A-share subscription | Beixin Life (688712.SH) starts subscription, focusing on the diagnosis and treatment of cardiovascular diseases.

On January 26th, Beixin Life (688712.SH) started its subscription, with an issue price of 17.52 yuan per share and a subscription limit of 9,000 shares. The industry P/E ratio is 41.36 times, listed on the Shanghai Stock Exchange, with CICC as its sponsor. The prospectus shows that Beixin Life is a technology company focusing on the research, development, production, and sales of precision diagnosis and treatment equipment for cardiovascular diseases, and is committed to developing precise solutions for cardiovascular disease diagnosis and treatment. As of September 30, 2025, the company has launched a total of 11 products on the market, with 6 products in research and development, covering five major product categories: IVUS system, FFR system, vascular access products, shockwave balloon therapy system, and electrophysiological solutions. The company's core product, the IVUS system, is the first self-developed 60MHz high-definition high-speed domestic IVUS product in China, with features of high definition, high speed, and intelligence, which can efficiently guide precise PCI strategy formulation. The core product, the FFR measurement system, is the first domestically approved domestic product in the gold standard FFR field in China, both of the above two products have entered the national Innovative Medical Device special review process, bringing about a potential revolution in guiding the clinical practice of percutaneous coronary intervention (PCI) surgery. After the launch of the company's core products, it quickly captured the second market share in the domestic market and the first market share for domestic brands, achieving an increase in the localization rate of high-end active interventional medical devices. Based on the characteristics of the Innovative Medical Device industry, the company mainly generates revenue through the sales of disposable consumables and has established a sales model primarily based on distribution, including domestic distribution, foreign distribution, and distribution models. Financially, the company achieved operating income of approximately 92.45 million yuan, 184 million yuan, 317 million yuan, and 259 million yuan respectively in 2022, 2023, 2024, and January-June 2025. During the same period, the net profit was approximately -30 million yuan, -15.5 million yuan, -53.7397 million yuan, and 45.5127 million yuan respectively.