这并不是天星医疗第一次冲击资本市场。 早在 2023 年 9 月， 公司就曾向上交所科创板递交上市申请 。但在 2025 年 6 月，因保荐机构中金公司单方面申请撤销保荐，该次 IPO 申请终止。如今转向港股， 也意味着公司在资本化路径上再次启动新的尝试。 成立八年多时间，天星医疗一直聚焦于运动医学医疗器械领域，在国内关节镜手术相关植入物与设备市场中逐渐形成一定规模。 根据灼识咨询数据，按 2024 年销售收入计， 天星医疗是中国第四大运动医学设备提供商， 市场份额约 6.5% ，也是该领域最大的国产企业。 2026年3月3日，港交所披露文件显示， 北京天星医疗股份有限公司 （以下简称"天星医疗"）正式向港交所提交上市申请，联席保荐人为中信证券与建银国际。 在一个长期由外资企业主导的细分医疗器械市场中，这样的排名也显示出国产厂商正在逐步进入核心竞争格局。 # 一个被低估的骨科赛道：运动医学器械 运动医学主要用于治疗韧带、肌腱以及关节软组织损伤，其典型应用包括前交叉韧带（ACL）重建、肩袖修复等手术。 ▲ 图源招股书 随着微创关节镜技术的普及，运动医学已经成为骨科领域增长最快的细分方向之一。 从技术演进来看，运 ...

Core Viewpoint - Beijing Tianxing Medical Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after withdrawing its application for the Sci-Tech Innovation Board in China due to market conditions and lengthy approval processes [2][3] Company Overview - Tianxing Medical, established in 2017, focuses on innovative medical devices for sports medicine, offering comprehensive clinical solutions through its four patented technology platforms [2] - The company has developed a total of 52 products, including 20 Class III medical devices, with several being the first of their kind approved for clinical use in China [4] Financial Performance - Revenue figures for Tianxing Medical from 2022 to 2025 (first five months) are as follows: 147 million, 239 million, 327 million, and 111 million RMB, with gross profits of 104 million, 177 million, 228 million, and 82 million RMB respectively [9] - The gross margin has remained above 69%, with the highest margins coming from implants and surgical devices [9] Market Position - Tianxing Medical is recognized as the largest domestic sports medicine company in China based on projected sales revenue for 2024 [10] - The company has achieved profitability consistently, although it is noted that its overall scale is relatively small [11] Revenue Structure - The majority of Tianxing Medical's revenue comes from implants, which accounted for over 70% of total revenue, raising concerns due to the impact of centralized procurement on pricing [12] - The company has seen a significant increase in overseas revenue, which grew from 0.3% of total revenue in 2022 to 18.4% in the first five months of 2025, indicating a strong growth trajectory [13][14] Future Prospects - The company plans to use funds raised from the IPO to expand production capacity, enhance research and development, and support marketing efforts [15] - The global sports medicine market is expected to grow at a rate of 6.5% annually, potentially reaching a size of $8.8 billion by 2030, positioning Tianxing Medical as a key player in this expanding market [15]