Core Viewpoint - North Chip Life officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 5, 2026, with an issue price of 17.52 yuan per share, marking it as the third company to successfully list under the fifth set of standards and the first domestic medical device company in this category [2] Company Positioning - North Chip Life, established in December 2015 and headquartered in Shenzhen, focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [4] - It is the first domestic medical device company to possess a combination of intravascular functional FFR and imaging IVUS products, breaking the reliance on imported products for clinical precision diagnosis of coronary artery diseases in China [4] Product Overview - The company has accumulated over 20 Class III medical device registrations, with core products including China's first approved domestic 60MHz high-definition IVUS system and the first approved domestic gold standard FFR system, enhancing accessibility to cardiovascular precision diagnosis in China [5][6] - As of the signing date of the prospectus, North Chip Life has 17 approved and in-development cardiovascular interventional medical device products, covering five categories: IVUS diagnostic systems, FFR measurement systems, vascular access products, shockwave balloon treatment systems, and electrophysiological solutions [6] Technological Advancements - In 2025, the company plans to launch the first domestic integrated solution for coronary function and the first domestic peripheral IVUS catheter, achieving a key breakthrough in the electrophysiology field with the "single-shot" technique for pulsed electric field ablation [7] - The TRUEVISION® & VivoHeart® intravascular ultrasound diagnostic system is the first domestically developed IVUS product, featuring industry-leading imaging resolution (60MHz) and speed (100 frames per second) [8] Market Implications - In the context of cardiovascular intervention, IVUS and FFR are not merely auxiliary tools but are core infrastructures that directly influence lesion assessment, surgical strategy, and efficacy evaluation [18] - The long-term value of North Chip Life is not solely dependent on whether a single product can replace imports but on its ability to continuously integrate domestic precision diagnostic tools into real clinical workflows, establishing a verifiable and replicable business model [18]