中国创新医械，已经站在了全球投资市场的主战场 文｜《财经》记者 凌馨 编辑 | 王小 进入2026年，沉寂四年的创新医疗器械，终于迎来属于自己的小热点。 按照一般经验，一级市场总会成为二级市场乃至整个板块投资趋势的风向标。医疗器械行业是否迎来了 复苏时刻？中国创新医疗器械是否和创新药一样，也具备了全球前沿的创新能力？ 在新春之际，《财经》就此与北芯生命的第一大机构股东红杉中国的董事总经理曹弋博进行了一场对 话。 走出"独立行情" 《财经》：北芯生命在科创板IPO吸引了很多知名私募基金参与"打新"，这会否成为一种医械投资新现 象？ 曹弋博：其实相较于"打新"，可能更值得关注的是科创板的战略投资者制度，这个制度让机构可以更加 积极地参与其中。以前的A股发行制度下，机构能某种程度参与定价，但很难拿到额度。科创板借鉴了 香港的一些发行制度，给愿意长线参与的投资人更多机会。 创新医疗器械有它的特点。创新药的投资收益天花板更高，但也面临高风险和长期不会盈利的挑战，但 在二级市场投资人中，有相当大一部分是希望公司快速盈利的。这类风险偏好较低的人，对能够更快带 来现金流的公司比较感兴趣，就会更加积极地参与创新医疗器械的战略配 ...

Core Viewpoint - North Chip Life Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking the first successful listing of an innovative medical device company under the "fifth set of standards" [1][2] Company Overview - North Chip Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with 17 approved and in-development products as of September 30, 2025 [1][3] - The company was founded in December 2015 by Song Liang, who has over 18 years of experience in advanced medical imaging technology and cardiovascular interventional device development [2][3] Financial Performance - The company has experienced significant revenue growth, with projected revenues of 520 million to 560 million yuan in 2025, representing a year-on-year increase of 64.24% to 76.88% [5] - The net profit for 2025 is expected to be between 78 million and 88 million yuan, marking a turnaround from previous losses [5] - The company raised a total of 999 million yuan in its IPO, with a net amount of 899 million yuan allocated primarily for the construction of an interventional medical device industrial base and R&D [5] Product Development and Market Position - North Chip Life has launched 11 products to the market and has 6 products in development, with its core IVUS and FFR systems having received special review and approval from national authorities [3][4] - The IVUS system is the first domestically approved 60MHz high-speed IVUS product and has captured a significant market share, while the FFR system holds a 30.6% share of the domestic market [4][5] R&D Investment - The company has consistently increased its R&D investment, totaling 389 million yuan over the past three years, with a workforce of 100 R&D personnel, over 40% of whom hold advanced degrees [3][5] Market Trends and Growth Potential - The domestic market for IVUS is expected to grow significantly, with projections indicating a compound annual growth rate of approximately 19.4% from 2024 to 2030 [8] - The overall market for precision-guided percutaneous coronary intervention (PCI) is anticipated to grow from 2.04 billion yuan in 2022 to 9.42 billion yuan by 2030, with IVUS and FFR systems expected to dominate this market [8] Competitive Landscape - North Chip Life faces competition from established international firms and other domestic manufacturers in the IVUS and FFR markets, which may impact its market share and pricing strategies [7][8] - The company is also subject to pressures from national procurement policies that could affect pricing and market dynamics [7][8]

Market Performance - The two major indices of the Sci-Tech Innovation Board opened significantly lower on February 5, with the Sci-Tech Comprehensive Index dropping by 2.37% at one point and the Sci-Tech 50 Index falling by 2.56% [1] - By the end of the trading day, the Sci-Tech Comprehensive Index closed at 1759.68 points, down 1.44%, with a total trading volume of approximately 211.8 billion yuan, showing a significant decrease compared to the previous trading day [1] - The Sci-Tech 50 Index reported 1432.52 points, also down 1.44%, with constituent stocks' total trading volume around 67.7 billion yuan, reflecting a notable reduction from the previous day [1] - A total of 173 stocks on the Sci-Tech Board rose, accounting for about 28.83%, while some semiconductor stocks saw significant gains in the afternoon, and the overall decline was led by electrical equipment stocks [1] Company Highlights - Beixin Life Technology Co., Ltd. is set to be listed on the Sci-Tech Innovation Board on February 6, 2026, focusing on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [2] - The company's core products include the intravascular ultrasound (IVUS) diagnostic system, which is the first domestically developed 60MHz high-definition IVUS product approved by the National Medical Products Administration, and the blood flow reserve fraction (FFR) measurement system, which is the first domestic product in the FFR field approved by the same authority [2] - As of the close, Beixin Life's stock price increased by 183.33% from its issue price, with a trading volume of approximately 1.409 billion yuan and a turnover rate of 75.88% [2] Trading Statistics - Excluding Beixin Life's first trading day and the suspended stocks, the remaining 599 stocks on the Sci-Tech Board had an average decline of 1.02% on February 5, with an average turnover rate of 2.53% and a total trading volume of 210.413 billion yuan [2] - The average volatility for these stocks was 3.85% [2] - In individual stock performance, Guoxin Technology rose by 11.30%, leading the gains, while Dekeli fell by 11.36%, leading the losses [2]

