Vascular Intervention 'Little Giant' Hua Mai Tech Seeks Beijing Stock Exchange IPO with Doubled Profit Growth

# From the STAR Market to the BSE: Strategic Adjustment Behind a "Downgrade"

Percutek Therapeutics’ path to capitalization has been quite tumultuous.In 2022, the company filed for an IPO on the STAR Market., originally planned fundraisingRMB 1.293 billion(Production base: RMB 568 million + R&D: RMB 568 million + Working capital supplementation: RMB 400 million), after which the review for listing on the STAR Market was terminated. The company’s subsequent shift to the Beijing Stock Exchange maintains the original fundraising investment logic but adjusts the scale, reflecting a reevaluation of the alignment between its development stage and the capital market.

The pace of listing on the NEEQ is tight:Listed on the National Equities Exchange and Quotations (NEEQ) system on April 2, 2025 → Officially transferred into on May 20, 2025Innovation Layer→ The Board of Directors reviewed and approved the IPO proposal on June 19, 2025 → Approved by the Shareholders' Meeting on July 8, 2025 →Sponsorship Letter Issued by CITIC Securities on May 27, 2026. It took only about one year from listing to the issuance of the sponsorship letter.

Core Terms of the Issuance Plan:Issuance of no more than24 million shares(excluding over-allotment), over-allotment option15%(up to 3.6 million shares), the total issuance shall not exceed after full allotment27.6 million shares; Total share capital before issuance71.7999 million shares, the total share capital after full allotment shall not be less than95.7999 million shares; the pricing method shall be determined through negotiation between the Board of Directors and CITIC Securities, and may beDirect Pricing, Online Bidding, Offline InquirySelect from three options; the underwriting method isStandby Underwriting。

Listing Criteria Match:The company selects the Beijing Stock Exchange with a market capitalization of no less thanRMB 1.5 billionand the total R&D investment in the past two years shall be no less thanRMB 50 millionstandards. The R&D expenses for 2024 and 2025 were respectivelyRMB 55.6812 million、RMB 51.4728 million, TotalOver RMB 100 million, far exceeding the threshold. Net assets attributable to shareholders at the end of 2025449 million yuan, higher thanRMB 50 millionMandatory Requirement. The public float is expected to be no less than25%, the number of shareholders is expected to be no less than200 people。

# Financial Inflection Point: From Significant Losses to Doubled Profits, Gross Margin Under Pressure but Operating Cash Flow Improves

The three-year financial data disclosed in the sponsorship letter outlines a clear trajectory of performance reversal:

2023: Operating RevenueRMB 154 million, net profit attributable to shareholders-16.7635 million yuan, net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses-24.2624 million yuan, Net Cash Flow from Operating Activities-3.6948 million yuan, R&D investment as a percentage of revenue38.33%, gross profit margin73.78%。

2024: Operating RevenueRMB 203 million(year-on-year increase of 31.4%), net profit attributable to shareholdersRMB 8.5308 million(Turning losses into profits), net profit attributable to shareholders of the parent company after deducting non-recurring gains and lossesRMB 8.5308 million, Net Operating Cash Flow46.3716 million yuan(Significant Turnaround), R&D Investment as a Percentage of Revenue27.44%, gross margin71.17%。

2025: Operating Revenue231 million yuan(+14.0% year-on-year), net profit attributable to shareholdersRMB 17.7485 million(year-on-year increase of 108%), net profit attributable to shareholders after deducting non-recurring gains and losses12.6411 million yuan, Net Cash Flow from Operating ActivitiesRMB 35.0246 million, R&D investment as a percentage of revenue22.24%, gross margin68.01%。

Key Financial Interpretation:

The inflection point in performance is clear.The significant loss in 2023 was attributed to clinical investments in new products and high R&D expenses; the turnaround to profitability in 2024 benefited from the increased sales volume of aortic stents and new revenue from neuro-consumables; the doubling of profits in 2025 demonstrates the continued validation of commercialization capabilities.

The continuous decline in gross profit margin needs attention.Three-year gross margin from73.78%decreased to71.17%then decreased to68.01%, the core reason isPrice Cap Policy on Aortic Stent Grafts Issued by the National Healthcare Security Administration at the End of 2024, driving a nationwide reduction in the terminal listing prices of thoracoabdominal aortic stent products, which led to a decline in ex-factory prices. The company relied on new product iterations and overseas business to offset gross margin pressure; however, should centralized procurement expand its scope in the future, gross profit margins may face further downward pressure.

