这并不是天星医疗第一次冲击资本市场。 早在 2023 年 9 月， 公司就曾向上交所科创板递交上市申请 。但在 2025 年 6 月，因保荐机构中金公司单方面申请撤销保荐，该次 IPO 申请终止。如今转向港股， 也意味着公司在资本化路径上再次启动新的尝试。 成立八年多时间，天星医疗一直聚焦于运动医学医疗器械领域，在国内关节镜手术相关植入物与设备市场中逐渐形成一定规模。 根据灼识咨询数据，按 2024 年销售收入计， 天星医疗是中国第四大运动医学设备提供商， 市场份额约 6.5% ，也是该领域最大的国产企业。 2026年3月3日，港交所披露文件显示， 北京天星医疗股份有限公司 （以下简称"天星医疗"）正式向港交所提交上市申请，联席保荐人为中信证券与建银国际。 在一个长期由外资企业主导的细分医疗器械市场中，这样的排名也显示出国产厂商正在逐步进入核心竞争格局。 # 一个被低估的骨科赛道：运动医学器械 运动医学主要用于治疗韧带、肌腱以及关节软组织损伤，其典型应用包括前交叉韧带（ACL）重建、肩袖修复等手术。 ▲ 图源招股书 随着微创关节镜技术的普及，运动医学已经成为骨科领域增长最快的细分方向之一。 从技术演进来看，运 ...

来源：瑞恩资本RyanbenCapital | 裏]項下[編纂]數目 : [編纂]股H股(視乎[編纂] | | --- | | 行使與否而定) | | [編纂]數目 :[编纂]股H股(可予重新分配) | | [編纂]數目 :[编纂]股H股(可予重新分配及 | | 視乎[編纂]行使與否而定) | | 最高[編纂] : 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵 | | 費 · 0.00565%香港聯交所交易費及 | | 0.00015%會財局交易徵費(須於[編 | | 纂]時以港元繳足,多繳款項可予退 | | 覆) | | 面值 · 短船 I B E * 1 00元 | 2026年3月3日，来自北京的北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.(下称"天星 医疗")在港交所递交招股书，拟在香港主板上市。这是继其于2025年8月26日递表失效后的再一次申 请。 天星医疗招股书链接： https://www1.hkexnews.hk/app/sehk/2026/108263/documents/sehk26030302172_c.pdf ...

天星医疗向港交所主板递交上市申请，中信证券与建银国际担任联席保荐人。 中国运动医学设备市场仍处于发展初期，预计2024年至2030年的年复合增长率将达16.5%，国产提供商 的市场渗透率有望进一步提升。目前市场高度集中且由国际参与者主导（前五名占59.3%份额），天星 医疗在手术设备及相关耗材、运动医学植入物等细分领域均位居国产品牌首位。 按2024年销售收入计，天星医疗是中国第四大运动医学设备提供商（市场份额约6.5%），在所有国产 品牌中排名第一。公司专注于运动医学临床解决方案，产品涵盖植入物、有源设备、耗材及手术工具， 主要用于肩、膝、髋等部位的软组织损伤治疗及运动康复。 公司拥有62款产品，其中27项获得第三类医疗器械证书，是国内运动医疗行业中持证最多的公司；同时 在海外获得超过200项监管批准。截至2024年底，公司产品已进入超过3000家医院，累计产品销量超过 180万件。 ...

原有业务陷入增长瓶颈，爱博医疗（688050.SH）向外拓展寻求突破。 2月25日晚间，爱博医疗发布收购计划，拟使用并购贷款及自有资金，作价6.83亿元收购德美联合（重 庆）医疗科技有限公司（以下简称"德美医疗"）68.31%股权。交易完成后，德美医疗将成为爱博医疗的 控股子公司。 据了解，德美医疗是国内运动医学的头部企业。通过此次收购，爱博医疗将从眼科医疗器械领域拓展至 运动医学领域，培育新的盈利增长点。 数据显示，2025年前三季度，爱博医疗实现营业收入11.44亿元，同比增长6.43%；归母净利润和扣非净 利润分别为2.9亿元、2.8亿元，同比下降8.64%、8.14%，明显出现增收不增利的现象。 长江商报记者注意到，本次交易中，德美医疗整体估值达10.74亿元，评估增值率343.29%。交易完成之 后，爱博医疗预计将新增5亿元商誉。 尽管德美医疗的创始股东作出未来三年净利润累计不低于1.65亿元的业绩承诺，但如果未来德美医疗业 绩不及预期，爱博医疗仍将存在商誉减值的风险。 此外，本次交易对价的70%至80%均由爱博医疗以贷款方式筹得，预计将使公司合并报表层面新增一定 规模的有息负债，未来的财务负担亦不 ...