Market Overview - The A-share market experienced a decline on February 5, with the ChiNext and STAR Market leading the drop, particularly in the non-ferrous metals sector, which saw a decline of over 5% [3] - The banking sector showed a rebound near the close, with gains exceeding 1% for several banks [5] Non-Ferrous Metals Sector - The non-ferrous metals sector faced significant losses, with stocks like Hunan Gold and Hunan Silver hitting the daily limit down [3] - Domestic metal futures fell across the board, with the main contract for silver futures dropping over 10% [3] - Spot gold prices decreased by 3% to $4,809.87 per ounce [3] Stock Performance - Notable declines were observed in various stocks, including Hunan Silver down by 9.97% and Sichuan Gold down by 9.07% [4] - The electric equipment sector also saw a decline of over 3%, with several stocks hitting the daily limit down [4] New Listings - A new stock, North Chip Life, saw a significant increase of over 210% during its debut, focusing on innovative solutions for cardiovascular diseases [7] - The company has launched 11 products and has 6 in development, including the first domestically approved IVUS diagnostic system [7] Hong Kong Market - The Hong Kong market also faced a downturn, with the Hang Seng Index dropping over 1% [8] - Yum China Holdings saw its stock price rise by over 9% following the release of its Q4 2025 financial results [10] Yum China Financial Performance - Yum China's Q4 2025 system sales increased by 7% year-on-year, with same-store sales up by 3%, marking the third consecutive quarter of growth [12] - The company added a record 587 new stores in Q4, with 36% being franchise stores, and operating profit rose by 25% to $187 million [12]

Market Overview - The A-share market experienced a decline today, with the ChiNext and Sci-Tech Innovation Board leading the drop, particularly in the non-ferrous metals sector which saw a significant plunge [1][5] - The Hong Kong market also faced a downturn, with the Hang Seng Index dropping over 1%, although Yum China saw its stock price surge by over 9% following the release of its financial results [3][12] Sector Performance - The non-ferrous metals sector faced a severe setback, with a drop exceeding 5% during the session. Key stocks such as Silver Industry and Hunan Gold hit their daily limit down [5][6] - Domestic metal futures experienced widespread declines, with the main contract for silver futures plummeting over 10%. Spot gold also fell by 3% to $4,809.87 per ounce [5] - The power equipment sector was among the worst performers, with a drop exceeding 3%, and several stocks, including Zhongheng Electric and Jinchen Co., hitting their daily limit down [7] - Other sectors such as coal, steel, and telecommunications also reported significant declines, while the beauty and personal care sector led the gains with an increase of over 3% [8] Notable Stock Movements - Yum China's stock price increased significantly, with a peak rise of over 9% after announcing a 7% year-on-year increase in system sales for Q4 2025, and a 3% increase in same-store sales [11][18] - A new stock, North Chip Life, debuted with a remarkable rise of over 210% during the session. The company focuses on innovative solutions for cardiovascular diseases and has several products in the pipeline [10][14] Financial Results - Yum China's Q4 2025 financial results showed a net increase of 587 new stores, with a 36% share of new franchise stores, and a 25% increase in operating profit to $187 million [18]

Core Viewpoint - The successful listing of Beixin Life Technology Co., Ltd. on the STAR Market marks the first successful IPO under the "fifth set of standards" for innovative medical device companies, highlighting the potential for growth in the cardiovascular precision diagnosis and treatment sector [1][4]. Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, with 17 approved and in-development products as of September 30, 2025 [4]. - The company has incurred significant losses due to high R&D and market promotion costs, with a cumulative undistributed profit of -690 million yuan as of June 30, 2025, but is now moving towards profitability as commercialization progresses [4][7]. Financial Performance - Revenue for Beixin Life is projected to grow significantly, with estimates of 520 million to 560 million yuan for 2025, representing a year-on-year increase of 64.24% to 76.88%, and a net profit of 78 million to 88 million yuan, marking a turnaround from previous losses [7]. - The company raised a total of 999 million yuan in its IPO, with a net amount of 899 million yuan allocated primarily for the construction of an interventional medical device industrial base and R&D [7]. R&D and Innovation - Beixin Life has consistently increased its R&D investment, totaling 389 million yuan over the past three years, with a workforce of 100 R&D personnel, over 40% of whom hold advanced degrees [6]. - The company has launched 11 products to market and has 6 products in development, with its core IVUS and FFR systems having received regulatory approval and achieving significant market share [6][8]. Market Position and Competition - The IVUS system is the first domestically approved 60MHz high-definition product and has captured a leading market position, while the FFR system holds a 30.6% market share shortly after its launch [6][10]. - Despite the competitive landscape, with established international players and other domestic manufacturers, the market for IVUS and FFR is expected to grow significantly, with projections indicating a compound annual growth rate of approximately 19.4% to 21.1% through 2030 [10]. Challenges and Risks - Beixin Life faces challenges from increasing competition and potential risks related to product commercialization and R&D failures, as well as pressures from centralized procurement policies that could impact pricing and market share [9][10]. - The company’s stock is currently trading at a higher price-to-sales ratio compared to industry peers, which may pose risks for investors if market conditions change [11].