Healthy asset structure.The consolidated asset-liability ratio at the end of 2025 was only10.87%, compared to the end of 202424.39%Significant Decrease; Current Ratio5.95-fold, Quick Ratio4.34-fold, with ample cash reserves and no short-term debt repayment pressure.

Impairment risks cannot be ignored.2024 Acquisition of SubsidiariesPuyi ShengjiUnderperformance Against Expectations, ProvisionGoodwill Impairment of RMB 7 Million、Impairment of intangible assets: RMB 4 million. As of the end of 2025, the carrying amount of goodwill remained atRMB 57.2012 million, Intangible AssetsRMB 109 million. If Puyishengji or another subsidiaryHuatong JizhiFuture operating performance may fall short of expectations, posing a risk of further impairment.

Dividend Restrictions.As of the end of 2025, on a consolidated basis, the CompanyAccumulated Uncovered Losses: -132 million yuan, in the short term after listingInability to Implement Cash Dividends。

# Fourteen Years of Deep Cultivation: The "Little Giant" from Aorta to a Full Vascular Disease Platform

Percutek Therapeutics was established inIn 2011, the company boasted profound R&D expertise and undertook"12th Five-Year" National Science and Technology Support Program Project、Major Scientific and Technological Achievement Industrialization Project under the Science and Technology Program of Beijing Municipal Science & Technology Commission、Major Frontier Original Technology Achievement Transformation and Industrialization Projects in the Zhongguancun National Independent Innovation Demonstration Zonenational-level and provincial/ministerial-level research projects. The R&D expense ratio over the three-year period from38.33%Decreased to22.24%, but the absolute amount remains consistently high, reflecting its "R&D-intensive" DNA.

Production is independently controlled.Self-builtDaxing Production Base, full-process in-house manufacturing (stent braiding, catheter micro-pore fabrication, ultrasound component assembly), holdingFull Qualifications for Class III Medical Devices, throughISO 13485 Quality Management System Certification, finished products undergo 100% inspection before warehousing, enabling simultaneous mass production coverage across multiple categories including aortic, ultrasound, and neurological consumables.

# Four Major Business Segments: Aortic Solutions as the Foundation, Ultrasound Debulking as the Growth Driver, and Intensive Approvals for Neurovascular Consumables

Percutek Therapeutics is positioned as"Domestic High-Tech Enterprise Innovating Devices in the Full-Spectrum Vascular Disease Sector", with the vascular physiological characteristics of the Chinese population as the core of research and development, coveringAortic, Peripheral and Coronary, Neurointerventional, Access ConsumablesFour Major Segments: Aiming to Build a Domestically Produced Vascular Intervention Platform Enterprise with Global Competitiveness.

(I) Aortic Intervention: Global GapDifferentiated Innovation, Core Revenue Source

This is the company's core business foundation; all three products reflect the R&D logic of "targeting the vascular characteristics of the Chinese population."

Endovascular Stent Graft System for Abdominal Aorta.Entered the Special Approval Procedure for Innovative Medical Devices in 2015 and approved for market launch in 2017, selectedCatalog of Excellent Domestically Produced Medical Devices。The core innovation lies in adapting to the domestic market.Short-Landing, Wide-Angle Complex Aneurysms, filling the domestic gap in minimally invasive treatment for complex abdominal aortic aneurysms.

Thoracic Aortic Stent Graft System.Adapted to the high incidence of aortic dissection with short landing zones in the Chinese population；Granted priority review status in 2017 and approved for market launch in 2019, addressing the pain point that European and American stents are not suitable for Chinese patients.

Integrated Endovascular Stent System for Intraoperative Use.Entered the Special Approval Procedure for Innovative Medical Devices in April 2020, and officially approved in April 2025；World's First Sutureless Total Arch Replacement Stent Graft, eliminating the need for intraoperative vascular suturing and simplifying critical surgery for Type A aortic dissection, resulting inCertification of the First (Set) Major Technical Equipment in Beijing. This is the company’s product with the highest technological barrier, and there are currently no comparable competitors globally.