在经历上市以来首次前三季度净利润下滑后，爱博医疗正急于寻找下一个增长点。2月25日晚间，爱博医疗发布公告称，拟以6.83亿元收购运动医学头部企 业德美联合（重庆）医疗科技有限公司（以下简称"德美医疗"）68.31%股权，跨界运动医学领域，而后者也作出了2026—2028年需至少实现各年度经审计净 利润分别不低于4500万元、5500万元、6500万元，或同期累计净利润不低于1.65亿元的业绩承诺。 本次交易，爱博医疗拟使用并购贷款及自有资金收购德美医疗68.31%股权，交易对价约为6.83亿元。爱博医疗支付第一期股转款后，本次交易涉及的德美医 疗股权将全部完成办理工商变更登记，其将享有作为目标公司股东的全部权利和权益，德美医疗将成为爱博医疗控股子公司并纳入合并报表范围。 主营眼科业务的爱博医疗此次跨界收购的背后，是主营业务增长瓶颈的日益显现。受政策影响，曾贡献超八成营收的人工晶状体陷入"以价换量"困局；而隐 形眼镜业务虽实现营收大增，却因毛利率偏低拖累整体利润。2025年前三季度，爱博医疗净利润同比下降8.64%，为上市以来首次前三季度净利润下滑。然 而，被爱博医疗寄予厚望的德美医疗同样面临着市场阶段性调整和 ...

据此前招股书，天星医疗是一家专注于运动医学整体临床解决方案的创新型医疗器械公司。据灼识咨询数据，按2024年销售收入计，天星医疗是中国最大的 国产运动医学公司。 截至最后实际可行日期，天星医疗拥有国内最全面的运动医学产品，主要涵盖植入物、有源设备及相关耗材、手术工具等52款产品，可以提供整体临床运动 医学解决方案。第三类医疗器械20款，5款产品在中国市场上所有品牌中首个获批并应用于临床，10款产品在国产品牌中首个获批并应用于临床。此外，天 星医疗在运动医学及智能康复领域的在研产品超过35个。 于往绩记录期间，依托多元化的产品矩阵，公司在中国市场实现了深度渗透：截至2022年12月31日，公司的产品已经进入医院数量超过1,000家，截至2024 年12月31日已增至3,000余家，其中三级医院超过1,000家。 北京天星医疗股份有限公司(简称：天星医疗)于2025年8月26日所递交的港股招股书满6个月，于2026年2月26日失效，递表时中信证券、建银国际为其联席 保荐人。 | 26/08/2025 | 北京天星醫療股份有限公司 | | --- | --- | | | 09/09/2025 整體協調人公告 - 委 ...

智通财经APP获悉，北京天星医疗股份有限公司(简称：天星医疗)于2025年8月26日所递交的港股招股书满6个月，于2026年2月26日失效，递表时中信证券、 建银国际为其联席保荐人。 | 26/08/2025 | 北京天星醫療股份有限公司 | | --- | --- | | | 09/09/2025 整體協調人公告 - 委任（經修訂） 四 | | | 26/08/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 26/08/2025 整體協調人公告 - 委任 吧 | 据此前招股书，天星医疗是一家专注于运动医学整体临床解决方案的创新型医疗器械公司。据灼识咨询数据，按2024年销售收入计，天星医疗是中国最大的 国产运动医学公司。 截至最后实际可行日期，天星医疗拥有国内最全面的运动医学产品，主要涵盖植入物、有源设备及相关耗材、手术工具等52款产品，可以提供整体临床运动 医学解决方案。第三类医疗器械20款，5款产品在中国市场上所有品牌中首个获批并应用于临床，10款产品在国产品牌中首个获批并应用于临床。此外，天 星医疗在运动医学及智能康复领域的在研产品超过35个。 于往绩 ...

