Company Overview - Shenzhen Maiketian Biomedical Technology Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange on September 11, with Morgan Stanley and Huatai International as joint sponsors [1] - The company has shown continuous revenue growth, with a projected profit turnaround in the first half of 2025, and an increase in gross margin from 43.7% to 52.9% [1][5] - The post-investment valuation has increased over 24 times, reaching 8.245 billion yuan, with Hillhouse Capital being the largest institutional investor holding 20.79% [1][9] Industry Potential - The global life support medical device market is expected to reach $75.1 billion by 2024 and $109.7 billion by 2030, with China's market projected to grow from 55.7 billion yuan in 2024 to 93.2 billion yuan by 2030 [3] - The minimally invasive intervention market is anticipated to grow from $32.1 billion in 2024 to $48.8 billion by 2030, with China's market expected to increase from 24.9 billion yuan to 53.2 billion yuan [3] - The in vitro diagnostics market is projected to reach $108.4 billion globally and 116.1 billion yuan in China by 2024, with further growth expected by 2030 [3] Product Portfolio - Maiketian is a global provider of medical solutions, offering over 50 life support products, 80 minimally invasive intervention products, and 210 in vitro diagnostic products as of June 30, 2025 [3] - In the life support sector, the company ranks first in sales for infusion workstation and enteral nutrition pump markets in China from 2018 to 2024 [4] - The company has a comprehensive range of proprietary endoscopic products and ranks second in the minimally invasive intervention consumables market from 2022 to 2024 [4] - Maiketian's fully automated thromboelastography analyzer was launched in 2021, and the company ranks first in sales in this market from 2021 to 2024 [4] Financial Performance - Revenue figures for Maiketian during the reporting period were 917 million yuan, 1.313 billion yuan, 1.399 billion yuan, and 787 million yuan for the years 2022 to 2025 H1, with a compound annual growth rate of 23.5% [5] - The company achieved a profit of 40.97 million yuan in the first half of 2025, marking a turnaround from losses in previous years [6][5] - The gross margin has consistently improved, reaching 52.9% in the first half of 2025, up from 43.7% in 2022 [7] Market Dynamics - The revenue from life support products fluctuated, increasing to 416 million yuan in 2022 but decreasing to 494 million yuan in 2024 due to a temporary adjustment in market demand [7] - The sales revenue from minimally invasive products grew from 386 million yuan in 2022 to 721 million yuan in 2024, with a 16.8% increase in the first half of 2025 [8] Shareholding Structure - Since 2016, Maiketian has completed seven rounds of equity financing, raising over 2 billion yuan, with a post-investment valuation increasing from 320 million yuan to 8.245 billion yuan [9] - Major shareholders include Liu Jie, Zhong Yaoqi, and Li Hui, collectively holding approximately 39.55% of the company [9][10] - Hillhouse Capital holds 20.79%, making it the largest institutional investor, with its stake valued at approximately 1.71 billion yuan based on the latest valuation [11]