VINNO Technology Plans to List on the Growth Enterprise Market, Breaking Through Foreign Defenses in the Ultrasound Field After 16 Years

In January 2026, the global top journal in imaging, *Radiology*, featured a full-cover image of a neuro-ultrasound produced by Chinese equipment. The Ultrasound Medical Team from Ruijin Hospital, affiliated with Shanghai Jiao Tong University School of Medicine, conducted a pioneering innovative study, applying super-resolution ultrasound technology (URM, Ultra-Resolution Microscopy Imaging) for the first time to evaluate the microcirculation of the tibial nerve in diabetic patients. This provides a new approach for the precise visualization and quantitative assessment of microcirculation in diabetic peripheral nerves. Super-resolution ultrasound tracks the movement trajectory of microbubbles within microvessels, breaking through the diffraction limit of traditional ultrasound to achieve 10μm-level microvascular imaging and quantification analysis, making it possible to directly assess peripheral nerve microcirculation. On the screen, microvessels with a diameter of 29μm are clearly visible, with blood flow direction and vessel morphology distinctly discernible. This is not a technical showcase of imported equipment but a clinical image captured by VINNO Technology's ULTIMUS9E, marking the first time that ultra-high-end Chinese ultrasound has reached the highest stage of global medical imaging.

On March 30, the company founded by the former GE Healthcare team submitted its ChiNext IPO prospectus to the Shenzhen Stock Exchange, aiming to raise 8.72 billion yuan. A prospectus, a cover of a top journal, and two narratives intersect at the same point, outlining the story of how a domestically produced device company used an all-or-nothing technology decision to break open a gap in a market monopolized for decades by GE, Philips, and Siemens, tapping into a billion-dollar industry.

In 2010, the landscape of China's domestic ultrasound market was almost set in stone. In the ultrasound rooms of tertiary hospitals, the equipment was exclusively from GE, Philips, and Siemens. Ultrasound devices produced in China could only occupy the mid-to-low-end market, barely surviving in grassroots and private institutions by relying on cost-performance advantages. Core technologies such as beamforming, probe manufacturing, and imaging algorithms were all in the hands of foreign companies.

Xie Shui led a group of R&D and market backbone who had previously worked at GE Healthcare to establish VINNO Technology (Suzhou) Co., Ltd. in this year. The team was well aware that following the technical route of foreign companies would only make them perpetual followers. To break through, they needed to rewrite the rules from the ground up in terms of fundamental architecture. However, this path meant long-term unprofitability, continuous capital burn, and facing direct competition from industry giants.

In the first few years, VINNO Technology did not rush to compete in the mid-to-low-end market. Instead, it invested almost all of its cash flow into research and development. From probe materials to imaging chips, from signal processing to clinical algorithms, the company gradually built its own independent system. Many in the industry thought this was a waste of time, as producing a few portable color ultrasound devices could quickly generate profits at the time. However, the team persisted in spending their time in the lab.

This delay lasted for twelve years.

The real turning point came in 2022.

At the time, the mainstream approach in the industry was still FPGA hardware beamforming, which was mature and stable with a full range of suppliers. Most domestically produced manufacturers were optimizing and iterating on this path. However, the VINNO Technology research and development team saw a bottleneck: after the hardware architecture was solidified, there was a physical ceiling on the imaging frame rate, resolution, and penetration depth, and no matter how much optimization was done, it could not keep up with the latest models from international giants.

The company held multiple intense technical review meetings internally and ultimately made a highly risky decision at the time: to fully transition to an independent ultra-fast soft beamforming platform, adopting a quad-core heterogeneous architecture with dual GPUs + CPU + FPGA, completely breaking through the computational bottleneck.

