Jinjiang Electronics Files for IPO Again, Pioneering China's Pulsed Field Ablation Market

Recently, Jinjiang Electronic, a Chinese electrophysiology company, registered for coaching at the Sichuan Securities Regulatory Bureau and plans to make its initial public offering of ordinary shares (RMB).AShare) and listed, with CITIC Securities as the辅导broker.

2023Year，Jinjiang ElectronicZeng ChongciSTAR Market. The prospectus shows that Jinjiang Electronic meets the requirements.The Fifth Set of Listing Standards for the STAR Market，Expected market value is not less than RMB40100 million yuan. HoweverHereYear6Month,TheCompany WithdrawalFinishedIPOApplication.

Jinjiang Electronic was founded in2002Year, focusing on the high-end field of cardiac electrophysiologyInnovative HealthcareDevelopment, production, and sales of equipment.2011Year,Jinjiang ElectronicAcquisitionCARDIMA, officially entering the field of cardiac electrophysiology consumables。2020、2021、2022And2023Year1-6Month, Jinjiang ElectronicRevenueRespectively4133.9010,000 yuan,6061.59Ten Thousand Yuan,5915.90Wan Yuan and3941.97RMB 10,000; Net profit respectively2472.50Ten Thousand Yuan,-1658.9710,000 yuan,-104.24Wan Yuan and-4016.9110,000 yuan.

Currently,Jinjiang Electronic has built a simulation and verification technology platform, medical electronic technology platform, mapping and navigation technology platform, radiofrequency ablation energy technology platform, pulsed electric field ablation (PFA) Energy Technology Platform, Catheter Process Technology Platform, and System Integration Technology Platform, among seven core technology platforms, expanding into fields such as pain management.

PFAField,2023Year,Jinjiang ElectronicPulsed Field Ablation System and Single-Use Cardiac Pulsed Field Ablation Catheter Receive Market ApprovalBecoming the first domestically approved product to hit the market in ChinaPFACardiac Electrophysiology Products. TodayYear4Month,National Medical Products AdministrationApproval of Sichuan Jinjiang Electronic Science and Technology Co., Ltd.Jinjiang ElectronicPulsedFA®FocalPointInnovative Product Registration and Market Launch of Single-Use Magnetic Positioning Pressure Monitoring Pulsed Field Ablation Catheter, is the companyThe Second ClauseApprovedofPFACatheter。

Currently, electrophysiology remains a star track in the medical device field, especiallyPFAThe new wave of technological revolution has also triggered a battle for the future market. Enterprises in ChinaPFAThe field has not lost its first opportunity, and several companies in China have already been approved.

However, it is not easy to get a piece of the pie from this golden track. Huitai Medical recently stated,The current competitive landscape of the electrophysiology market in China is characterized by the presence of imported brands such as Boston Scientific and Johnson & Johnson, along with domestic brands like HT Wiss, Jinjiang Electronic, and MicroPort EP participating. It is expected that the future will see a fully competitive situation.The industry is characterized by high investment and high barriers to entry, and typically, a company's revenue reaches4-5When reaching billions, its product line still struggles to turn a profit.

Chinese Electrophysiology Companies, Struggling Uphill

In the first three quarters of this year,Micro EP AchievesRevenue3.36100 million yuan, a year-on-year increase of15.65%; Net profit attributable to parent company4192.06RMB 10,000, a year-on-year increase in net profit attributable to parent company0.46%。Q3 Revenue1.13100 million yuan,Year-on-year growth21.78%；Net Profit Attributable to Shareholders92510,000 yuan, a year-on-year decline62.44%（Reduction in Government Subsidies）。

The problem of profit growth lagging behind revenue growth is not an isolated case.

Huitai Medical2025Revenue for the first three quarters of the year18.67100 million yuan, a year-on-year increase of22.47%；Net Profit Attributable to Shareholders6.23Billion yuan, year-on-year growth18.02%。Including Q3 revenue6.54100 million yuan, a year-on-year increase of24.77 %; Net profit attributable to parent company1.98USD billion, a year-on-year increase of6.77%。

In response, Huitai Medical explained that,“The profit growth in the third quarter report did not synchronize with revenue growth due to electrophysiology.PFAFactors such as new product academic promotion and high-end R&D strategic investment”。

Currently, PFA made in China is still in progress.

MicroElectroPhysiology's Participating Company Shangyang MedicalPFAThe product has been released this year.4Officially approved for marketing in the month. Currently, the product's listing across China has been basically completed, and commercial surgeries are gradually being implemented.The growth of subsequent surgeries for this product will still depend on the subsequent centralized procurement policy.

Huitai MedicalCurrentlyPFA'sThe focus of the surgery is mainly in Beijing, Shanghai, Zhejiang, and Guangxi. In terms of charging, provinces such as Shandong, Sichuan, and Anhui have begun to gradually implement the charging policy. The company stated,The number of pulsed ablation procedures is expected to exceed this year25,000Example。

The impact of Mindray's support on the electrophysiology battlefield remains unknown. According toHuitai Medical said,CurrentlyThe integration of the company's overseas resources with Mindray is still in the exploratory stage, with synergies mainly focused on electrophysiology R&D, M&A management, and quality control. It is expected that after obtaining the electrophysiology certification, the integration of overseas resources with Mindray will enter a rapid development phase.

According to Frost & SullivanData`, as of`2023In China, the market size of cardiac electrophysiology has exceeded 10 billion yuan, and by2025Year and2032In the year, the market size is expected to reach157.26And419.73100 million yuan,2021-2025Year and2025-2032YearCAGRRespectively24.34%And15.06%, with a strong growth momentum.

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