Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is a leading domestic innovator in the cardiovascular medical device sector, focusing on increasing the localization rate of high-end medical equipment and addressing the growing global demand for cardiovascular disease treatment solutions [1][3]. Financial Performance - In 2024, Beixin's revenue reached 316.60 million yuan, marking a year-on-year growth of over 70% compared to 2023's 183.98 million yuan [2]. - The company has achieved positive cash flow from operating activities, with significant losses narrowing and approaching breakeven [2]. - Sales expense ratio and management expense ratio decreased by approximately 21 percentage points and 26 percentage points, respectively, indicating improved operational efficiency [2]. Market Position and Product Development - Beixin has solidified its position as a leader in the domestic cardiovascular precision interventional device market, with its IVUS system becoming the first domestically produced product to receive EU MDR certification and achieve sales of over 217 million yuan in 2024 [3]. - The FFR system, as the first approved gold standard FFR product in China, has been adopted in approximately 1,000 hospitals nationwide since its launch in 2020 [3]. - The company has launched 11 products to date, with 6 more in development, covering various innovative fields related to coronary artery disease, peripheral vascular disease, and atrial fibrillation treatment [4]. Research and Development - Beixin has increased its R&D investment and was recognized as a national "specialized, refined, and innovative" small giant enterprise in July 2023 [4]. - The company is set to introduce a new generation of integrated functional imaging solutions and the first domestic all-crown functional evaluation solution by 2025 [4]. - Beixin's pulse field ablation technology has entered the special review process for innovative medical devices, with clinical trials selected for the 2025 European Society of Cardiology Congress [4]. International Expansion - In 2024, Beixin achieved overseas revenue of 38.83 million yuan, a nearly 160% increase compared to 2023 [5]. - The company aims to transition from "high-end substitution" to "global leadership" in the cardiovascular precision intervention field, with a vision to become a world-class medical technology enterprise [5].