Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. is the first innovative medical device company to be accepted for IPO under the fifth set of listing standards of the Sci-Tech Innovation Board, aiming to raise 1.217 billion yuan for various projects, including R&D and marketing network development [1][6] Group 1: Company Overview - Core Medical is a leader in China's artificial heart industry, holding multiple "first" titles [4] - The company has several products included in China's special review process for innovative medical devices, leading the field in terms of the number of products [5] - The Corheart 6, the world's smallest and lightest commercialized magnetic levitation implantable artificial heart, was approved for market in June 2023, with a projected market share of over 45% in 2024 [5] Group 2: Financial Performance - The company reported revenues of 16.55 million yuan, 93.69 million yuan, and 70.48 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net losses of 170 million yuan, 132 million yuan, and 72.75 million yuan during the same periods [8] - Cumulative losses since 2022 have exceeded 500 million yuan [8] - Gross margins for the reporting periods were 66.25%, 69.66%, and 72.09%, consistent with industry averages [9] Group 3: Investment and Financing - Prior to the IPO, Core Medical attracted investments from several prominent institutions, including Hillhouse Capital and Zhengxin Valley Investment [2][14] - The company completed a D-round financing of over 100 million USD in April 2025, marking the largest market-based financing in China's innovative medical device sector for that year [16]

本报讯 （记者毛艺融）2026年2月10日，科创板又迎来"新兵"中电科蓝天科技股份有限公司。目前，科 创板上市公司总数达到603家。作为中国"硬科技"企业的聚集地，科创板的板块产业图谱与现代化产业 体系建设同向而行，尤其在新一代信息技术、生物医药、高端装备制造等战略性新兴产业，已形成"链 主引领、上下协同"的发展格局。 科创综指为观察科创板整体情况和发展态势提供了全局性的视角。推出一年来，科创综指的市场关注度 持续提升，截至2026年2月10日，科创综指样本数量达580只，市值覆盖度超过90%，总市值高于100亿 元的科创综指成份股权重占比较发布时提升15.1%，成长效应显著。科创综指已成为与上证指数、深证 成指、创业板指并列的A股四大核心宽基指数，为境内外投资者观测和分享中国新质生产力发展红利提 供了重要工具。 已披露科创板公司 其一，集成电路产业受人工智能等新兴应用需求拉动，延续较高景气度。87家公司披露业绩情况，受益 于人工智能等新兴应用场景拓展，合计净利润同比增加约99.49亿元，57家公司业绩预增或扭亏为盈。 其二，创新药行业BD（商务拓展）交易频出、出海提速，商业化进程显著加快，招采回暖推动制药类 ...

瑞财经 刘治颖 2月2日，深圳核心医疗科技股份有限公司（以下简称：核心医疗）披露审核问询函之回 复，拟科创板上市，保荐机构为华泰联合证券，保荐代表人为任雅静、肖斯峻，会计师事务所为安永华 明。 招股书显示，核心医疗是一家专注于人工心脏领域创新型医疗器械研发、生产和销售的国家高新技术企 业。公司现已全面布局植入式和介入式人工心脏产品，致力于解决全国超千万心衰患者的迫切临床需 求。 回复文件披露，核心有限设立时的注册资本为1000万元，股东余顺理所持股权均系代余顺周持有，该等 出资额均未实缴。核心有限设立时注册资本1000万元对应股权（以下简称"目标股权"）的演变情况如 下： | 府号 | 股东姓名/ 名称 | 实缴出资完成 时间 | 实缴金 额(万 | 合计实缴金额 (万元) | 实缴方式 | 资金来源 | | --- | --- | --- | --- | --- | --- | --- | | 3 | 余顺周 | 2019年5月 | 元) 100.00 | | 货币 | 自有资金 | | 4 | 余顺周 | 2019年5月 | 250.00 | | 货币 | 自有资金 | | ર | 余顺周 | 2019年 ...