Core Viewpoint - North Chip Life Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, marking a significant milestone for the company and the medical device industry in China, with strong investor interest reflected in a subscription multiple of 4595.20 times during the IPO process [1][7]. Company Overview - North Chip Life is the first medical device company to successfully list under the fifth set of standards of the Sci-Tech Innovation Board, emphasizing support for innovative high-end manufacturing enterprises with original technology [1][2]. - The company is recognized for its core products, the intravascular ultrasound (IVUS) diagnostic system and the fractional flow reserve (FFR) measurement system, which are the first domestically approved products in China [3][4]. Market Potential - The market for PCI (Percutaneous Coronary Intervention) procedures in China has surpassed one million annually, yet the penetration rate of IVUS and FFR products remains low, indicating significant growth potential [4][9]. - The company’s FFR system captured 30.6% of the domestic market share in its first year, while the IVUS system has reached approximately 1,000 hospitals since its launch in 2022 [4][5]. Financial Projections - North Chip Life projects revenue for 2025 to be between 520 million to 560 million yuan, representing a year-on-year increase of 64.24% to 76.88%, with net profit expected to reach 78 million to 88 million yuan, indicating a nearly threefold growth [1][10]. R&D and Innovation - The company has invested 389 million yuan in R&D from 2022 to 2024, with R&D expenses projected to account for 35.65% of revenue in 2024 [5][6]. - North Chip Life holds 185 domestic and international patents, with a strong focus on developing a comprehensive product line that includes 17 products across five categories [6]. Recognition and Achievements - The company has received multiple accolades, including recognition as a national "little giant" enterprise and awards for its innovative medical devices, further establishing its credibility in the market [6].

Core Viewpoint - North Chip Life has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone as the first medical device company to do so under the new fifth set of standards, with an opening price that surged 187% from the issue price [2][4]. Group 1: Company Overview - North Chip Life is recognized as a "hexagonal warrior" in the medical device industry, demonstrating balanced development across product innovation, global market entry, commercialization, and profitability [4][12]. - The company focuses on innovative and high-quality cardiovascular precision intervention solutions, aiming to fill the technological gaps in China's medical device industry [5][6]. Group 2: Investment and Support - Sequoia China has been a key investor since 2018, providing continuous support in strategic choices, operational advice, and international promotion [5][6][9]. - The investment team at Sequoia China identified the potential in North Chip Life's technology, leading to significant funding and strategic guidance throughout the company's growth [9][10]. Group 3: Product Innovation - North Chip Life has developed the first domestically approved 60MHz high-speed IVUS product and a domestic FFR measurement system, showcasing the capability of Chinese companies to redefine market standards through technological advancements [6][12]. - The company emphasizes differentiated innovation in its product development, addressing clinical pain points rather than merely replicating existing products [12][13]. Group 4: Market Expansion - North Chip Life has established strategic partnerships to enhance its overseas market presence, with international sales contributing over 15% of its revenue as of September 30, 2025 [10]. - The company is actively expanding its product offerings in the cardiovascular diagnosis and treatment sectors, focusing on high-performance and high-barrier medical devices [12][13].

Group 1: North Chip Life (北芯生命) - North Chip Life is focused on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [1] - The company is 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 [1] - The core product, the Fractional Flow Reserve (FFR) measurement system, is the first domestically produced product in the FFR field approved by the National Medical Products Administration [1] Group 2: Electric Science Blue Sky (电科蓝天) - Electric Science Blue Sky is engaged in the research, development, production, sales, and service of electric energy products and systems [2] - The company offers a complete set of solutions for power generation, energy storage, control, and system integration, with applications in major projects such as the Shenzhou series spacecraft and the Beidou navigation system [2] - The domestic market coverage of aerospace power products is expected to exceed 50% in 2024 [2] Group 3: Linping Development (林平发展) - Linping Development specializes in the research, development, production, and sales of corrugated paper and boxboard products [3] - The company is recognized as a high-tech enterprise with independent research and innovation capabilities [3] - Linping Development has evolved into a resource comprehensive utilization enterprise integrating waste paper utilization, cogeneration, and green papermaking [3]

股票简称：北芯生命 股票代码：688712 深圳北芯生命科技股份有限公司 Insight Lifetech Co., Ltd. （深圳市龙华区民治街道北站社区鸿荣源北站中心A塔2102） 首次公开发行股票科创板上市公告书 科创成长层公司最近一个会计年度经审计的财务会计报告显示公司符合《上海证券 交易所科创板上市公司自律监管指引第 5 号——科创成长层》第四条规定条件的，公司 应当在披露年度报告的同时，披露符合条件且将被调出科创成长层的公告，上海证券交 易所及时将公司调出科创成长层。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二六年二月四日 特别提示 深圳北芯生命科技股份有限公司（以下简称"北芯生命"、"本公司"、"发行人"或"公 司"）股票将于 2026 年 2 月 5 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长层》，上 市时未盈利的科创板公司，自上市之日起纳入科创成长层 ...