Core Viewpoint - The article highlights the significant transformation in the domestic ultrasonic scalpel industry, emphasizing the shift from imitation to system construction, with Yinuokang's IPO serving as a pivotal signal of this evolution [15][22][24]. Industry Overview - Yinuokang Medical Technology has entered the IPO guidance phase, marking a key step towards capitalizing and globalizing the domestic ultrasonic energy device sector [1][15]. - The ultrasonic scalpel technology, initially monopolized by imported brands, has seen domestic brands like Yinuokang emerge, indicating a structural opportunity in the market [3][10]. Stages of Domestic Breakthrough - The first stage of domestic breakthrough involved "point breakthroughs" where companies like Yinuokang achieved significant regulatory milestones, such as the registration of a 5mm vascular closure scalpel [5][10]. - The second stage is characterized by the development of "platform systems," integrating various components to create versatile surgical solutions, exemplified by Yinuokang's E21 high-frequency energy platform [7][12]. Competitive Landscape - The market has shifted from a price war to a focus on high-end international standards, with leading companies moving towards systematization and international registration [10][13]. - Yinuokang's products have gained multiple international certifications, positioning the company as a leader in the global market [13][16]. Implications of Yinuokang's IPO - Yinuokang's IPO is not just a corporate milestone but a reflection of the ultrasonic scalpel industry's transition into a more mature phase, moving from product replacement to capability leap [15][20]. - The company's expansion into various medical fields, including ophthalmic instruments and robotic systems, signifies a broader strategy beyond just ultrasonic scalpels [16][18]. Future Outlook - The article suggests that the next decade will see domestic manufacturers evolve from "imitators" to "system builders," with a focus on comprehensive surgical solutions [21][22]. - The industry is at a critical juncture, transitioning towards platformization, internationalization, and systematization, with Yinuokang's IPO potentially marking the beginning of a new industrial cycle [24][25].