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has entered the IPO inquiry stage on the Sci-Tech Innovation Board, marking it as a representative enterprise in the innovative medical device sector [1][2]. Company Overview - Core Medical was established in 2016 and focuses on the research and industrialization of high-end innovative medical devices, particularly artificial hearts and mechanical circulatory support devices [2][5]. - The company aims to raise 1.217 billion yuan, primarily for the development of cutting-edge products, construction of an artificial heart industrialization base, marketing network, and digital system [2]. Financial Performance - Core Medical has not yet achieved profitability, with revenues of 0 yuan in 2022, 16.55 million yuan in 2023, 93.69 million yuan in 2024, and 70.48 million yuan in the first half of 2025. Corresponding net losses were -178 million yuan, -170 million yuan, -132 million yuan, and -72.75 million yuan [3]. - The company has completed six rounds of financing since its inception, with a valuation of approximately 3.545 billion yuan after the D round in April 2025 and around 3.388 billion yuan during a share transfer in August 2025 [2]. Product Matrix - Core Medical has developed a comprehensive product matrix from implantable to interventional systems, including the Corheart® 6, DuoCor®, and CorVad® series, targeting over 60 million heart failure patients globally [5][9]. - The Corheart® 6, an implantable left ventricular assist device, received NMPA approval in June 2023 and is designed for end-stage heart failure patients [12]. Competitive Landscape - Core Medical's products are positioned against competitors like Abbott's HeartMate 3 and other domestic devices, with a focus on innovative features and clinical data supporting their efficacy [12][13][16][20]. - The company is recognized for its advanced technology in miniaturizing artificial hearts, enhancing its competitiveness in the international market [5][7]. Investment and Financing - In April 2025, Core Medical completed a D round financing exceeding 100 million USD, marking one of the largest market-oriented financings in China's innovative medical device sector that year [10]. - The company has received multiple rounds of institutional investment and is supported by recognized professional institutional investors [10]. Regulatory and Market Considerations - As the inquiry phase begins, Core Medical's market valuation, commercial sustainability, and profitability path are expected to be key areas of regulatory focus, providing important reference points for similar innovative medical device companies [3][22].

招股书显示，核心医疗是一家致力于提供更全面、更创新、更优质的人工心脏产品的创新医疗器械企 业。公司自成立以来，聚焦急、慢性心衰重大临床需求，依托原始创新与关键核心技术攻关，持续推动 人工心脏领域产品迭代升级。 在首轮问询中，关于植入式、介入式人工心脏临床价值和竞争力，商业化进展以及市场空间等问题遭到 追问。 北京商报讯（记者 丁宁）2月2日晚间，上交所官网显示，深圳核心医疗科技股份有限公司（以下简 称"核心医疗"）科创板IPO已披露首轮审核问询函回复。 ...

来源：@华夏时报微博 华夏时报记者 郭怡琳 于娜 北京报道 中国资本市场的目光，被一场前所未有的"抢滩登陆战"吸引。 2025年11月至今，已有超13家医疗器械细分领域企业提交IPO申请。去年11月6日，深圳核心医疗科技股份有限公 司科创板IPO申请正式获受理。这是科创板第五套上市标准重启后，首家以该标准申报并获受理的创新医疗器械 企业。 紧随其后的是，锦江电子、赛炜科技、汉诺医疗、博迈医疗、普生医疗、同心医疗、精锋医疗、华科精准、爱得 科技等公司，在短短两个月时间内密集披露IPO（首次公开募股）进展。进入2026年，强脑科技、纽脉医疗和北 芯生命也相继传来上市进程的新消息。 与以往不同，这批企业的冲刺，并非局限于某一特定领域。它们的业务覆盖心脏电生理、人工心脏、ECMO（体 外膜肺氧合）、血管介入、手术机器人、神经外科、眼科、脑机接口等十数个尖端细分赛道。一个前所未有的现 象正在发生：多个从未诞生过上市公司的创新医疗器械细分领域，正迎来其"第一股"的集体破晓。 对此，和君咨询医药医疗事业部分析师史天一接受《华夏时报》记者采访时分析："此次密集IPO潮是多方因素共 振的结果。一方面，科创板第五套标准重启，显著 ...

在科创板IPO排队的企业中，目前已有两家专注于人工心脏研发的厂商，分别为苏州同心医疗科技股份 有限公司（以下简称"同心医疗"）、深圳核心医疗科技股份有限公司（以下简称"核心医疗"）。两家公 司虽均未实现盈利，但各自正带着不同的产品布局，争取资本市场的认可。 目前，人工心脏在国内市场仍处于早期发展阶段，尚未形成成熟的竞争格局。在同心医疗和核心医疗的 招股书中，均将彼此列为人工心脏领域的主要参与企业。目前，同心医疗、核心医疗均有核心产品实现 上市，不过，报告期内，相关产品均出现销售价格下降的情况。目前，核心医疗IPO进度稍快，已进入 问询阶段。 科创板IPO相继获受理 据核心医疗招股书，2023—2024年及2025年上半年，该公司商业化产品植入式左心室辅助系统的销售收 入分别为1655.03万元、9368.84万元、7047.76万元，销售数量分别为57台、379台、307台，平均销售单 价分别为29.04万元/台、24.72万元/台、22.96万元/台。 核心医疗方面表示，2024年度及2025年上半年，公司商业化产品植入式左心室辅助系统的平均销售单价 较2023年度有所下降，主要原因为公司为进一步开发覆盖全 ...

