Core Viewpoint - The article discusses the third IPO attempt of Saikesaisi Biotechnology Co., Ltd., highlighting the company's journey through technological leadership, regulatory scrutiny, and governance restructuring in the context of the rapidly evolving domestic high-value medical consumables market [1][20][25]. Company and Products: Deeply Engaged in Domestic "Uniqueness" - Established in 2003, Saikesaisi focuses on the research, production, and sales of implantable biomaterials, with a strong technical capability from material innovation to clinical application [4]. - The product portfolio includes hemostatic and anti-adhesion products, tissue sealing and protection, interventional embolization, and tissue engineering, with several products holding a "domestic first" status [4]. Key Products - **Composite Microporous Polysaccharide Hemostatic Powder**: A high-demand product in various surgical fields, achieving over 25% market share in 2021 [7]. - **Absorbable Dural Sealant Medical Glue**: The first approved domestic product in its category, with a compound annual growth rate (CAGR) of 96.33% from 2020 to 2022 [11]. - **Absorbable Vascular Sealant Medical Glue**: Exhibiting a CAGR of 199.04% from 2020 to 2022, indicating strong growth potential in cardiovascular surgeries [12]. - **EVAL® Non-Adhesive Liquid Embolic Agent**: A domestic alternative to a previously monopolized product, significantly reducing treatment costs for patients [15]. Financial Characteristics: High Gross Margin and Concentrated Product Line - The company reported total assets of 873.72 million yuan in 2022, with a net profit of 136.51 million yuan [16]. - Gross margin has consistently remained around 90%, primarily due to a focus on high-margin biomaterials [17]. - Four core products contribute over 95% of the company's main revenue and profit [17]. Three IPO Attempts: From Technical Brand to Governance Battle - The first IPO attempt in 2020 faced regulatory challenges focusing on compliance and governance issues, leading to a withdrawal [22]. - The second attempt in 2023 encountered stricter regulatory scrutiny, resulting in another withdrawal due to internal control weaknesses [23]. - The third attempt in 2025 comes after significant internal restructuring, with a more robust compliance framework in place [25]. Market Situation: High Growth Track and Competitive Threshold - The Chinese medical device market surpassed 1.2 trillion yuan in 2024, with implantable biomaterials being one of the fastest-growing segments, projected to reach 30 billion yuan in 2025 [26]. - The company benefits from a diversified product structure, with hemostatic and anti-adhesion products accounting for 45%, sealing products for 25%, and embolization products for about 20% [28]. Growth Potential and Challenges - The company faces both opportunities and challenges in a regulatory environment that is becoming increasingly stringent, with a focus on compliance and market access [30]. - The potential for growth in hemostatic and anti-adhesion products is significant, with over 50% replacement space available, while sealing products are expected to grow at a CAGR exceeding 20% [35].