核心产品血流储备分数(FFR)测量系统为金标准FFR领域内中国首个获国家药监局批准的国产产品，上述两款产品 均进入了国家创新医疗器械特别审查程序，有望为精准指导经皮冠状动脉介入治疗(PCI)手术临床实践带来变革。 公司核心产品上市后迅速占据国内市场市占率第二且国产品牌市占率第一，实现高端有源介入医疗器械国产化率的 提升。 智通财经APP获悉，1月26日，北芯生命(688712.SH)开启申购，发行价格为17.52元/股，申购上限为0.9万股，行业 市盈率41.36倍，属于上交所，中金公司为其保荐机构。 招股书显示，北芯生命是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产和销售的技术企业，亦致力于开 发为心血管疾病诊疗带来变革的精准解决方案。 截至2025年9月30日，公司累计向市场推出11个产品，在研产品共有6个，覆盖IVUS系统、FFR系统、血管通路产 品、冲击波球囊治疗系统及电生理解决方案五大产品类别。 公司核心产品IVUS系统是中国首个自主创新60MHz高清高速国产IVUS产品，拥有高清、高速、智能三大特点，可 高效便捷指导精准PCI策略制定。 公司根据创新医疗器械行业特点，主要通过销售一次性使用耗 ...

Core Viewpoint - Beixin Life is planning to publicly issue 57 million shares, all of which are new shares, resulting in a total share capital of 41.7 million shares after issuance [1] Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to revolutionize solutions in this field [2] - The company's core products include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, both of which are the first domestically developed products approved by the National Medical Products Administration (NMPA) in China [2][3] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, filling a gap in the domestic market and reducing reliance on imported products [2] Product Development - Since its establishment, the company has launched 11 products and has 6 products under development, covering five categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [3] - The IVUS system is recognized for its high-definition, high-speed, and intelligent features, and is included in the National Key R&D Program for digital diagnostic equipment [3] Financial Data - As of June 30, 2025, the total assets amounted to 838.54 million yuan, with a net profit of 45.51 million yuan, marking a significant improvement from previous years [8] - The company reported a revenue of 258.86 million yuan for the first half of 2025, compared to 186.98 million yuan in 2023 [8] Market Position - Beixin Life specializes in precise cardiovascular disease diagnosis solutions, competing with major companies like Boston Scientific, Abbott, Philips, and Lepu Medical in the IVUS and FFR segments [9] - The company has achieved a leading market share in the domestic market for its core products, significantly reducing the dependency on imports [9][10] - Beixin Life's innovative capabilities and management team position it well for growth in the high-end active interventional diagnosis and treatment market, where domestic competitors have yet to make significant breakthroughs [10]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has officially initiated its A-share listing process on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise approximately 9.52 billion yuan through the issuance of 57 million shares, which will account for 13.67% of the total share capital post-issuance [1] Group 1: Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company has developed the first domestically produced 60MHz high-definition IVUS product and the first domestically approved FFR measurement system in China [1] Group 2: Product Development and Market Position - As of September 30, 2025, Beixin Life has launched 11 products and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [2] - The FFR system captured a 30.6% market share in China shortly after its launch in 2020, with over 70% of its domestic usage coming from tertiary hospitals [2] Group 3: Financial Performance and Projections - Beixin Life's revenue is projected to grow significantly, with expected revenues of 520 million to 560 million yuan in 2025, representing a year-on-year growth of 64.24% to 76.88% [3] - The company anticipates a substantial increase in net profit, with estimates ranging from 78 million to 88 million yuan, reflecting a year-on-year growth of 278.91% to 301.85% [3] Group 4: Strategic Initiatives and Future Outlook - The funds raised from the IPO will be primarily allocated to the construction of an industrialization base for interventional medical devices, R&D projects, and to supplement working capital [3] - The company aims to enhance its capital structure, reduce debt risk, and improve its resilience against market fluctuations, while also expanding production capacity and strengthening R&D capabilities [3]

Group 1 - The company, Beixin Life (688712.SH), plans to publicly issue 57 million shares, accounting for 13.67% of the total share capital after the issuance [1] - The initial strategic placement will involve 11.4 million shares, representing 20% of the total issuance, with senior management and core employees participating in a special asset management plan for 5.7 million shares, which is 10% of the total issuance [1] - The initial strategic placement by the sponsoring institution, China International Capital Corporation Wealth Securities Co., Ltd., is expected to be 2.85 million shares, or 5% of the total issuance, with a subscription amount not exceeding 40 million yuan [1] Group 2 - The company specializes in innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, recognized as a national high-tech enterprise [2] - The core products include the intravascular ultrasound (IVUS) diagnostic system, the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, and the flow reserve fraction (FFR) measurement system, the first domestic product in the FFR field approved by the same authority [2] - The company reported net profits attributable to the parent company of -290 million yuan, -140 million yuan, -43.596 million yuan, and 49.4496 million yuan for the years 2022 to the first half of 2025, with an expected profit of 78 million to 88 million yuan for 2025, representing a growth of 278.91% to 301.85% compared to the previous year [2] - The total planned investment of 952 million yuan from the fundraising will be allocated to the construction of an interventional medical device industrialization base, research and development projects, and to supplement working capital [2]

