After Breaking the Import Monopoly, This Leading Chinese Medical Adhesive Company Sets Its Sights on the STAR Market
On March 24, 2026, Success Bio-Tech Co., Ltd. ("Success Bio-Tech") officially submitted its prospectus to the STAR Market of the Shanghai Stock Exchange, and its IPO application was accepted. This enterprise, which has been deeply engaged in the field of absorbable implantable medical devices for 23 years, is attempting to enter the capital market with a core logic of "breaking the import monopoly through material innovation," holding a 91% market share in dural sealants and a 70% market share in vascular sealants.
From the technological no-man's land at its establishment in 2003 to becoming the leader in multiple niche markets today, the growth trajectory of Success Bio-Tech Co., Ltd. not only reflects the localization of high-end medical devices in China but also reveals multiple challenges such as procurement pressure, R&D dependence, and international breakthroughs.
In 2003, China's medical device market showed two distinct poles: fierce competition in the low-value consumables sector, while the high-end implantation and intervention field was completely monopolized by international giants such as Medtronic and Johnson & Johnson.
This year, Success Bio-Tech Co., Ltd. was officially established in Jinan High-tech Zone. The founder, Zou Fangming, made a decision that seemed quite adventurous at the time: to abandon low-threshold, low-value consumables and focus on absorbable biomaterials, tackling the functional modification of PEG (polyethylene glycol) – a technical direction that was almost空白 in China at the time.
Behind this decision lies a profound insight into the clinical needs. At that time, the mortality rate of patients in China who experienced cerebrospinal fluid leakage after craniotomy was significantly higher than those who did not; in cardiovascular reconstruction surgery, bleeding at the anastomosis was one of the important reasons leading to postoperative complications or even death. Meanwhile, the selling price of imported sealants exceeded ten thousand yuan per vial, which most patients could hardly afford. The clinical demand was enormous, yet domestically produced products had been absent for a long time.
But the difficulty of technical breakthroughs far exceeds imagination. Absorbable implantable devices need to balance multiple performance aspects simultaneously, such as biocompatibility, controllable degradation rate, appropriate mechanical strength, and tissue repair induction, involving interdisciplinary fields like materials science, biology, and clinical medicine.
At that time, there was not only a lack of mature technical references in China, but also the domestic supply of core raw materials was difficult to guarantee. The synthesis purity of PEG derivatives, parameter control of cross-linking reactions, and performance regulation of hydrogels were all core challenges that needed to be addressed urgently.
Therefore, the Success team started from the most fundamental molecular structure design and, after years of technical efforts, overcame the core challenges in PEG derivative synthesis. They achieved precise control over the substitution degree of active groups, laying a solid foundation for subsequent product development.
In November 2018, "CereNex®", an absorbable dural sealant independently developed by Success Bio-Tech Co., Ltd., was approved for marketing through the National Medical Products Administration's "Special Approval Channel for Innovative Medical Devices". It became the first Class III medical device in China to address the challenge of cerebrospinal fluid leakage, filling a gap in the domestic market.
The breakthrough of Sainuo® stems from the dual achievements of "technical benchmarking + localized adaptation" — the product achieves rapid gelation within 3-5 seconds, with core performance comparable to similar products from international giants; meanwhile, the formula is optimized for the physiological characteristics of Chinese people, allowing complete degradation in 4-8 weeks, perfectly matching the clinical healing rhythm. In terms of pricing, Sainuo® is priced at approximately 60% of imported products, significantly reducing the financial burden on patients and the payment pressure on medical insurance.
Post-marketing promotion demonstrates strong momentum. Success Bio-Tech Co., Ltd. collaborated with industry-leading institutions such as Beijing Tiantan Hospital and Shanghai Huashan Hospital to conduct multi-center clinical trials, verifying the safety and efficacy of the product in complex craniotomy procedures. Backed by clinical data and a high cost-performance advantage, Sainuo Ning® rapidly entered over 100 tertiary hospitals across China, securing the top position in the industry with a 91% market share in 2024.
Following this, another core product of Success Bio-Tech Co., Ltd. — the absorbable vascular sealing glue "Celonis®" — was approved for marketing in 2020, also achieving a first in China. This product, designed to address bleeding at the anastomosis site during vascular reconstruction surgery, quickly captured 70% of the domestic market share in China after its launch in 2020, successfully replacing imported brands such as Baxter International's surgical sealant (Coseal®).
In 2023, China's medical device industry entered a period of intensive policy adjustments, with volume-based procurement being fully implemented. In response to significant changes in the industry environment, Success Bio-Tech Co., Ltd. quickly initiated a restructuring of its sales system, establishing a structure where "the company coordinates core distributors, and core distributors manage downstream channels," increasing distributor revenue to over 90%.
The effectiveness of channel transformation has been validated in the implementation of centralized procurement. In November 2023, the Inner Mongolia Autonomous Region led a 15-province inter-provincial alliance for centralized bulk procurement of hemostatic materials. Success Bio-Tech Co., Ltd.'s two products, Composite Microporous Polysaccharide Hemostatic Powder (Instant®) and Absorbable Polysaccharide Hemostatic Material (Nacello®), successfully won bids. Through price-volume exchange, these products achieved a counter-trend sales growth. In 2024, Instant® maintained its leading position in the细分领域 with a 27.67% market share.
