the top ten domestic medical dressing companies and is the largest manufacturer of medical care pads in China. The company differentiates itself through a focus on product research and development, automation in production, and a global supply chain strategy [30][31]. - The company plans to expand its product line to include OTC products and medical collection bags, which are expected to enhance future revenue streams significantly [31][32]. Investment Projects - The company plans to invest CNY 30 million in the construction of a public health medical supplies industrial park, which aims to enhance production capacity and quality control [33][32].

Core Viewpoint - The article emphasizes the importance of disposable medical consumables in modern healthcare, highlighting the leading position of Jiangsu Aisheren Medical Technology Group Co., Ltd. in this sector, driven by innovation and quality manufacturing [1][2]. Group 1: Company Overview - Jiangsu Aisheren was established in 2015, with roots tracing back to 2003, focusing on rehabilitation care and medical infection control [2]. - The company has developed a diverse product matrix, including medical care pads, ice bags, surgical gowns, and surgical kits, serving various healthcare settings [2]. - Aisheren has become one of the top ten exporters of medical dressings in China, with multiple production bases both domestically and internationally [3]. Group 2: Innovation and Competitive Advantage - Aisheren has built a strong competitive edge through process and product innovations, achieving full automation in production processes, which reduces reliance on manual labor and enhances efficiency [2][3]. - The company has upgraded its core products using composite technology, significantly improving physical strength and comfort, with specific products achieving high load capacities and moisture permeability [3]. Group 3: Market Position and Client Relationships - Aisheren has established a robust quality management system and has received multiple international certifications, making it a core supplier for major global brands like Medline and Zarys International Group [4][5]. - The company operates on an ODM/OEM business model, actively participating in product design and development, which strengthens client relationships and enhances product offerings [5]. Group 4: Financial Performance - Aisheren's revenue has shown rapid growth, with 2024 revenue projected at 6.92 billion yuan, a 20.56% increase from the previous year, and a significant rise in net profit [6][8]. - The company’s main business gross margin has remained stable between 22% and 23%, indicating strong cost control and product competitiveness [11]. Group 5: Market Demand and Future Prospects - The global medical dressing market is expected to grow from $9 billion in 2011 to $23.5 billion by 2026, driven by aging populations and increased healthcare standards [13][20]. - Aisheren plans to raise 300 million yuan for expanding production capacity and optimizing its product structure, aiming to enhance its product matrix with high-value items [21][22].

Core Viewpoint - Aishalon (920050.BJ) has initiated its subscription with an issue price of 15.98 CNY per share and a price-to-earnings ratio of 14.99 times, focusing on the medical health sector, particularly in disposable medical consumables for rehabilitation and medical protection [1] Group 1: Company Overview - Aishalon specializes in the research, production, and sales of disposable medical consumables, primarily in rehabilitation care and medical protection [1] - The company operates through ODM/OEM models, providing products for internationally recognized medical device brands [1] - Aishalon's product range includes rehabilitation care products and surgical infection control products, expanding into disinfection, home protection, and emergency protection [1] Group 2: Financial Performance - The company reported revenues of approximately 574 million CNY, 575 million CNY, 692 million CNY, and 438 million CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods were approximately 62.8 million CNY, 66.9 million CNY, 80.6 million CNY, and 49.4 million CNY [2] - The total assets as of June 30, 2025, were approximately 1.2 billion CNY, with total equity of about 795 million CNY [3] Group 3: Customer Concentration - The top five customers accounted for 81.99%, 86.27%, 86.27%, and 88.40% of total sales revenue over the reporting periods, indicating high customer concentration [2] - The largest customer, Medline Group, represented 71.51%, 73.08%, 71.00%, and 77.73% of sales, significantly impacting the company's financial performance [2]

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange, marking the first IPO of 2026, with a first-day increase of 64.10% and a single ticket profit of approximately 26,000 yuan [1] - Next week, two new stocks will be available for subscription: Aisheren, a leading medical dressing company, and Hengyun Chang, a key supplier of semiconductor equipment core components [1][3] - Aisheren specializes in disposable medical consumables for rehabilitation and medical protection, with a strong competitive position in the medical care pad market and stable partnerships with international brands like Medline Group [5][1] Group 2 - Aisheren's forecast for 2025 indicates a net profit of 89.29 million to 98.48 million yuan, representing a year-on-year growth of 10.63% to 22.01% [5][6] - Projected revenue for Aisheren in 2025 is between 889.82 million and 939.87 million yuan, reflecting an increase of 28.65% to 35.89% compared to 2024 [6] - Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma RF power systems and has achieved mass delivery to major semiconductor equipment manufacturers [1][8] Group 3 - Hengyun Chang's forecast for 2025 shows a net profit of 102 million to 114 million yuan, with a year-on-year decline of 28.21% to 19.54% [8] - Projected revenue for Hengyun Chang in 2025 is estimated to be between 488.99 million and 515.43 million yuan, indicating a decrease of 9.58% to 4.69% compared to 2024 [8] - The company has developed second and third-generation products that support advanced process nodes of 28nm and 7-14nm, respectively, achieving international advanced levels [1]

Investment Rating - The report provides a positive investment rating for the company, indicating it as a hidden champion in the medical care pad and dressing market, with strong ties to leading overseas medical companies [2]. Core Insights - The company, Aishalon, has been deeply engaged in the medical device industry for over 20 years, focusing on the research, production, and sales of disposable medical consumables used in rehabilitation care and medical protection [2][12]. - Aishalon is the largest manufacturer of medical care pads in China and ranks among the top ten exporters of medical dressings, with a rapidly growing sales scale and industry position [2][12]. - The company has established long-term stable partnerships with major clients and has obtained three international certifications, enhancing its market competitiveness [3][17]. Summary by Sections Company Overview - Aishalon specializes in disposable medical consumables, primarily in rehabilitation care and surgical infection control products, and has expanded its product line to include disinfection, home protection, and emergency protection [12]. - The company’s revenue structure is predominantly from overseas sales, with 94.71% of revenue coming from international markets in 2024, primarily from the US and Europe [33][34]. Industry Outlook - The global medical dressing market is projected to reach USD 23.5 billion by 2026, with the medical care pad market growing from CNY 5.08 billion in 2011 to CNY 20.996 billion in 2023 [3]. - The surgical drape market has shown stable growth, with an average annual growth rate of 4.5%, and is expected to continue this trend [3]. Financial Performance - The company anticipates total revenue of CNY 691.64 million in 2024, with a net profit of CNY 80.71 million and a gross margin of 22.91% [2][4]. - For 2025, the projected revenue growth is between 28.65% and 35.89%, with expected revenues ranging from CNY 889.82 million to CNY 939.87 million [2][34]. Competitive Position - Aishalon's core products, such as medical care pads, exhibit superior performance in key competitive indicators compared to peers, with a focus on continuous innovation and product quality [4][12]. - The company has established a robust patent portfolio, with 15 invention patents applied in its main business, contributing to its competitive edge [4][40].