Group 1 - Beijing Tianxing Medical Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, following the unsuccessful attempt to list on the Sci-Tech Innovation Board in June 2023 [1][2] - The company withdrew its Sci-Tech Innovation Board application due to market conditions and the lengthy approval process, with the withdrawal being initiated by its sponsor, China International Capital Corporation (CICC) [1][2] - Tianxing Medical has appointed CITIC Securities and Jianyin International as joint sponsors for its Hong Kong listing [3] Group 2 - The company focuses on sports medicine, offering products including implants, active devices, consumables, and surgical tools, with projected revenue and net profit for 2024 at 327 million yuan and 95 million yuan, respectively, representing year-on-year growth of 37.13% and 67.02% [3] - Implants used for soft tissue repair, such as anchors, are the primary revenue source, expected to generate 270 million yuan in 2024, accounting for over 70% of total revenue [4] - The significant increase in sales volume of implants, reaching 560,000 units in 2024 (over 100% year-on-year growth), resulted from participating in centralized procurement, although the average price per unit dropped sharply from 712 yuan in 2023 to 446 yuan in 2024, a decline of nearly 40% [5] - Despite the price drop, the gross margin for implants remains high at 72.4% in 2024, only down 6.6 percentage points year-on-year [6]