一直以来，心血管疾病严重威胁着人们的健康，是藏在身体里的"隐形杀手"。 近日，深圳北芯生命科技股份有限公司（以下简称"北芯生命"）在上交所科创板提交注册，这正是一家 专注于心血管疾病精准诊疗创新医疗器械的企业。 对于上市，北芯生命有着强烈的渴望，毕竟若最终上市失败，公司实控人宋亮或仍面临着回购股份的风 险。 而对于近三年累计亏损4.74亿元的北芯生命而言，真正的考验是如何在波士顿科学、飞利浦垄断超80%市 场的情况下，与乐普医疗等国产对手赛跑。 在递表港交所前，北芯生命已经进行了六轮融资，引入了红杉中国、国投创合等机构，估值也水涨船 高。 招股书显示，北芯生命每股成本从Pre-A轮的人民币0.898元增长至4.523美元（约合人民币32.46元）；投 后估值也从Pre-A轮的5400万元增长至D轮的50.43亿元，五年时间增长超90倍。 中科院名誉主任创业，港股IPO已"折戟" 北芯生命的前身北芯生命有限成立于2015年，由宋亮、陈丽丽、硅基仿生、付晓阳共同投资设立。 其中，宋亮在2010年12月毕业于美国圣路易斯华盛顿大学生物医学工程专业，博士研究生学历。 宋亮目前是中国科学院深圳先进技术研究院生物医学光学 ...

Core Points - Several securities firms, including CITIC Securities and Guosen Securities, have launched trading permissions for the Sci-Tech Innovation Growth Tier on their apps, requiring investors to have 500,000 yuan in assets and two years of investment experience to participate in upcoming IPOs and trading [1][4] - At least two companies have received IPO approval and are set to list on the Sci-Tech Innovation Growth Tier [2][8] - The Shanghai Stock Exchange has implemented a risk disclosure document for investors participating in the Sci-Tech Innovation Growth Tier, which must be signed before trading [3][5] Group 1 - Numerous securities firms have made the trading permission for the Sci-Tech Innovation Growth Tier available, with a total of at least 14 firms reported to have launched this feature by July 29 [4] - Investors must sign the "Risk Disclosure Document for Sci-Tech Innovation Growth Tier" to participate in new stock subscriptions and trading, ensuring they are aware of the associated risks [3][5][6] - The risk disclosure document highlights that companies in the growth tier may be unprofitable at the time of listing, and investors should be cautious about the uncertainties related to revenue and profitability [6][7] Group 2 - Two companies, He Yuan Biotechnology and Bei Xin Life, have successfully passed the IPO review process and are awaiting listing, with He Yuan Biotechnology already receiving its IPO approval [8] - There are three additional unprofitable companies in the IPO queue, with two having submitted registration applications and one in the inquiry stage [8] - Existing unprofitable listed companies do not require new trading permissions for participation in transactions [8]

Core Viewpoint - The article discusses the recent launch of trading permissions for the Sci-Tech Innovation Growth Layer by several securities firms, allowing investors to participate in upcoming IPOs and trading of companies in this layer, with specific requirements for eligibility [1][5]. Group 1: Trading Permissions and Requirements - Numerous securities firms, including CITIC Securities and Guosen Securities, have introduced the functionality for investors to open trading permissions for the Sci-Tech Innovation Growth Layer [1][5]. - To participate, investors must have at least 500,000 yuan in assets and two years of investment experience, similar to the requirements for the Sci-Tech Board [1][5]. - Investors must sign a "Risk Disclosure Statement" before engaging in trading or subscription of newly registered stocks in the Sci-Tech Innovation Growth Layer [3][4]. Group 2: Upcoming IPOs and Companies - Two companies have received IPO approval and are set to list in the Sci-Tech Innovation Growth Layer: He Yuan Biotechnology and Bei Xin Life [10][11]. - He Yuan Biotechnology's IPO was approved on July 18, while Bei Xin Life has successfully passed the IPO review but has not yet submitted its registration application [10][11]. - Additionally, three unprofitable companies are in the IPO queue, with two having submitted applications and one in the inquiry stage [12]. Group 3: Risk Disclosure and Investor Education - The Shanghai Stock Exchange has revised the "Risk Disclosure Statement" to help investors understand the risks associated with investing in unprofitable companies [7]. - Securities firms are required to ensure that investors sign the "Risk Disclosure Statement" before participating in the subscription and trading of new stocks in the Sci-Tech Innovation Growth Layer [7][8]. - The risks highlighted include the uncertainty of revenue and profitability for unprofitable companies, the challenges in pricing due to limited comparable companies, and the potential for significant stock price volatility [8].