Group 1 - The company, Beixin Life (688712.SH), plans to publicly issue 57 million shares, accounting for 13.67% of the total share capital after the issuance [1] - The initial strategic placement will involve 11.4 million shares, representing 20% of the total issuance, with senior management and core employees participating in a special asset management plan for 5.7 million shares, which is 10% of the total issuance [1] - The initial strategic placement by the sponsoring institution, China International Capital Corporation Wealth Securities Co., Ltd., is expected to be 2.85 million shares, or 5% of the total issuance, with a subscription amount not exceeding 40 million yuan [1] Group 2 - The company focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, being a national high-tech enterprise [2] - Its core products include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, both of which are the first domestically approved products in China [2] - The company reported net profits attributable to the parent company of -290 million yuan, -140 million yuan, -43.596 million yuan, and 49.4496 million yuan for the years 2022 to the first half of 2025, with an expected profit of 78 million to 88 million yuan for 2025, representing a growth of 278.91% to 301.85% year-on-year [2] - The total planned investment from the raised funds, after deducting issuance costs, is 952 million yuan, allocated to the construction of an interventional medical device industrialization base, R&D projects, and working capital [2]

Core Viewpoint - The successful IPO of Shenzhen Beixin Life Technology Co., Ltd. marks the second company to pass the review under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [1] Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming to revolutionize solutions in this field [3] - The company is recognized as a national high-tech enterprise and has developed China's first domestically innovative 60MHz high-definition IVUS product approved by the National Medical Products Administration [3][4] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, addressing the previously import-dependent market for coronary artery disease diagnosis in China [3][4] Product Development - Since its establishment, Beixin Life has launched 11 products and has 6 products under development, covering five major categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [4][5] - The core IVUS system is noted for its high-definition, high-speed, and intelligent features, which facilitate precise PCI strategy formulation [4] - The FFR system is recognized as the gold standard for PCI treatment guidance and has received high-level recommendations from various domestic and international guidelines [4] Financial Performance - From 2022 to 2024, Beixin Life's projected revenues are 92.45 million yuan, 184 million yuan, and 317 million yuan, with net profits of -179 million yuan, -164 million yuan, and -6.29 million yuan respectively [5] - The company plans to raise 952 million yuan through its IPO to fund the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [5] - Cumulatively, the company has invested over 389 million yuan in R&D from 2022 to 2024, accounting for over 65% of its total revenue during this period [5]

Core Insights - North Chip Life Technology Co., Ltd. has focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases since its establishment in 2015 [1] - The company has broken the monopoly of overseas giants in the field of cardiovascular precision intervention and has filled multiple domestic gaps [1] - North Chip Life has received over ten Class III medical device registration certificates both domestically and internationally, with 185 authorized patents as of June 30, 2025, including 86 invention patents [1] Product Highlights - The company's intravascular ultrasound (IVUS) system is the first domestically approved high-definition (60 MHz) IVUS product in China and the first to be approved for overseas sales (EU MDR) [1] - The core product, the fractional flow reserve (FFR) measurement system, is also the first domestically approved FFR product in China and the first to be approved for overseas sales (EU MDR), recognized as "internationally leading and domestically pioneering" by the National Medical Products Administration [1] - These products have significantly improved the precision and effectiveness of cardiovascular disease diagnosis and treatment [2] Market Reach and Recognition - North Chip Life's cardiovascular precision intervention solutions have been implemented in over 1,500 hospitals across more than 50 countries, benefiting over 150,000 patients globally [2] - The FFR system has been recognized by Boston Consulting Group as a representative product of China's medical device innovation 3.0 [2] - The 2024 Medical Device Industry Innovation Index recognized North Chip Life as one of the "Top 100 Innovative Enterprises" and "Outstanding Enterprises in Overseas Expansion" [2] Future Vision - The company aims to become a world-class medical technology enterprise with a lasting impact, continuing to invest in research and development to provide more quality diagnostic options for global cardiovascular disease patients [3]