(II) Peripheral and Coronary Ultrasound Debulking Pipeline: Core In-Development Growth Driver with High Technical Barriers

Relying onFrequency Modulation Control, Multi-Frequency Pulses, Integrated Tip, Single-Energy Multi-CatheterFour Core Proprietary Ultrasound Technologies: Ablating Calcification via Ultrasound Shockwaves to Recanalize Chronic Total Occlusion (CTO) Lesions, Addressing Clinical Challenges in Severely Calcified Vessels That Are Refractory to Conventional Balloon Angioplasty and Rotational Atherectomy.

First-Generation Peripheral Ultrasound CatheterCompleted onEntered the Special Approval Procedure for Innovative Medical Devices in November 2023，Registration Application Submitted, the production line has passed acceptance and is ready for mass production. In the future, it can be integrated with thrombolysis and aspiration to formOne-Stop Vascular Debulking Solution。

(III) Neurointerventional Access Consumables: Intensive Approvals in 2024–2025, Filling the Domestic Gap

Approved products includeMicroguidewire, Microcatheter, Peripheral Infusion Catheter, Mechanical Detachment Coil, covering the full spectrum of surgical approaches for hemorrhagic and ischemic stroke, thereby filling the gap in domestically produced neurovascular access consumables.

(4) General Access Consumables: Mature Profitable Product Line

Hydrophilic Guidewire, Double-Curve Guidewire, Zebra Guidewireetc., fully self-developed across the entire product linePrecision Micropore and Guidewire Grinding Technology, suitable for interventional procedures across all departments.

Pipeline in Development:As of April 2026, the company also has [products/portfolios] in the fields of aortic, peripheral and coronary, neurointerventional, and access solutions.More Than Ten Products in DevelopmentIn clinical trial and preclinical research stages.

Product Registration and Internationalization:Domestic19 SeriesThe product has obtained the NMPA registration certificate.2 ModelsCE Certified by the EU. Products distributed across China.Over 30 provinces and hundreds of Grade A tertiary hospitals, benchmark collaborations includeFuwai Hospital, Anzhen Hospital, Zhongshan Hospital, The First Affiliated Hospital of Sun Yat-sen University, Shanghai Changzheng Hospitaletc. Sold to overseas marketsGreece, Germany, Poland, Italy, Turkeyand other European countries, the proportion of overseas revenue from 2023 to 2025 was respectively3.19%、4.53%、10.72%，Overseas Growth Rate Continues to Rise。

# 13 Fully Proprietary Core Technologies: A Complete Capability Spectrum from Stent Braiding to Ultrasound Ablation

The Sponsorship Letter Discloses in Detail the Company13 Proprietary Core Technologies, all achieving large-scale mass production:

Aortic Stent Field (6 items):Stent Combination Technology(Segmented design, proximal double-sealing to prevent endoleak),Proximal Posterior Release Technique(Millimeter-level precise positioning and release),High-Flexibility Pushing Technology(Suitable for tortuous and small-diameter vessels),Barbed Bare Stent Technology(Active fixation to prevent dislodgement),Integrated Suture-Free Technology(Simplified Total Arch Replacement),Variable Diameter Compression Technology(Integrated device delivery and release).

Ultrasound Catheter Field (4 items):Frequency Modulation Control Technology(Frequency-sweeping control enhances shockwave-induced microstructural disruption),Superimposed Multi-Frequency Pulse Technology(Multi-directional emission to improve efficiency),Advanced Integrated Tip-and-Tube Technology(reducing the risk of retraction stuttering and tip detachment),Single-Energy Multi-Catheter Technology(Expansion of Endovascular Calcification Clearance Capability).

Vascular Access Consumables (3 items):Micro-hole Machining Technology(drug perfusion, thrombus filtration),Automated Guidewire Manufacturing Technology(Continuous processing improves precision consistency),Precision Braided Catheter Technology(Multi-layer composite thin-walled catheter).

# Conclusion

Percutek Therapeutics is among the enterprises applying for listing on the Beijing Stock Exchange"A Typical Case of Turning Losses into Profits". In 2023, the company still incurred substantial losses; it turned profitable in 2024 and doubled its profits in 2025. The surge in sales of aortic stents and the approval of neurological consumables jointly drove the performance turnaround.

But the challenges are equally clear:Centralized procurement of aortic stents is underway, exerting continuous pressure on gross profit margins; risks associated with goodwill impairment remain unresolved; sales are heavily reliant on leading platform distributors; and there is uncertainty regarding the registration progress of ultrasound catheters.Listing on the Beijing Stock Exchange (BSE) represents a critical leap for the company, transitioning from the "technology validation phase" to the "scaled profitability phase."