Group 1 - The China Securities Regulatory Commission (CSRC) approved Wuhan Heyuan Biotechnology Co., Ltd.'s initial public offering (IPO) on the Sci-Tech Innovation Board, with plans to raise 2.4 billion yuan [3] - Heyuan Biotechnology, established in 2016, has a leading global plant bioreactor technology platform, and its core product HY1001 has completed Phase III clinical trials, demonstrating good safety and efficacy [4] - The National Medical Products Administration (NMPA) approved the listing of Heyuan's recombinant human albumin injection (HY1001), making it the first approved recombinant human serum albumin product in China for treating liver cirrhosis with low albumin levels [4] Group 2 - Shenzhen Beixin Life Technology Co., Ltd.'s IPO application was also approved by the Shanghai Stock Exchange's listing committee on July 18 [5] - Founded in 2015, Beixin Life focuses on developing innovative solutions for cardiovascular disease diagnosis and treatment, with its core products including the first domestically approved 60MHz high-speed IVUS diagnostic system and the first domestic FFR measurement system [6] - Beixin Life has launched 11 products to the market and has 6 products under development, covering five categories: IVUS systems, FFR systems, vascular access products, shockwave balloon therapy systems, and electrophysiological solutions [6]

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, marking it as the second company to do so after the resumption of the fifth listing standard [1][2]. Group 1: IPO Details - Beixin Life aims to raise 9.52 billion yuan for projects including the construction of an interventional medical device industrialization base, R&D projects, and to supplement working capital [4][5]. - The company has a history of continuous financing since its establishment in 2015, with multiple rounds of equity transfers and capital increases [7]. - The company has been in a state of continuous losses, with cumulative undistributed profits amounting to -735.86 million yuan as of December 31, 2024 [11][15]. Group 2: Financial Performance - Revenue has shown rapid growth, with figures of 92.45 million yuan, 183.98 million yuan, and 316.60 million yuan over the reporting periods [14]. - The company has incurred net losses of -300.44 million yuan, -155.21 million yuan, and -53.74 million yuan in the same periods, with a decreasing trend in loss amounts [14][16]. - The gross profit margin has remained relatively stable at 63.50%, 65.02%, and 63.32%, although it is slightly lower than the industry average [18]. Group 3: Product and Market Position - Beixin Life specializes in innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with core products including the IVUS diagnostic system and FFR measurement system [12][13]. - The company has launched 11 products to the market and has 6 products under development, covering various categories [13]. - The core products have gained regulatory approval, with the FFR system launched in 2020 and the IVUS system in 2022, contributing significantly to revenue [13]. Group 4: Challenges and Risks - The company faces high operational costs, with sales expense ratios significantly above industry averages, indicating potential inefficiencies [20]. - There has been a notable decline in R&D personnel, with a reduction of nearly 30% from 151 to 109 employees, which may impact innovation and product development [24][26]. - The company has experienced high share-based payment expenses due to multiple employee stock incentive plans, contributing to its cumulative losses [22][23].

Core Viewpoint - Beixin Life Technology Co., Ltd. successfully passed the IPO review on July 18, marking it as the second company to do so under the restarted fifth listing standard of the Sci-Tech Innovation Board [1][2]. Group 1: IPO and Funding - Beixin Life plans to raise 9.52 billion yuan for projects including the construction of an interventional medical device industrialization base, R&D projects, and working capital [5][6]. - The company has a history of continuous financing since its establishment in 2015, with multiple rounds of funding leading up to its IPO application in 2023 [10][12]. Group 2: Financial Performance - The company has reported continuous losses, with cumulative undistributed profits reaching -735.86 million yuan as of December 31, 2024 [22][26]. - Revenue has shown rapid growth, with figures of 92.45 million yuan, 183.98 million yuan, and 316.60 million yuan over the reporting periods, but net profits were -300.44 million yuan, -155.21 million yuan, and -53.74 million yuan respectively [25][27]. Group 3: Product and Market Position - Beixin Life focuses on innovative medical devices for cardiovascular diseases, with its core products including the IVUS diagnostic system and FFR measurement system, both of which are the first domestically approved products in their categories [23][24]. - The company has launched 11 products to date and has 6 products in development, covering various medical device categories [23]. Group 4: Operational Challenges - The company has faced high management and sales expenses, with sales expense ratios significantly above industry averages [29][30]. - R&D personnel have decreased by nearly 30%, which poses a risk to the company's innovation capabilities [34][36].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise 9.52 billion yuan for the development of innovative medical devices focused on cardiovascular disease diagnosis and treatment [1] Company Overview - Beixin Life is a national high-tech enterprise specializing in the research, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company has developed China's first domestically innovative 60MHz high-definition IVUS product and the first domestically approved FFR measurement system, both of which are expected to transform clinical practices in percutaneous coronary intervention (PCI) [1][2] - Beixin Life is the first domestic medical device company to offer a combination of FFR and IVUS products, addressing the market gap and reducing reliance on imported products for coronary artery disease diagnosis in China [1] Product Development - The company has launched a total of 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 core IVUS system is recognized for its high-definition, high-speed, and intelligent features, facilitating efficient and precise PCI strategy formulation [2] Fundraising and Financials - The funds raised will be allocated to various projects, including the construction of an interventional medical device industrialization base and R&D projects, with a total investment of approximately 95.22 million yuan [3] - Financial projections indicate that the company expects to achieve revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively [3] - The company reported net losses of approximately 300 million yuan, 155 million yuan, and 53.74 million yuan for the same years [3] Financial Metrics - As of December 31, 2024, the total assets are projected to be approximately 782.99 million yuan, with total equity attributable to shareholders of approximately 686.43 million yuan [4] - The company’s debt-to-asset ratio is expected to rise from 11.75% in 2022 to 17.47% in 2024 [4] - Revenue is projected to increase significantly, with net profit losses decreasing from 300.44 million yuan in 2022 to 53.74 million yuan in 2024 [4] - R&D investment as a percentage of revenue is expected to decrease from 154.95% in 2022 to 35.65% in 2024, indicating a shift towards commercialization [4]

