2025年，全球化依然是医疗器械行业发展的主旋律。而心血管介入领域的先行者——业聚医疗，凭借前瞻性的全球化 布局，在地缘政治的复杂变局下，仍能深入超70个国家和地区的市场。其海外营收占比高达88.4%，稳居行业领先地 位。 近日，业聚医疗交出的中报成绩单同样亮眼：营收与净利润双增长，有力印证了其"全球化+创新"双轮驱动战略的成 功，而特别分红更是管理增对前景乐观的重要启示。 资本市场的回应同样积极。截至8月15日收盘，公司股价年内累计涨幅达35.89%。这份逆势上扬的成绩单，究竟揭示 了怎样的增长密码? 图表一：公司今年股价走势图 营收盈利双升，增长韧性凸显 财务数据是最有力的注脚。业聚医疗的营收与盈利能力持续稳健攀升，不仅印证了其在创新医疗（002173）器械领域 的深厚积淀，更昭示了未来发展的强劲势能。 财报显示，2025年上半年，公司实现总收入8355万美元，同比稳健增长5.9%。期内产品销售量达9.19万件，其中自有 产品销量7.79万件，同比显着提升8.6%，核心业务增长动能坚实。 盈利能力方面，公司展现出强劲的盈利韧性。上半年归母净利润达1980万美元，同比增长5.1%;核心经营利润1510万美 ...

Core Viewpoint - Globalization remains the main theme for the medical device industry in 2025, with the company Yejuy Medical leading in the cardiovascular intervention field through a proactive global strategy, achieving an overseas revenue share of 88.4% [1][3]. Financial Performance - In the first half of 2025, the company reported total revenue of $83.55 million, a year-on-year increase of 5.9%, with product sales reaching 91,900 units, including 77,900 units of proprietary products, which saw an 8.6% increase [3][4]. - The net profit attributable to shareholders was $19.80 million, up 5.1%, while core operating profit reached $15.10 million, growing by 11.4% [3][4]. - The company announced a special dividend of 15 HKD per share, in addition to a previously declared dividend of 10 HKD per share, totaling 25 HKD per share for the year, reflecting management's confidence in long-term prospects [3][4]. Cash Flow Management - As of June 30, 2025, the company had cash and bank balances of $237 million, providing a solid financial safety net for R&D, product commercialization, global acquisitions, and capacity building [4][9]. Strategic Pillars for Growth - The company focuses on three strategic pillars: regional deepening, innovation and acquisitions, and capacity building [4][9]. - The Asia-Pacific region contributed $27.31 million in revenue, a 14% increase, with Indonesia showing significant growth [5][6]. - In Europe, the Middle East, and Africa, revenue grew by 17% to $22.43 million, driven by strong sales of proprietary balloon products [5][6]. Product Strategy - The company has over 250 authorized patents and has successfully obtained multiple product certifications, expanding its product portfolio [7][8]. - New product registrations and clinical trials are ongoing, with several products expected to launch globally in the coming years [7][8]. Production and Supply Chain - The company has established production bases in Shenzhen, the Netherlands, and Germany, with an annual capacity of approximately 2.1 million units, and a new facility in Hangzhou expected to add 2.4 million units by 2027 [9]. Market Outlook - Short-term catalysts include easing U.S. tariffs, the launch of high-end products in Japan, and the establishment of new direct sales teams in Europe [10]. - Long-term growth is supported by participation in volume-based procurement in China, the launch of self-developed products, and rising demand in emerging markets [10][11]. Market Valuation - The company's PE ratio as of August 15 was 13.174, indicating potential for upward growth compared to historical levels [11][13].

Core Viewpoint - The article discusses the upcoming IPO of Shenzhen Beixin Life Technology Co., Ltd. on the Sci-Tech Innovation Board, highlighting the acceleration of the review process for companies using the fifth set of listing standards, particularly in the pharmaceutical sector [1][6]. Group 1: Company Overview - Beixin Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases and is recognized as a national high-tech enterprise [3]. - The company has faced continuous net losses during the reporting period, with revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022 to 2024, respectively, and corresponding net losses of about -290 million yuan, -140 million yuan, and -43.596 million yuan, showing a trend of reduced losses [3]. Group 2: IPO Progress and Financials - Beixin Life's IPO was accepted on March 30, 2023, and it entered the inquiry stage on April 24, 2023, but faced delays due to tightened IPO reviews until the recent resumption of the fifth set of standards [3][5]. - The company plans to raise 9.52 billion yuan through its IPO, which is the lowest among the five companies currently queuing for the fifth set of standards, with funds allocated for the construction of a medical device industrialization base, R&D projects, marketing network development, and working capital [7]. Group 3: Industry Context - There are currently five pharmaceutical companies, including Beixin Life, queuing for IPOs under the fifth set of standards, reflecting a supportive regulatory environment for innovative pharmaceutical enterprises [5][6]. - The fifth set of listing standards aims to provide financing opportunities for companies with advanced technology and research capabilities, particularly those in critical development phases or with breakthrough technologies in medical devices [8][9].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. (Beixin Life) is set to undergo its IPO review on July 18, marking it as the second pharmaceutical company to utilize the fifth set of standards for listing on the Sci-Tech Innovation Board [1][3] Group 1: Company Overview - Beixin Life focuses on the research, development, production, and sales of innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [3] - The company is recognized as a national high-tech enterprise and aims to provide transformative solutions for cardiovascular disease treatment [3] Group 2: IPO Progress - Beixin Life's IPO journey began with acceptance on March 30, 2023, followed by an inquiry phase starting on April 24, 2023 [3] - The IPO process faced a halt due to tightened review standards but resumed after the China Securities Regulatory Commission announced the restart of the fifth set of standards [3][10] - The company disclosed its second round of inquiry responses on July 8, 2023, and received the opportunity for the IPO review on July 11, 2023 [3] Group 3: Financial Performance - Beixin Life reported continuous net losses during the reporting period, with revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024 respectively [3] - Corresponding net losses were approximately -290 million yuan, -140 million yuan, and -43.6 million yuan, showing a trend of reduced losses year over year [3] Group 4: Market Context - There are currently five pharmaceutical companies, including Beixin Life, queuing for IPOs under the fifth set of standards on the Sci-Tech Innovation Board [5] - He Yuan Bio is noted as the first company to pass the review under the restarted fifth set of standards, with others like Si Zhe Rui and Bi Bei Te also in the registration phase [6][10] - The fifth set of standards aims to support innovative pharmaceutical companies that are not yet profitable but possess core technologies and market potential [10]