在科创板IPO排队的队伍中，目前已有两家专注于人工心脏研发的厂商，分别为苏州同心医疗科技股份有限公司（以下简称"同心医疗"）、深圳核心医疗科 技股份有限公司（以下简称"核心医疗"）。两家公司虽均未实现盈利，但各自带着不同的产品布局，正在争取资本市场的认可。目前，人工心脏于国内市场 仍处于早期发展阶段，尚未形成成熟的竞争格局。在两家公司的招股书中，均把对方列为人工心脏领域的主要参与企业。目前，同心医疗、核心医疗均有核 心产品实现上市，不过，报告期内，相关产品均出现了销售价格下降的情况。目前，核心医疗IPO进度稍快，已进入问询阶段。 在北京中医药大学卫生健康法治研究与创新转化中心主任邓勇看来，人工心脏厂商密集冲刺科创板IPO，是行业商业化早期的必然选择。人工心脏研发投入 大、周期长，IPO成为获取低成本资金、推进临床研发、扩大产能与商业化的关键途径。同时，抢占"国产人工心脏第一股"的先发优势，能带来品牌溢价与 市场卡位红利，契合政策支持创新器械、国产替代加速的行业窗口期。 核心产品销售价格下降 | 公司全称 | 苏州同心医疗科技股份有限公司 | 受理E | | --- | --- | --- | | 公司简称 | ...

Core Viewpoint - The article highlights the revival of the IPO market for pharmaceutical companies on the STAR Market, particularly focusing on the successful turnaround of Beixin Life Technology Co., Ltd. and the ongoing interest in companies meeting the fifth set of listing standards [1][3]. Group 1: Company Developments - Beixin Life has achieved profitability after previously reporting losses, with a revenue of 128 million yuan in Q1, representing a year-on-year increase of 104.9%, and a net profit of 20.61 million yuan [3][4]. - The company’s IPO was accepted on March 30, 2023, and it successfully registered on December 18, 2023, marking it as the closest to listing among the eight pharmaceutical companies currently in the IPO queue [3][6]. - Other companies in the queue include Tianomab and Xinnowei, with Tianomab being the first to be accepted under the new standards, focusing on blood product alternatives [4][5]. Group 2: Market Trends - A total of eight pharmaceutical companies are currently in the IPO queue, all applying under the fifth set of standards, indicating a renewed interest in the sector [3][6]. - Seven out of the eight companies have already launched products, showcasing a shift from previous years where uncommercialized products were more common among IPO applicants [9][10]. - The regulatory environment has evolved to support unprofitable pharmaceutical companies, focusing on their technological capabilities, market potential, and financial sustainability [10][11]. Group 3: Financial Insights - Tianomab's core product, a monoclonal antibody, was approved in February 2023 but has seen lower-than-expected sales, achieving only 47.6% of its projected sales volume from March to September [9]. - Xinnowei is the only company in the queue without a product on the market, with its first drug expected to be approved by 2026 [9][10]. - Hengrun Da's financial health is concerning, with an increasing debt ratio projected to reach 84.76% by 2024, highlighting the risks associated with prolonged IPO delays [7][9].

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. has achieved profitability and is preparing for its IPO, marking a significant development in the medical device sector under the fifth set of listing standards on the STAR Market [1][2] Group 1: Company Developments - Beixin Life has registered its IPO as of December 18, 2023, and is focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases [2] - The company reported a revenue of 128 million yuan in Q1 2023, a year-on-year increase of 104.9%, and achieved a net profit of 20.61 million yuan, indicating a turnaround from previous losses [2] - The IPO process for Beixin Life began on March 30, 2023, and it received approval on July 18, 2023, reflecting a shift in regulatory attitudes towards unprofitable medical enterprises [2][3] Group 2: Market Activity - As of December 25, 2023, there are eight pharmaceutical companies queued for IPO on the STAR Market, all applying under the fifth set of standards [2][4] - Five unprofitable pharmaceutical companies have received IPO acceptance this year, including Tianomab, which was the first to be accepted after the resumption of the fifth set of standards [3][4] - Among the queued companies, seven have already launched products, indicating a trend where unprofitable companies are not necessarily lacking in commercialization [7] Group 3: Financial Insights - Tianomab's core product, a monoclonal antibody, was approved in February 2023, but its sales performance has been below expectations, with only 47.6% of projected sales achieved from March to September 2023 [7] - The financial health of companies like Hengrun Da Sheng is concerning, with an increasing debt-to-asset ratio projected to reach 84.76% by 2024 [6] - The regulatory focus for unprofitable pharmaceutical companies includes assessing technological robustness, market potential, financial sustainability, and delisting risks [8]