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]