Core Viewpoint - The article discusses the recent developments in the Shanghai Stock Exchange (SSE) regarding the listing of companies under the Sci-Tech Innovation Board, particularly focusing on the upcoming IPO of Beixin Life, which is the second company to adopt the fifth set of listing standards in 2025 [1][3]. Group 1: Company Overview - Beixin Life is a medical device company specializing in innovative diagnostic equipment for cardiovascular diseases, with a focus on the development, production, and sales of its products [3]. - The company meets the listing criteria under the Sci-Tech Innovation Board, with an expected market value of no less than 4 billion yuan and has achieved significant milestones in its product development [3]. Group 2: Product and Market Position - The core products of Beixin Life include the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, making it the first domestic company to offer a combination of these technologies [4]. - The FFR system captured a 30.6% market share in China shortly after its launch in 2020, indicating strong market acceptance and demand for its products [4]. Group 3: Financial Performance - Beixin Life reported net losses of 179 million yuan, 164 million yuan, and 63 million yuan for the years 2022 to 2024, respectively, with a cumulative undistributed profit of -736 million yuan as of the end of 2024 [4]. - The ongoing losses are attributed to a small revenue scale that cannot cover operational costs, particularly high R&D and sales expenses [4]. Group 4: Regulatory Environment - The SSE has recently implemented reforms to the Sci-Tech Innovation Board, allowing unprofitable companies to enter the growth tier without additional listing hurdles, which is significant for companies like Beixin Life [2][6]. - The new rules also include a special identifier "U" for stocks in the growth tier, helping investors distinguish between new and existing stocks in this category [7]. Group 5: Industry Context - Since the establishment of the Sci-Tech Innovation Board in 2019, 54 unprofitable companies have successfully listed, with 22 of them achieving profitability post-listing [6]. - The total revenue generated by these companies in 2024 reached 174.48 billion yuan, showcasing the potential for growth and recovery in the sector [6].

Group 1: New IPOs - This week, there are two new stocks available for subscription: one on the Shanghai Stock Exchange and one on the ChiNext [1][2] - The Shanghai Stock Exchange new stock, Jiyuan Group (603262), has an issue price of 10.88 yuan and a price-to-earnings ratio of 25.95 times, compared to the industry average of 15.28 times [2] - The ChiNext new stock, Shanda Electric (301609), has an issue price of 14.66 yuan and a price-to-earnings ratio of 19.57 times, with the industry average at 19.03 times [2] Group 2: Jiyuan Group Overview - Jiyuan Group specializes in the research, innovation, and industrialization of dietary nutritional supplements and is the largest global supplier of HMB raw materials [2][6] - HMB, or β-hydroxy-β-methylbutyrate, is a metabolite of the essential amino acid leucine, promoting protein synthesis and reducing breakdown, thus enhancing strength and delaying muscle fatigue [2] - The company has established long-term partnerships with major brands such as Abbott, Blackmores, and Nutramax, covering markets in China, Asia, the US, Europe, Australia, and South America [2] Group 3: Financial Performance of Jiyuan Group - From 2023 to the first quarter of 2025, Jiyuan Group achieved revenues of 892 million yuan, 1 billion yuan, and 265 million yuan, with net profits of 160 million yuan, 174 million yuan, and 43 million yuan respectively [2] Group 4: Shanda Electric Overview - Shanda Electric focuses on the research and industrialization of smart products related to power systems, with two main business segments: smart grid monitoring and renewable energy [3] - The company’s leading products include fault recording monitoring devices and transmission line fault monitoring devices [3] Group 5: Financial Performance of Shanda Electric - From 2023 to the first quarter of 2025, Shanda Electric reported revenues of 549 million yuan, 658 million yuan, and 111 million yuan, with net profits of 103 million yuan, 127 million yuan, and 17 million yuan respectively [3] Group 6: Fundraising Plans - Jiyuan Group plans to raise a total of 544 million yuan for projects including the construction of a nutritional health raw material production base and a technology innovation center [3][5] - Shanda Electric aims to raise 597 million yuan for projects related to smart grid fault analysis and production of intelligent charging piles for new energy vehicles [3][5] Group 7: North Chip Life IPO - North Chip Life is set to present its IPO on July 18, focusing on innovative medical devices for cardiovascular disease diagnosis and treatment [4] - The company’s core products include the first domestically approved high-definition IVUS diagnostic system and FFR measurement system, filling a gap in the domestic market [4][5]