Core Viewpoint - After years of losses, the company achieved profitability for the first time in the first half of 2025, reflecting improved operational efficiency and steady expansion of its core business [3][7]. Company Overview - The company, Shenzhen Maiketian Biomedical Technology Co., Ltd., was established in 2011 and focuses on providing innovative and comprehensive product offerings to meet clinical needs across various healthcare settings [3]. - The main business segments include life support, minimally invasive intervention, and in vitro diagnostics [3]. Market Position - The company's products are distributed in over 140 countries and regions, with leading market shares in several niche areas [4][5]. - In the minimally invasive intervention segment, revenue has steadily increased, surpassing 50% of total revenue [4][6]. Financial Performance - The company reported revenues of approximately RMB 917 million, RMB 1.313 billion, and RMB 1.399 billion for the years 2022, 2023, and 2024, respectively. In the first half of 2025, revenue reached RMB 787 million, a year-on-year increase of 15.31% [6]. - The gross profit margin improved from 43.7% in 2022 to 52.9% in the first half of 2025 [6]. - In the first half of 2025, revenue breakdown was as follows: life support products contributed RMB 300 million (37.9%), minimally invasive intervention contributed RMB 400 million (51.1%), and in vitro diagnostics contributed RMB 86.22 million (11%) [6]. Profitability - The company turned a profit of RMB 40.97 million in the first half of 2025, a significant improvement from a loss of RMB 58.03 million in the same period last year [7]. - The transition to profitability was driven by increased sales, enhanced manufacturing efficiency, and effective absorption of fixed production costs [7]. Investment and Valuation - The company has attracted notable investors, including Hillhouse Capital and Shenzhen Innovation Investment Group, with Hillhouse holding 20.79% and Shenzhen Innovation holding 8.54% [7]. - The post-investment valuation during the last funding round in 2023 was RMB 8.245 billion, leading to a price-to-earnings ratio of approximately 100 times based on 2025 earnings, compared to 32 times for industry leader Mindray Medical [7].

Company Overview - Shenzhen Maiketian Biomedical Technology Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on September 11, with Morgan Stanley and Huatai International as joint sponsors [1] - The company has shown continuous revenue growth, with a projected profit turnaround in the first half of 2025, and an increase in gross margin from 43.7% to 52.9% [1][5] - The post-investment valuation has increased over 24 times, reaching 8.245 billion yuan, with Hillhouse Capital being the largest institutional investor holding 20.79% [1][9] Industry Potential - The global life support medical device market is expected to reach $75.1 billion by 2024 and $109.7 billion by 2030, with China's market projected to grow from 55.7 billion yuan in 2024 to 93.2 billion yuan by 2030 [3] - The minimally invasive intervention market is anticipated to grow from $32.1 billion in 2024 to $48.8 billion by 2030, with China's market expected to increase from 24.9 billion yuan to 53.2 billion yuan [3] - The in vitro diagnostics market is projected to reach $108.4 billion globally and 116.1 billion yuan in China by 2024, with further growth expected by 2030 [3] Product Portfolio - Maiketian is a global provider of medical solutions, offering over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products as of June 30, 2025 [3] - In the life support sector, the company ranks first in sales for infusion workstation and enteral nutrition pump markets in China from 2018 to 2024 [4] - The company has a comprehensive range of proprietary endoscopic products and ranks second in the minimally invasive intervention consumables market from 2022 to 2024 [4] - Maiketian's fully automated thromboelastography analyzer was launched in 2021, and the company ranks first in sales in this market from 2021 to 2024 [4] Financial Performance - Revenue figures for Maiketian during the reporting period were 917 million yuan, 1.313 billion yuan, 1.399 billion yuan, and 787 million yuan for the years 2022 to 2025 H1, with a compound annual growth rate of 23.5% [5] - The company achieved a profit of 40.97 million yuan in the first half of 2025, marking a turnaround from losses in previous years [6][5] - The gross margin has consistently improved, reaching 52.9% in the first half of 2025, up from 43.7% in 2022 [7] Market Dynamics - The revenue from life support products fluctuated, increasing to 416 million yuan in 2022 but decreasing to 494 million yuan in 2024 due to a temporary adjustment in market demand [7] - The sales revenue from minimally invasive products grew from 386 million yuan in 2022 to 721 million yuan in 2024, with a 16.8% increase in the first half of 2025 [8] Shareholding Structure - Since 2016, Maiketian has completed seven rounds of equity financing, raising over 2 billion yuan, with a post-investment valuation increasing from 320 million yuan to 8.245 billion yuan [9] - Major shareholders include Liu Jie, Zhong Yaoqi, and Li Hui, collectively holding approximately 39.55% of the company [9][10] - Hillhouse Capital holds 20.79%, making it the largest institutional investor, with its stake valued at approximately 1.71 billion yuan based on the latest valuation [11]