Sun Piaoyang Makes Strategic Move into MedTech with New Biotech Venture and ECMO System Launch

Recently, Founder of Hengrui Pharma: Sun PiaoyangUnder its new company,Shanghai Ruiliyuan Biotechnology Co., Ltd.Officially established, with Hu Hongcheng as the legal representative, and a registered capitalRMB 10 million.

Qichacha's equity penetration shows that the company is wholly owned by Hengrui Yuanzheng (Shanghai) Biotechnology Co., Ltd., and the founder of Hengrui PharmaSun Piaoyang Serves as the Chairman of Hengrui Yuanzheng (Shanghai) Biotechnology Co., Ltd.。

The business scope of this new company covers the development of human gene diagnosis and treatment technologies, as well as the development and application of stem cell technologies.Operation of Class III Medical Devicesetc. The seemingly ordinary industrial and commercial registration information actually implies an important signal: Hengrui Pharma is accelerating its expansion into the medical device field.

And this yearJanuary, Suzhou Hengrui Medical Device Co., Ltd.The First Fully Domesticated ECMO System Developed IndependentlyApproved for marketing by the National Medical Products Administration, this system isThe only ECMO system in China that is fully integrated and entirely domestically produced.

Breakthrough in China-Made:Medical DeviceThe Path of Independent Development for Equipment

The establishment of Ruiliyuan is not an isolated event, but part of Hengrui Pharma's overall strategy in the biotechnology and medical device fields. The company is involved in Class III medical devices, which are the highest-risk category of medical devices and require strict approval from the National Medical Products Administration.

In addition, inThis YearIn January, Hengrui Pharma (Suzhou) Medical Devices Co., Ltd. announced that its first independently developed full-series ECMO system, entirely produced in China, has officially been approved for marketing by the National Medical Products Administration.

ECMO (Extracorporeal Membrane Oxygenation) System

Hengrui Pharma's recent approvalECMO System Consists ofMain unit, circulation sleeve package, arteriovenous cannula, warming deviceAndPuncture KitAnd so on. Core componentsAdopting China's first fully magnetically levitated ECMO blood pumpAndMultimodal ControlAnd many other innovative technologies ensure high stability and low hemolysis during operation.

ThisECMO System AdoptionDual-host 1:1 configurationThe emergency drive unit is backed up by the main unit, greatly enhancing the reliability of the ECMO system operation. Clinical trial results show that the system not only met the expected clinical endpoints but also had no adverse events or device defects related to the trial medical device.

Strategic Layout: Hengrui's Medical Device Map

Hengrui Pharma was founded inIn 2016, the business pipeline includedTumor Intervention, Peripheral Intervention, Neurointerventionetc.High-value ConsumablesField, Research and DevelopmentLife Support, Imaging Support, Interventional SupportAnd other medical devices.

From a timeline perspective, Hengrui Pharma has been quietly expanding its layout over the past decade, until the beginning of this year.The approval of the ECMO system has attracted widespread attention. The establishment of Rui Li Yuan Biotechnology Co., Ltd. this time can be regarded as a further extension of Hengrui Pharma into the medical device field.

Hengrui Pharma has overcome the challenges for productionThe production process of PMP membrane fibers, a key material for the core component of ECMO membrane lungs, holds the potential to completely resolve the "bottleneck" issue of raw materials in the future. The company is also actively developing critical products in severe fields such as cVAD (interventional ventricular assist system) and IABP (intra-aortic balloon pump system).

In terms of innovative R&D, Hengrui Pharma continues to make high investments. According to a research report by Bohai Securities, Hengrui Pharma is a leading pharmaceutical company in China, adhering to a dual-driven strategy of technological innovation and internationalization.

Industry Background: Recovery and Transformation of the Medical Device Market

In the first half of 2025, China's medical device industry saw a year-on-year decline in performance, but the second quarter showed a sequential improvement. Overseas and innovative assets demonstrated strong resilience. In Q2 2025, the industry's overall revenue increased by 8.2% compared to Q1 2025, while net profit attributable to shareholders dropped by 2.2% from Q1 2025. The trend is expected to continue improving sequentially in the second half of the year.

Recently, thePublication of the 11th Batch of National Drug Centralized Procurement Documents: During the formulation and revision of this procurement plan, full adherence was given to "Stabilize Clinical Trials, Ensure Quality, Prevent Bid Encirclement, Combat Internal Competition"The principle." The document mentioned that this centralized procurement has optimized the selection of the price difference control "anchor point" and no longer simply chooses the lowest bid.

Positive signals have emerged in policy, and the optimization of the centralized procurement rules reflects that the National Healthcare Security Administration is actively promoting the pharmaceutical industry."Against Involution", the domestic demand market is expected to continue improving. In terms of performance, the Medical Device Index is projected to achieve a net profit attributable to shareholders of 42.726 billion yuan in 2025, with a year-on-year growth rate potentially turning positive at +25.91%.

Going overseas becomes a significant growth point for the medical device industry.From January to May 2025, the cumulative year-on-year growth of medical instruments and equipment exports reached 6%, maintaining a solid growth rate. In July 2025, the total export of medical instruments and equipment for the month amounted to 1.5 billion RMB, with a year-on-year increase of 12.3%.

Future Outlook: Hengrui's Medical Device Ambitions

Hengrui Pharma, as a leading pharmaceutical company in China, is implementing a dual-driven strategy of innovation and internationalization. The company ownsMore than 110 commercialized drugs, including 23 new molecular entity innovative drugs and 4 other innovative drugs.

In terms of going global, the companyBD Process Accelerates, Strengthening Cooperation with MNCs. By 2025, BD collaborations have been achieved with multiple MNCs such as Merck, MSD, and GSK. Since 2018, the company has completed 13 out-licensing deals with global partners, involving 16 molecular entities, with a potential total transaction value of approximately 14 billion US dollars.

Hengrui Pharma from the early stageFrom the approval and launch of a single innovative drug to the current comprehensive reserve of various types of innovative drugs, the company ensures the long-term commercialization process of its innovative drugs through a platform-based approach. This platform-based strategy is also likely to be replicated in the medical device field.

With the domestically producedWith the approval of the ECMO system and the establishment of RelyRui Company, Hengrui Pharma's layout in the medical device field has initially formed a complete system from research and development, production to commercialization. In the future, Hengrui Pharma is likely to continue expanding in the high-end medical device field, achieving the full industrial chain localization of "China's Heart, China's Lung, China's Chip".

The medical device sector is expected to usher in“Policy Optimization + Recovery of Prosperity + Performance Revival"Valuation recovery opportunities under ." Since 2025, the bidding and tendering of medical devices have continued to warm up. As inventory is gradually consumed, the performance of some companies is expected to reverse in 2025 Q3.

Hengrui Pharma's medical device layout is accelerating. FromFrom ECMO to the newly established Rui Li Yuan, Sun Piaoyang's strategic layout is expanding. Against the backdrop of recovery and transformation in China's medical device market, Hengrui Pharma’s move may become a significant starting point for the company’s second growth curve.

In the next few years, China's medical device market will see more companies like Hengrui Pharma.Cross-borderEnterprises that not only deeply cultivate in the pharmaceutical field but also break foreign monopolies in the high-end medical device sector, achieving domestic substitution, and ultimately securing a place in the global market.

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