以下文章来源于东四十条资本 ，作者鲁智高 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 服务千家医院，一年入账数亿元。 作者丨 鲁智高 编辑丨 王庆武 来源丨 东四十条资本 一家深圳明星公司成功登陆A股。 2月5日，北芯生命正式敲钟，成为重启科创板第五套标准后，该标准下第三家、医疗器械行业首家成功上市企业，也是2024年以来首家在科创板成功 上市的医疗器械企业。开盘不久，他们的股价较发行价17.52元上涨超218%，市值超过200亿元。 在海归博士宋亮的带领下，北芯生命成立以来便持续布局了冠状动脉疾病、外周血管疾病及房颤等领域，最终成功改写了中国冠状动脉疾病临床精准诊 断完全依赖进口产品的局面。 这番亮眼成绩的背后，离不开红杉中国、启明创投、国投创合、荷塘创投、松禾资本、倚锋投资、夏尔巴投资、博裕资本、德诚资本、太平医疗等机构 的支持。 伴随着IPO的钟声，众多投资人也终于迎来收获时刻。 海归博士创业，干出一个深圳明星IPO 北芯生命的故事，得从一位海归博士讲起。 将投中网设为"星标⭐"，第一时间收获最新推送 除了推出中国首个获批的自主创新6 ...

Core Viewpoint - North Chip Life Technology Co., Ltd. (stock code: 688712) has been listed on the Sci-Tech Innovation Board, raising nearly 1 billion yuan through the issuance of 57 million shares at a price of 17.52 yuan per share [1] Group 1: Financial Performance - The opening price of North Chip Life was 50.31 yuan, representing a 187% increase from the issuance price, with a market capitalization of 20.871 billion yuan at midday [3] - The company expects annual revenue between 520 million and 560 million yuan, reflecting a growth of 64.24% to 76.88% year-on-year [7] - Revenue for the first nine months of 2025 reached 407 million yuan, a 71.36% increase from 240 million yuan in the same period last year [7] - The projected net profit for the company in 2025 is between 78 million and 88 million yuan, indicating a year-on-year growth of 278.91% to 301.85% [7] Group 2: Company Overview - North Chip Life was established in 2015, focusing on cardiac interventional diagnostics, primarily developing, producing, and selling interventional and implantable medical devices [5] - The company’s FFR measurement system consists of the TruePhysio pressure microcatheter and the VivoCardio FFR measurement device, which aids in precise diagnosis and treatment of coronary artery disease [5] - The company reported revenues of 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 300 million yuan, 155 million yuan, and 53.74 million yuan for the same years [5] Group 3: Shareholder Structure - Major investors include Sequoia Capital, Tiger Med, Qiming Venture Partners, and others, with Sequoia being the largest institutional shareholder [8] - Prior to the IPO, the actual controller, Song Liang, held 16.1530% of the shares directly and controlled an additional 13.414% through employee stock ownership platforms, totaling 29.5670% [8] - Post-IPO, Song Liang's direct shareholding decreased to 14.5377%, while Sequoia Capital's shareholding was reduced to 9.1583% [12][13]

| | 北芯生命(科创板,688 | | --- | --- | | 发行价格 | 17.52元 | | 智签率 | 0.03% 询价 | | 总市值 | 73.06亿 | | 发行市盈率 | 行业 | | 业务及亮点 | 1、公司是我国心血管精准介入解决方案的行业标 内首创，推动冠状动脉疾病临床精准诊断国产化。 | | | 2、核心产品FFR测量系统2021年占据30.6%国内 | | | 适应症市占率10.4%（国内第二），多款产品海外 | | | 3、产品管线丰富，7个在研项目推进迭代升级， | | | 冲电场消融系统进入临床试验阶段。 | | | 4、实控人宋亮博士拥有逾18年相关研发经验,公 | | | 项资质认证,核心产品获科技进步奖及优秀国产 | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 ...

Core Viewpoint - North Chip Life Technology Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on innovative medical devices for cardiovascular disease diagnosis and treatment, amidst significant competition and past financial losses [2][5][8]. Group 1: Company Overview - North Chip Life was established in 2015 and has undergone multiple rounds of financing, with a valuation increase from 54 million RMB in the Pre-A round to 5.043 billion RMB in the D round, representing over a 90-fold growth in five years [3][4]. - The company has transitioned from a limited company to a joint-stock company and previously attempted to list on the Hong Kong Stock Exchange before shifting focus to the Sci-Tech Innovation Board [2][5]. Group 2: Financial Performance - Over the past three years, North Chip Life reported cumulative losses of approximately 474 million RMB, with revenues of 92.45 million RMB, 184 million RMB, and 317 million RMB for 2022, 2023, and projected for 2024, respectively [15][17]. - The company has high sales expenses, which were 82.08%, 55.98%, and 34.61% of revenue in the respective years, significantly higher than industry averages [19][21]. Group 3: Market Position and Products - North Chip Life's core products include the IVUS diagnostic system and the FFR measurement system, both of which are the first domestically developed products approved by the National Medical Products Administration [9][13]. - The projected market share for the IVUS system is 10.6% and for the FFR system is 29.5% by 2024, with major competitors like Boston Scientific and Philips holding 65.8% and 15.6% market shares, respectively [10][12]. Group 4: Challenges and Risks - The company faces significant pressure to complete a successful IPO by December 31, 2024, or it may have to buy back shares from investors under a contractual agreement [6][8]. - North Chip Life has experienced a decline in R&D personnel, which could impact its innovation capabilities, especially as it relies heavily on technological advancements in the competitive medical device sector [25][28].

Group 1 - The core product of the company is the IVUS (Intravascular Ultrasound) system, which is expected to see a sales price decrease of 24%-32% after the implementation of centralized procurement in 2024, but the sales volume is projected to grow rapidly [1][2] - The company anticipates that the sales volume and revenue from the IVUS system will increase by 204.6% and 108.4% respectively in 2024 compared to 2023, despite the significant drop in sales price [2] - The company reported revenues of 92.45 million yuan, 184 million yuan, and 316.6 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 300.4 million yuan, 155.2 million yuan, and 53.74 million yuan during the same period [2][3] Group 2 - The company's sales expenses were 75.88 million yuan, 102.99 million yuan, and 109.58 million yuan for the years 2022, 2023, and 2024, accounting for 82.08%, 55.98%, and 34.61% of total revenue respectively [3] - Despite a decreasing trend in the proportion of sales expenses to revenue, the company's sales expense ratio remains significantly higher than the average of comparable companies, which was 26.04% and 23.25% for 2022 and 2023 respectively [3] - The IVUS market is becoming increasingly competitive with the entry of domestic companies such as Hengyu Medical and Kaili Medical, alongside multinational corporations like Boston Scientific and Philips [3]