2025Year11Month6On [Date], the official website of the Shanghai Stock Exchange disclosed that Shenzhen Core Medical Technology Co., Ltd. (referred to as "Core Medical") STAR MarketIPOThe application has been officially accepted.This is the first innovative medical device company to apply and be accepted under the fifth set of listing standards for the Sci-Tech Innovation Board after its restart.

2025Year4Month,Core Medical Completes Over1Billion US dollarsDRound of financing,TheThis round of financing was led by Zhenxin Capital, Legend Capital, and Aramco Ventures.Prosperity7 Ventures(P7)Cornerstone Capital and well-known industry investors jointly led the investment, with Delian Capital and Lianxin Capital following up.，This financing2025 The largest market-based financing in China's innovative medical device field in recent years.

Core Medical focuses on the research and development of artificial heart products and has made strategic layouts.5Implantable and6A range of interventional artificial heart products. Among them, the implantable left ventricular assist systemCorheart® 6As of2023Year6Monthly approved by the National Medical Products Administration for marketing, becoming the world's smallest and lightest magnetically levitated implantable artificial heart.。

As several core products are still in the R&D investment stage, as ofAs of June 30, 2025, Core Medical's accumulated undistributed profits amounted to -367 million yuan, and it has not yet achieved profitability.This timeIPO adopts the fifth set of listing standards of the Sci-Tech Innovation Board, planning to raise 1.217 billion yuan. The funds will be invested in three major projects: the R&D of cutting-edge products for circulatory support, the construction of an artificial heart industrialization base, and the digitalization of the marketing network.

The Fifth Set of Listing Standards for the Sci-Tech Innovation BoardRestarting in 2025 aims to support innovative companies that have not yet turned a profit but possess key core technologies and significant market potential. This standard does not set a profitability threshold, instead placing greater emphasis on the proportion of R&D investment, technological advancement, and market opportunities. According to data from the Shanghai Stock Exchange, since the establishment of the STAR Market in 2019, enterprises in the biomedicine sector account for over 30%, making it an important channel for hard-tech companies to go public.

Since the resumption of the fifth set of standards for the STAR Market, Core Medical has become the first practical case, reflecting the regulatory layer's support for innovative medical devices."Institutional adaptation with the characteristics of 'long cycle, high investment, and high risk'."Previously, companies such as Beixins Life and MicroPort EP have completed listings or submitted registrations through this standard, forming a梯队effect for innovative medical enterprises going public.

According to the prospectus, Core Medical has received multiple rounds of investment from well-known institutions such as Hillhouse Investment, ZhenXin Capital, New Alliance Capital, Legend Capital, and Cornerstone Capital. Notably,The company has become the second firm, after Tainuo Maibo, to follow the "Guidance on the Application of Rules for Issuance and Listing ReviewNo. 8》Identification of senior professional institutional investors in STAR Market applications,The senior professional institutional investors disclosed this time include Zhuhai Gaoling Private Fund Management Co., Ltd. and Shanghai Trueheart Capital Investment Management Co., Ltd.

According to the public information disclosed by the Shanghai Stock Exchange, Core Medical this timeIPOThe sponsor institution is Huatai United Securities Co., Ltd., the audit work is undertaken by Ernst & Young Hua Ming LLP, and legal services are provided by Beijing Guofeng Law Firm.

As a leading company in China's artificial heart fieldThe last company among the "Four Little Dragons" to receive approval from the National Medical Products Administration, Shenzhen Core Medical Technology Co., Ltd., has achieved remarkable results in the high-end implantable medical device market through its technological breakthroughs and commercialization capabilities. It has become the first innovative medical device company to be accepted under the reinstated fifth set of standards of the STAR Market.IPOEnterprise.

Core Products of Core MedicalCorheart® 6The implantable left ventricular assist system adopts axial full magnetic suspension design and control technology, with a pump weight of only90g`, Peripheral Weight`800g`, can provide`33hours of battery life, becoming the world's smallest and lightest magnetically levitated implantable artificial heart.The product achieved the highest market share in China in its first year on the market, with a cumulative implant volume exceeding700The platform ranks first in the industry in terms of commercialized implant volume, cumulative implant volume, and market share, becoming China's first implantable artificial heart product for pediatric heart failure clinical use.

In the interventional field,CorVad® 4.0/6.0The series has entered the registration approval stage, adopting self-designed micro motors and control technology to achieve greater flow and more stable performance with a smaller outer diameter, reducing the risk of blood damage, and supporting longer clinical use. It has significant advantages compared to similar products abroad. Magnetic Levitation Integrated Implantable Dual Heart Assist SystemDuoCor® 2Has entered the clinical stage, targeting the long-term treatment needs for "total heart failure."

Despite Core Medical"The last company approved among the 'Four Little Dragons,' but its commercial performance"Uncommon。Corheart® 6In the first year of its market launch, the market share jumped to the top rank, with cumulative implantations exceeding700Shenzhen Core Medical Technology Co., Ltd. has achieved the "triple crown" of commercial implant volume, cumulative implant volume, and market share. This achievement is due to its technological advancement and reliability – in the life-and-death realm of artificial hearts, the business logic that "technological advantage is core competitiveness" has been fully validated by Core Medical.

Core Medical is the only company that simultaneously develops implantable and interventional ventricular assist products, positioning itself against the global monopoly giant Abbott (HeartMate 3Global Implant Volume Exceeds3.5(Ten thousand units) and Johnson &ImpellaAnnual Sales14(Billion USD).In terms of internationalization, the company has already expanded to Austria and Germany.Corheart 6Clinical trial enrollment, becoming the first company in China to conduct high-risk Class III active implantable device clinical trials in Europe and the United States, and completing the first integrated dual-heart product in Hanover, Germany.DuoCorHumanitarian Aid Implantation.

Facing the impact of geopolitical conflicts and tariff wars between China and the U.S., Core Medical's Europe-focused internationalization strategy demonstrates robust pragmatism.——The European market has strong payment capabilities and a stable market environment. Its product layout of "offering what others don't, and excelling where others merely compete," combined with the synergistic effects of implantation and intervention, is expected to propel it to become China's first international leader in the field of heart failure and circulatory support to successfully expand overseas.

This STAR MarketIPOThe acceptance of the application reflects the support of the regulatory authorities for scientific and technological innovation enterprises in the biopharmaceutical field. Core Medical, as an innovative enterprise in the medical technology field,Instrument Family will closely monitorIts listing process. According to the STAR Market listing rules, the company must undergo multiple rounds of review inquiries, deliberation by the Listing Committee, and other procedures before finally completing the issuance registration.