Core Mission - The company aims to transform scientific research into practical technology to benefit patients, focusing on innovative high-performance medical devices [1] - The mission is to improve life and health through innovation and quality, specifically targeting cardiovascular disease intervention [1] Product Development - The company has developed a comprehensive solution for precise intervention in coronary heart disease, including the FFR system and IVUS system [1] - The FFR pressure microcatheter, launched in 2020, is the first domestically approved product in China for measuring blood flow reserve, filling a significant gap in the market [4] - The IVUS system is the first domestically developed 60MHz high-definition product approved by the National Medical Products Administration, rapidly gaining market share since its launch in 2022 [5] Market Impact - The FFR product achieved a market share of 30.6% in the coronary artery direct measurement market within a year of its launch, with applications in approximately 1,000 hospitals globally [4] - The IVUS system has also been adopted in around 1,000 hospitals, becoming the leading domestic product in its category [5] Innovation and Technology - The company has established four core technology platforms, including micro-nano device development and high-performance medical hardware development [6] - It has developed nearly 20 products and ongoing projects, positioning itself as a "small giant" in the cardiovascular intervention sector with international influence [6] Recognition and Achievements - The company has applied for over 360 patents, with more than 180 granted, including over 80 invention patents [6] - It has received various accolades, including the "National Specialized and Innovative 'Small Giant' Enterprise" certification and the Shenzhen Science and Technology Progress Award for its FFR system [6]

Group 1 - The medical sector is experiencing significant growth, with companies like Kangfang Biotech, BeiGene, and China National Pharmaceutical Group showing strong performance, alongside high-value consumables companies such as Xinmai Medical and Nanwei Medical [1] - North Chip Life Technology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with the listing review meeting scheduled for July 18, 2025 [2][3] - North Chip Life focuses on precision diagnostic devices for cardiovascular diseases, with a valuation of 4.8 billion yuan, backed by investors like Song Liang and Songhe Capital [4][6] Group 2 - North Chip Life was established in December 2015 and is headquartered in Shenzhen, with major institutional investors including Xiaerba and Songhe Capital [5][6] - The company has developed 11 products and has 6 in the pipeline, covering categories such as IVUS systems and FFR systems [15] - The IVUS system, a core product, was approved for sale in China in July 2022 and has been implemented in approximately 1,000 hospitals [17] Group 3 - The market for IVUS devices in China is projected to grow from approximately 1.76 billion yuan in 2024 to about 5.11 billion yuan by 2030, with a compound annual growth rate of around 19.4% [19] - The FFR measurement system, another key product, is expected to see its market size increase from about 230 million yuan in 2024 to approximately 3.12 billion yuan by 2030, with a compound annual growth rate of about 54.9% [24] - North Chip Life's revenue from the FFR system accounted for 87.31% in 2022, dropping to 24.48% in 2024, while revenue from the IVUS system rose from 10.14% to 68.62% during the same period [28][29] Group 4 - The company reported revenues of 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 290 million yuan, 140 million yuan, and 43.6 million yuan [26] - As of the end of 2024, North Chip Life had cash and cash equivalents of approximately 15.04 million yuan, indicating financial pressure [26] - The company faces high sales and research expenses, with sales expenses accounting for 82.08%, 55.98%, and 34.61% of revenue during the reporting period [31]

Core Insights - The National Medical Products Administration of China emphasizes support for high-end medical device innovation, particularly in advanced medical imaging equipment, to address the growing global demand for cardiovascular disease treatment solutions [1] - Beixin Life, a domestic company focused on high-end medical device innovation, aims to develop high-performance interventional medical devices to tackle the significant public health issue of cardiovascular diseases [1][3] - The company has successfully developed and commercialized proprietary high-performance diagnostic equipment, contributing to the advancement of domestic high-end medical devices [1][3] Industry Overview - Coronary heart disease is recognized as a major health threat globally, with cardiovascular diseases being the leading cause of death in China [2] - China has the highest annual volume of percutaneous coronary intervention (PCI) procedures, with a trend towards precision treatment guided by advanced coronary functional and imaging technologies [2] - The reliance on imported devices and materials has historically dominated the market due to high R&D barriers and long return cycles [2] Company Achievements - Since its establishment in 2015, Beixin Life has developed a series of intelligent cardiovascular interventional solutions, including the first domestically approved IVUS and FFR systems [3][4] - The company has obtained over 20 Class III medical device registrations and successfully launched 11 products [3] - Beixin Life is the only domestic company with the technology to develop and manufacture 60MHz high-frequency micro-ultrasound transducers and MEMS pressure sensor modules [4] Market Potential - The cardiovascular device market is the second largest globally and is expected to grow rapidly over the next decade, with a significant patient population for coronary heart disease [7] - The number of PCI procedures in China is projected to increase from 1.906 million in 2024 to 4.298 million by 2030, with a compound annual growth rate of approximately 14.5% [7] - The precision PCI market in China is expected to grow from 2.04 billion yuan in 2022 to 9.42 billion yuan by 2030, with a compound annual growth rate exceeding 20% [7] Competitive Position - Beixin Life's FFR product captured 30.6% of the domestic market share shortly after its launch, while its IVUS product became the leading domestic option, reducing reliance on imports [8] - The company has successfully expanded its products to international markets, receiving positive feedback and achieving routine clinical use in multiple countries [8] - Beixin Life aims to enhance the synergy of its product system and adapt to international markets, thereby improving the global competitiveness of China's high-performance medical device industry [9]