This decision extended the R&D cycle and doubled the investment, with no returns visible in the short term, but it also completely unleashed imaging performance. It overcame the inherent computing power bottleneck and logic rigidity problems of traditional ultrasound systems that relied on dedicated hardware like FPGA or ASIC for beamforming, by tackling these issues at the foundational architecture level. Unlike the conventional line-by-line scanning method, this platform utilizes plane wave transmission/reception technology, enabling full-probe synchronized reception and complete image formation with a single transmission. The front-end acquisition frame rate exceeds 50,000 frames per second, significantly accelerating software iteration speed and allowing clinical functions to be continuously upgraded online. In terms of refined imaging, using micrometer-scale microbubbles as resolution units, it successfully breaks through the diffraction limit of ultrasound imaging, capturing the subtle movements of microbubbles at high frame rates and enhancing vascular imaging resolution to the micrometer level.

In 2023, it was precisely this underlying platform that supported VINNO Technology's truly cutting-edge product, ULTIMUS9E.

This product breaks through the physical diffraction limit of conventional ultrasound imaging, improving vascular imaging resolution from the millimeter level to the micrometer level while maintaining high penetration depth. It holds significant scientific research value and clinical importance in areas where conventional ultrasound products struggle to achieve precise imaging, such as accurate tumor diagnosis and lesion analysis, microcirculation monitoring after organ transplantation, peripheral neuropathy research, and tracking inflammatory activity in rheumatic immune diseases.

ULTIMUS9E: Positioned as an ultra-high-end full-body application color ultrasound system, ULTIMUS9E focuses on super-resolution microscopic imaging. It ensures deep tissue penetration while clearly presenting minute blood vessels that are difficult to resolve with traditional ultrasound. This device has not only entered top-tier tertiary hospitals such as Shanghai Ruijin Hospital, 301 Hospital, and West China Hospital, but it has also enabled domestic experts to conduct cutting-edge clinical research under super-resolution microscopic imaging for the first time using domestically produced equipment, opening up new clinical application possibilities for ultrasound imaging devices. ULTIMUS9E has become a vital tool in advanced medical research, empowering researchers to cumulatively publish over 50 papers in domestic and international core journals, with multiple research achievements featured in top global radiology and medical imaging journals such as Radiology and European Radiology.

In addition to its flagship models, VINNO Technology has long completed a full-scene product layout. The VINNO G/R/S series of cart-based color Doppler ultrasound systems cover mainstream clinical departments such as abdomen, cardiology, obstetrics and gynecology, and interventional procedures. Equipped with advanced features like contrast-enhanced ultrasound, elastography, and interventional navigation, these systems directly compete with leading foreign models. The VINNO 10/8/6 series of portable color Doppler ultrasound systems weigh only 3.2 kg, support wireless transmission, and are suitable for mobile scenarios such as emergency rooms, ICUs, bedside use, and field rescue operations. The VINNO P/Q+ series of handheld ultrasound devices are even smaller and lighter, can be used in conjunction with mobile terminals, and are designed for grassroots healthcare and home health scenarios.

The company has also established a second growth curve in the animal ultrasound sector. The ULTIMUS9LAB/9V series, among other products, has developed specialized parameters and procedures for pet diagnosis and livestock breeding. In 2024, the company's domestic animal ultrasound sales ranked second in the industry, becoming a stable source of cash flow.

From tertiary hospitals to grassroots clinics, from human diagnosis to animal healthcare, from fixed equipment to handheld portables, VINNO Technology has not focused on a single breakthrough point but instead built an ultrasound network that covers all scenarios, using high-end technology to avoid the price wars of low-end products.

Ultrasound is the most penetrated and scenario-rich track in medical imaging. According to Frost & Sullivan data, the global ultrasound market size is $9.6 billion in 2024 and is expected to reach $12 billion by 2030, with an average annual compound growth rate of 3.8%. In the Chinese market, the scale is 12.9 billion yuan in 2024 and is projected to exceed 18.4 billion yuan by 2030, with an average annual compound growth rate of 6.1%.

China's mid-to-low-end ultrasound market has basically achieved self-control, with a localization rate exceeding 70% in 2024. However, the most valuable ultra-high-end market has long been dominated by foreign companies, with a localization rate of only 5.3% in 2024. This is also VINNO Technology (Suzhou) Co., Ltd.'s true battleground.

