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].

9月11日，深圳麦科田生物医疗技术股份有限公司（下称"麦科田"）向港交所主板提交上市申请，摩根士丹利、华泰国际为联席保荐人。 IPO日报注意到，麦科田收入持续增长，2025年上半年期内利润"扭亏为盈"，毛利率从43.7%提升至52.9%，表现亮眼；投后估值增长超过24 倍，已高达82.45亿元，高瓴资本持股20.79%，为最大机构投资方。 张力制图 行业赛道景气 根据灼识咨询的资料，于2024年，全球生命支持医疗器械市场规模达到751亿美元，到2030年预计将进一步增至1097亿美元，中国2024年达到 557亿元，2030年将增至932亿元；全球内窥镜微创介入市场规模达到321亿美元，到2030年，预计将进一步增至488亿美元，2024年，中国达到249 亿元，到2030年将增至532亿元；2024年，全球体外诊断市场规模达到1084亿美元，中国达到1161亿元，到了2030年，全球体外诊断市场预计将进 一步增至1673亿美元，中国将增至1912亿元。 不难看出，该等市场展现出未来增长的巨大潜力。而上述三个市场就是麦科田深耕的赛道。 招股书显示，麦科田是一家全球医疗解决方案提供商，提供生命支持、微创介入和体 ...