Financial Data Confirms Strategic Effectiveness. From 2023 to 2025, the company's revenue stabilized in the range of 3.3-3.8 billion yuan, with net profit increasing from 153 million yuan to 168 million yuan, and non-recurring net profit averaging over 140 million yuan annually. Despite the impact of centralized procurement, the gross margin of the main business remained above 82%, higher than the industry average. R&D investment continued to increase, with a total of over 100 million yuan invested over three years, and R&D personnel accounting for 20.74%.
The true confidence of Success Bio-Tech Co., Ltd. lies in the construction of five core technology platforms: PEG functional modification platform, bio-based polymer material modification platform, synthetic medical polymer material preparation platform, extracellular matrix material preparation platform, and self-assembling peptide material design and preparation platform.
These five platforms cover mainstream types of absorbable biomedical materials, forming a platform-based R&D structure that drives product innovation through material innovation, making the company one of the few in China capable of simultaneously deploying and successfully operating multiple absorbable medical materials platforms.
Relying on the aforementioned platforms, the company has developed a product system of absorbable innovative medical devices covering multi-department scenarios such as neurosurgery, cardiovascular surgery, general surgery, orthopedics, and radiation oncology. Currently, the company owns 25 medical device products, several of which are the first or exclusive in China, taking the lead in achieving import substitution.
Taking the PEG functionalized modification platform as an example, Success Bio-Tech Co., Ltd. has mastered core technologies such as PEG derivative synthesis, cross-linking system establishment, and hydrogel performance regulation. In addition to the two mature products, Cerebrotek® and CeloTek®, the company has also laid out research products such as absorbable imaging isolation gels and absorbable dural repair sealants.
In the field of bio-based polymer materials, Success Bio-Tech Co., Ltd. has increased the carboxymethyl substitution degree of chitosan to over 150% through a gradient fractional low-temperature etherification process. The company’s developed surgical anti-adhesion solution has been clinically applied for 15 consecutive years and ranked second in the industry with a market share of 20.53% in 2024. The composite microporous polysaccharide hemostatic powder, which uses starch and chitosan composite cross-linking technology, achieves hemostasis three times faster than traditional materials and has become a routine consumable in cardiothoracic surgery and orthopedics.
The synergistic effect of the technology platform is becoming evident. The prospectus shows that the company has 13 R&D pipelines, among which the absorbable dural repair sealant has optimized the swelling rate to adapt to the narrow space of spinal surgery; the intraoperative hemostatic drug-loaded gel for glioma realizes the dual functions of "hemostasis + local drug delivery," which is expected to solve the problem of tumor recurrence after surgery. These R&D products cover high-growth fields such as neurosurgery, orthopedics, and radiation oncology, forming the core driving force for future growth.
By the end of 2025, the company has been granted 100 patents domestically and internationally, including 62 invention patents. It has undertaken 18 science and technology plan projects at various levels, participated in the formulation of 8 pharmaceutical industry standards, established 4 provincial research platforms, and built 1 postdoctoral innovation practice base. Its technical strength has gained wide recognition in the industry.
Despite its dominant position in niche markets, Success Bio-Tech Co., Ltd. still faces multiple practical challenges on its path to the STAR Market.
The profit pressure from the expansion of centralized procurement is the most direct challenge. By 2025, the company has had four products included in multi-province bulk procurement: surgical anti-adhesion solution, composite microporous polysaccharide hemostatic powder, corneal surface viscoelastic protective agent, and absorbable polysaccharide hemostatic material. The prospectus warns that if more high-margin core products are included in national centralized procurement in the future, and the positive effect of "trading price for volume" is not fully realized, it may adversely affect the company's profitability.
The risks of R&D dependence and technological iteration cannot be ignored. Medical device R&D is characterized by long cycles, high investment, and high risk, with an average of 5-10 years required for a product to progress from development to market. Among the multiple products currently under development in the company's key layout, some technical routes still face significant uncertainties. If challenges such as technical bottlenecks or substandard clinical data arise, the advancement of the R&D pipeline will be affected.
The uncertainty of international breakthrough poses a long-term challenge. Currently, the company's products mainly rely on the domestic market, with relatively low overseas income. Although the prospectus discloses that research on the layout of international markets has been initiated and plans to systematically advance international registrations such as FDA and CE are underway, international markets impose stricter approval processes for medical implant materials. Additionally, facing direct competition from international giants like Johnson & Johnson and Medtronic, it will be difficult to generate significant revenue in the short term.
From the technological choice in 2003, to the product breakthrough in 2018, and onto the STAR Market push in 2026, Success Bio-Tech Co., Ltd. has spent 23 years completing a leap from "catching up" to "leading the pack" in the field of absorbable implantable medical devices. Relying on five core technology platforms, a full-department product matrix, and an absolute market share in niche areas, this enterprise has become a benchmark for high-end medical devices produced in China.
Striking the STAR Market is only a new starting point for Success Bio-Tech's development. Against the backdrop of the continuous deepening of centralized procurement policies, increasingly fierce industry competition, and the acceleration of global layout, whether the company can maintain profitability resilience, steadily advance the transformation of its R&D pipeline, and achieve international breakthroughs will determine whether it can grow from a "leading player in China's niche market" into a "globally competitive enterprise."
This technological endeavor, spanning over two decades, is still writing new chapters. Can Success Bio-Tech Co., Ltd. leverage capital power to address more unmet clinical needs and propel China's absorbable implant medical devices to gain greater influence in the global high-end market? The answer depends not only on the speed of technological iteration and the wisdom to respond to policy changes but also on the continuous improvement of China’s medical device industry ecosystem.