In the Chinese market, the company has broken through the barriers of tertiary hospitals with ULTIMUS9E, gradually replacing imported equipment, ranking second in sales among ultra-high-end domestically produced manufacturers. In the grassroots market, it relies on portable and handheld products to capitalize on the benefits of hierarchical diagnosis and treatment, with channels rapidly expanding to lower-tier markets. In overseas markets, VINNO products have entered more than 100 countries and regions globally. From 2022 to the first nine months of 2025, overseas income accounted for over 57%, with overseas revenue reaching 351 million yuan in 2024, forming a dual-driven strategy of domestic substitution and overseas expansion.

More importantly, the company is extending from single ultrasound diagnosis to integrated diagnosis and treatment. In 2025, VINNO Technology (Suzhou) Co., Ltd. successively obtained NMPA certifications for upper gastrointestinal endoscopes and ventilators. Leveraging its technical expertise in ultrasonic cavitation and image-guided therapy, the company is gradually building a complete closed-loop system ranging from early screening and precise diagnosis to assisted treatment.

The industry's competitive landscape is clear yet brutal. Internationally, GE, Philips, and Siemens maintain high-end barriers through brand and ecosystem; in China, Mindray leads with scale and channels, Sonoscape focuses on niche markets, while VINNO Technology differentiates itself through fundamental technological innovation, following a path of "technological leadership driving clinical breakthroughs, and clinical breakthroughs driving market penetration."

The financial performance presented in the prospectus is a typical growth sample of a hard-tech medical device company.

Revenue was 530 million yuan in 2022, 538 million yuan in 2023, increased to 622 million yuan in 2024, and reached 432 million yuan from January to September 2025. The profit side experienced a brief fluctuation in 2023 due to increased market promotion expenses for ULTIMUS9E and asset impairment of an invested company, resulting in a net loss of 65.59 million yuan that year. It quickly recovered afterward, with net profit rebounding to 48.56 million yuan in 2024. In 2025, it is expected to exceed 100 million yuan, representing a year-on-year increase of over 106%.

The continuous enhancement of profitability is driven by the increasing proportion of high-margin ultra-premium products and the rise in the self-developed rate of core components. Behind all this lies substantial investment in R&D, with cumulative R&D expenses amounting to 477 million yuan from 2022 to the first three quarters of 2025, accounting for 22.48% of total revenue, while R&D personnel make up 41.17%. As of the end of the reporting period, the company owns 229 patents domestically and internationally, including 166 invention patents, and leads 10 national-level research projects.

This IPO aims to raise 8.72 billion yuan, with funds highly focused on specific areas. 3.34 billion yuan will be used for the research and development of high-end medical imaging equipment, continuing the iteration of super-resolution imaging technology and promoting the development of new products such as ultrasound endoscopes. 2.33 billion yuan will be invested in the construction of a high-end ultrasound production base to increase the capacity of the ULTIMUS series and ensure global delivery capabilities. 2.56 billion yuan will be allocated for the construction of marketing networks, information systems, and the headquarters base, with 50 million yuan supplementing working capital.

From the team's departure from GE to start a business in 2010, to betting all resources on switching the technical route in 2022, and then to having its product featured on the cover of *Radiology* and submitting the prospectus in 2026, VINNO Technology (Suzhou) Co., Ltd. completed a crucial phase of China-produced ultrasound's journey from catching up to running neck-and-neck in 16 years.

Its story is not a simple financial report, but a group of people in an industry locked down by giants, using time, R&D, and determination to carve out a channel for domestic substitution. The 29μm microvascular image captured by ULTIMUS9E is not only a breakthrough in medical imaging but also a microcosm of China's high-end medical equipment moving from "usable" to "leading."

Now preparing for a ChiNext listing, but the real war has just begun. In the ultrasound rooms of tertiary hospitals, can VINNO Technology continuously replace imported equipment? In the global market, can it move from emerging markets to mainstream markets in developed countries? In the integrated diagnosis and treatment layout, can endoscopes and therapeutic products create another growth curve?

The answer is not in the prospectus, but in every device entering clinical use, every clearer ultrasound image, and every order that goes head-to-head with international giants.