智通财经APP获悉，北京天星医疗股份有限公司(简称：天星医疗)于2025年8月26日所递交的港股招股书满6个月，于2026年2月26日失效，递表时中信证券、 建银国际为其联席保荐人。 | 26/08/2025 | 北京天星醫療股份有限公司 | | --- | --- | | | 09/09/2025 整體協調人公告 - 委任（經修訂） 四 | | | 26/08/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 26/08/2025 整體協調人公告 - 委任 吧 | 据此前招股书，天星医疗是一家专注于运动医学整体临床解决方案的创新型医疗器械公司。据灼识咨询数据，按2024年销售收入计，天星医疗是中国最大的 国产运动医学公司。 截至最后实际可行日期，天星医疗拥有国内最全面的运动医学产品，主要涵盖植入物、有源设备及相关耗材、手术工具等52款产品，可以提供整体临床运动 医学解决方案。第三类医疗器械20款，5款产品在中国市场上所有品牌中首个获批并应用于临床，10款产品在国产品牌中首个获批并应用于临床。此外，天 星医疗在运动医学及智能康复领域的在研产品超过35个。 于往绩 ...

Core Viewpoint - The Chinese medical industry has entered a new development stage influenced by multiple factors such as international expansion, centralized procurement mechanisms, and geopolitical dynamics. The focus has shifted from whether companies can go international to whether they possess the capability for long-term participation in global competition [2]. Group 1: Multi-Dimensional Collaborative Layout Capability - In the global high-end medical device sector, especially in complex disease and high-risk treatment scenarios, competitive advantage relies on systematic collaboration across different treatment stages and technological pathways rather than on single-point advantages [3]. - MicroPort Medical's business structure exemplifies strong representation in this dimension, covering multiple high-risk and high-tech core tracks, forming a business combination across cardiovascular, neurological, orthopedic, and surgical robotics fields [3]. Group 2: Clinical Closed-Loop Capability - The concept of "clinical closed-loop" in high-end medical devices refers to the ability to continuously and stably deliver medical solutions into real clinical systems, encompassing a complete chain from technological innovation to long-term follow-up [6]. - MicroPort Medical demonstrates distinctive features in this area, including a focus on Class III high-risk devices, a high density of "first/only" level technological innovations across multiple tracks, and a clinical technology foundation that integrates multiple pathways [7][8]. Group 3: Global Operational Capability - The true challenge of globalization lies not in the number of countries entered but in the ability to operate continuously under different regulatory systems, clinical environments, and commercial logics, forming long-term synergies across R&D, registration, supply chain, academia, and market [11]. - MicroPort Medical has established a multi-regional collaborative operational system, integrating domestic and overseas markets into a cohesive global framework, leveraging its product and clinical foundation in China to accelerate market entry for new technologies and products [12]. Group 4: Academic-Driven International Pathway - In mature markets like Europe, clinical and academic evidence is crucial for entering mainstream medical systems. MicroPort Medical has built academic recognition through high-quality clinical data and multi-center studies, maintaining close collaborations with key opinion leaders (KOLs) [16]. - The company's products have completed international multi-center clinical studies, establishing a strong academic influence and clinical trust in overseas markets [16][18]. Group 5: Industry Observation - As the industry evolves, global competition is increasingly focused on integrated capabilities encompassing technology R&D, clinical transformation, and data accumulation, raising higher demands for organizational systems and cross-field collaboration [21]. - MicroPort Medical's practices provide a valuable reference for how Chinese medical device companies can establish long-term competitiveness in the global high-end system [21].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for Tianxing Medical, which is in the process of listing on the Hong Kong Stock Exchange, focusing on the company's major shareholders and compliance with regulations [1][2]. Group 1: Regulatory Requirements - CSRC requires Tianxing Medical to clarify the basic situation of "overseas enterprises" and "Hong Kong companies" among its major shareholders, including any legal restrictions on shareholding [2][3]. - The company must provide updates on the progress of state-owned shareholders fulfilling state-owned share identification and other state asset management procedures [3][4]. Group 2: Business Operations and Plans - Tianxing Medical is required to explain its specific business types, operational methods, and future plans in simple terms, including details about its AI rehabilitation products and whether it holds the necessary qualifications [3][5]. - The company must clarify its previous application for listing on the Shanghai Stock Exchange, the reasons for withdrawal, and whether it plans to continue pursuing A-share listing [3][4]. Group 3: Financial Performance - For the fiscal years 2022 to 2025 (up to May 31), Tianxing Medical reported revenues of approximately 147 million, 239 million, 327 million, and 111 million RMB respectively, with net profits of approximately 40.34 million, 57.11 million, 95.39 million, and 32.59 million RMB [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 11 companies, including Tianxing Medical, which is preparing for an IPO on the Hong Kong Stock Exchange. The CSRC has requested detailed clarifications on various aspects of the company's operations and shareholder structure [1][2]. Group 1: Company Information - Tianxing Medical is required to provide information about its major shareholders, specifically regarding the status of "overseas enterprises" and "Hong Kong companies" among its upper-level investors, including any legal restrictions on shareholding [1]. - The company must clarify the progress of state-owned shareholders in fulfilling state-owned share identification and other state asset management procedures [1]. - Tianxing Medical needs to explain its specific business types, operational methods, and future plans in simple terms, particularly regarding its AI rehabilitation products and whether it holds the necessary qualifications [1][2]. Group 2: Financial Performance - For the fiscal years 2022 to 2025 (up to May 31), Tianxing Medical reported revenues of approximately 147 million, 239 million, 327 million, and 111 million RMB, respectively. The net profits for the same periods were approximately 40.34 million, 57.11 million, 95.39 million, and 32.59 million RMB [3]. Group 3: Regulatory Compliance - The company must disclose the specifics of its previous IPO application to the Shanghai Stock Exchange, including reasons for withdrawal and plans for future A-share listings [2]. - Tianxing Medical is required to clarify the operational status of its subsidiaries in relation to medical device internet information services, including necessary qualifications and compliance with foreign investment regulations [2]. - The company must provide details on its business dealings with DSM Biomedical, including potential legal disputes and their implications for the IPO [2]. Group 4: Shareholder Agreements - Tianxing Medical needs to explain the reasons behind a waiver agreement signed by two shareholders in January 2021, which resulted in a change of control, and whether there are any shareholding proxy arrangements [2]. - The company must confirm whether the shares held by shareholders participating in the "full circulation" are subject to any pledges, freezes, or other rights defects [3].

Core Viewpoint - Beijing Tianxing Medical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as the largest domestic sports medicine company in China by projected sales revenue in 2024 [1][4]. Company Overview - Tianxing Medical focuses on innovative medical devices providing comprehensive clinical solutions for sports medicine, including treatment for soft tissue injuries in various joints [4]. - The company offers a diverse product matrix with 52 products, including implants, active devices, consumables, and surgical instruments, making it a leader in the domestic sports medicine market [4]. Market Growth - The sports medicine market in China is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030, driven by an increasing sports population, aging demographics, heightened health awareness, and rising penetration of minimally invasive surgeries [4]. Financial Performance - Tianxing Medical reported revenues of approximately RMB 146.6 million, RMB 238.5 million, RMB 327.1 million, and RMB 111.4 million for the years 2022, 2023, 2024, and the first five months of 2025, respectively [5][7]. - The net profit for the same periods was RMB 40.3 million, RMB 57.1 million, RMB 95.4 million, and RMB 32.6 million [5][7]. - The company has achieved deep market penetration, with its products entering over 1,000 hospitals by the end of 2022 and projected to exceed 3,000 by the end of 2024 [5].