Core Viewpoint - Aibo Medical (688050.SH) plans to acquire at least 51% of Demai Medical, a leading sports medicine company, for a maximum valuation of 1 billion yuan, as a strategic move to diversify into the sports medicine sector amid challenges in its core ophthalmic business [3][12]. Group 1: Company Performance and Challenges - Aibo Medical has faced growth challenges, with its core artificial lens business, which has contributed nearly half of its revenue, experiencing pressure on profit margins due to price reductions following the inclusion in the national high-value medical consumables procurement [3][4]. - The sales volume of Aibo Medical's products increased by 44.93% in 2024, but revenue growth was only 17.66%, indicating a decline in average selling price from 437.56 yuan in 2022 to 338.06 yuan in 2024, with gross margin dropping from 84.75% in 2022 to 65.25% in the first half of 2025 [4][5]. - The company's stock price has significantly declined, dropping 49.94% from its peak of 117.65 yuan per share in October 2024 to a low of 58.89 yuan in December 2025, marking a new low since its listing [6][7]. Group 2: Market Dynamics and Competition - The OK lens business, seen as a potential growth driver, is facing intense competition from domestic players like Haohai Biological and Opcon Vision, leading to only single-digit growth in the near-sightedness prevention business in the first three quarters of 2025 [5]. - The strategic vision for the sports medicine market is promising, with an expected market size of 80-100 billion yuan by 2025, growing from 60-68 billion yuan in 2023, and a compound annual growth rate of 15%-20% [11]. Group 3: Acquisition Details and Financial Projections - Aibo Medical's acquisition target, Demai Medical, is a recognized domestic brand in sports medicine with a comprehensive product range and a strong patent portfolio, having transitioned from losses to profitability with adjusted net profits projected to grow significantly from 2023 to 2025 [12][13]. - The acquisition is structured with a performance commitment from Demai Medical's founder to achieve a cumulative net profit of at least 165 million yuan from 2026 to 2028, with specific annual targets [14]. - The valuation of 1 billion yuan corresponds to a price-to-earnings ratio of approximately 15.38 times based on the 2028 profit commitment, but this is significantly higher at 42.37 times based on the projected 2025 profit, indicating a high-risk investment [15]. Group 4: Integration Challenges and Risks - The integration of Aibo Medical and Demai Medical poses significant challenges due to differences in technology application, customer demographics, and clinical ecosystems, which may complicate the realization of synergistic benefits [16]. - Potential synergies exist in technology and sales channels, as Aibo Medical's expertise in biocompatible materials could enhance Demai Medical's product offerings, while their respective sales networks could support cross-promotion [17]. - Financial risks are present, with Demai Medical's liabilities increasing at a faster rate than revenue, and Aibo Medical's use of acquisition loans could heighten financial leverage, adding pressure if performance targets are not met [18].

Summary of the Conference Call Record Company Overview - **Company Name**: 德美医疗 (Demei Medical) - **Industry Focus**: Specializes in "Sports Medicine + Sports Health" as a technology-driven enterprise - **Business Scope**: Covers the entire chain from "preoperative prevention to surgical treatment to postoperative rehabilitation" - **Product Range**: 1. Sports medicine implants 2. Surgical tools 3. Arthroscopic equipment 4. Sports rehabilitation devices and equipment 5. Research, production, sales, and services - **Industry Position**: Leading enterprise in the domestic industry - **Procurement Qualification**: Selected for the National High-Value Medical Consumables Procurement Group A [1] Acquisition Details - **Valuation of Target Company**: Expected to be no more than RMB 1 billion - **Final Transaction Price**: To be determined based on asset appraisal report and due diligence results - **Acquisition Stake**: At least 51% equity - **Acquisition Goal**: To gain control of the target company [1] Financial Performance (Last Three Years) - **Revenue Growth**: - 2023: RMB 178 million - 2024: RMB 236 million - 2025: RMB 286 million - **Net Profit (Adjusted)**: - 2023: Loss of RMB 7.08 million - 2024: Profit of RMB 9.29 million - 2025: Profit of RMB 23.60 million [1]

Core Viewpoint - Aibo Medical announced plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [1] Company Summary - Demai Medical, founded in July 2016, has a registered capital of over 12.14 million yuan and is controlled by its founder and major shareholder, Li Jianbo, who holds 14.7994% of the shares [1] - The company has a strategic focus on the entire spectrum of sports health, including pre-surgery prevention, surgical treatment, and post-surgery rehabilitation, and operates as an international medical technology group [1][2] - As of the announcement date, Demai Medical has 276 authorized patents and has obtained various medical device registrations, including 34 Class III, 48 Class II, and 63 Class I medical device registration certificates [2] Industry Summary - The domestic sports medicine market is currently dominated by international brands, which hold approximately 80% market share, with major players including Stryker, Johnson & Johnson, and Arthrex [5] - The market size for sports medicine in China is projected to reach 8-10 billion yuan in 2025, with a compound annual growth rate of about 15%-20% [5] - The inclusion of sports-related injury implants in the national procurement plan in 2024 is expected to create opportunities for domestic companies to expand their market share and enhance industry influence [2] Financial Summary - As of the end of 2025, Demai Medical's total assets are projected to be 425 million yuan, with total liabilities of 160 million yuan and equity of 260 million yuan [3] - The expected revenue for 2025 is 286 million yuan, with an adjusted net profit of approximately 35.02 million yuan [3]