Core Insights - Two companies, Suzhou Tongxin Medical Technology Co., Ltd. and Shenzhen Core Medical Technology Co., Ltd., are currently in the IPO queue for the STAR Market, focusing on artificial heart development [1][4] - Both companies have not yet achieved profitability but are seeking recognition in the capital market with different product strategies [1][4] - The artificial heart market in China is still in its early development stage, lacking a mature competitive landscape [1][4] Company Summaries - **Core Medical**: - Aims to provide comprehensive and innovative artificial heart products, with five implantable and six interventional products in development [4] - The first commercial product, the implantable left ventricular assist device (Corheart6), was approved in June 2023, with projected revenues of 16.55 million yuan in 2023, increasing to 93.69 million yuan in 2024 [6][9] - Plans to raise 1.217 billion yuan through its IPO for product development, industrial base construction, and marketing [5][9] - **Tongxin Medical**: - Focuses on breakthrough technologies for advanced heart failure treatment, with its first product, the CH-VAD, being the first fully magnetic levitation left ventricular assist device approved in China [4][9] - Plans to raise 1.064 billion yuan through its IPO for production base construction and global clinical trials [5][9] Financial Performance - Both companies reported no profitability during the reporting period, with Core Medical's revenues ranging from 0 to 93.69 million yuan from 2022 to 2025, and Tongxin Medical's revenues ranging from 0.861 million to 7.735 million yuan [9][10] - Core Medical's net losses decreased from 178 million yuan in 2022 to 72.75 million yuan in the first half of 2025, while Tongxin Medical's losses increased from 189 million yuan in 2022 to 193 million yuan in the first half of 2025 [9][10] Market Dynamics - Both companies experienced a decline in product prices during the reporting period, with Core Medical's average sales price for its product decreasing from 290,400 yuan to 229,600 yuan [6][9] - Tongxin Medical's CH-VAD prices decreased from 459,600 yuan to 362,300 yuan, attributed to efforts to expand market share and customer base [7][9] - The artificial heart market in China is still developing, with significant challenges in market education and patient awareness [8][10]

Core Viewpoint - Tongxin Medical aims to transform the competitive landscape of the artificial heart market globally through innovative technologies and solutions for advanced heart failure treatment [2]. Group 1: Company Overview - Tongxin Medical, established in 2018, focuses on addressing the urgent need for effective treatments for advanced heart failure patients and aims to become a leader in the global artificial heart sector [2]. - The company has set up operational entities in China, the United States, and Europe, with its core product being the implantable artificial heart [3]. Group 2: Product Development and Market Position - In China, Tongxin Medical's first full magnetic levitation left ventricular assist system, CH-VAD, has been approved for market entry, making it the first of its kind in the country [4]. - The next iteration, CH-VAD Plus, is expected to receive approval in early 2026, while the BrioVAD system has gained FDA approval for clinical trials in the U.S. [4]. - In Europe, the company has submitted an application for the BrioLife clinical study, anticipated to start in the first half of 2026 [4]. - As of the date of the prospectus, over 670 CH-VAD implants have been completed in China, and 108 patients have undergone BrioVAD implantation across 22 centers in the U.S. [5]. Group 3: Competitive Landscape - The full magnetic levitation artificial heart technology is the most widely used globally, with CH-VAD being the first approved in China [6]. - By the end of 2024, Tongxin Medical is projected to hold a 26.9% market share in the domestic implantable artificial heart market [6]. - The BrioVAD product is designed to be smaller and lighter than competitors, with potential advantages in blood compatibility, infection resistance, and patient quality of life, and is currently undergoing head-to-head clinical trials against Abbott's HeartMate 3 [6]. Group 4: Investment and Financial Backing - Since its inception, Tongxin Medical has attracted investments from notable institutions such as Sequoia China, Gao Rong Capital, and others [7].