Chinese Artificial Heart Unicorn CoreMed Takes an 'Intermission' in Its IPO Process

Don't panic; it's just a procedural adjustment.

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Recently, the IPO review status of Core Medical on the STAR Market has changed. Its originally scheduled review meeting by the STAR Market Listing Committee was canceled, sparking market attention and speculation.CBN Medical Devices learned from Core Medical that the cancellation of the deliberation is a procedural arrangement during the review process, and the company’s related work continues to proceed in accordance with established procedures.。

In fact, changes to the Listing Committee’s review meetings during the STAR Market listing review process, driven by factors such as scheduling arrangements and regulatory procedures, are not unusual. Particularly for innovative medical device companies, the focus of the review remains on long-term value rather than any specific meeting milestone.

A leading domestic securities analyst stated that the adjustment to Core Medical’s review arrangement should be understood against the backdrop of the STAR Market’s support for the development of technology enterprises.It does not indicate a change in the company’s fundamentals, nor does it imply that the listing process has been hindered; rather, it resembles a routine “mid-process adjustment” within the review chain.。

Based on the information disclosed in the prospectus, Core Medical fully conforms to the fixed profile of the fifth set of standards, namelyNot yet profitable, but with an extremely high R&D investment intensity, and the product pipeline possesses clear clinical value and market potential., covering a comprehensive portfolio spanning “long-term implantation + short-to-medium-term intervention” and “left ventricular assist + biventricular assist + pediatric applications,” with certain products already commercialized.

According to data disclosed by Core Medical, driven by the continuous increase in market penetration of its core products, Core Medical’s revenue grew from RMB 16.55 million in 2023 to RMB 164 million in 2025, with its gross profit margin rising to 74.79%. In Q1 2026, revenue increased by another 56.99% year-on-year.

As a leading contender poised to become the first publicly listed “artificial heart” company in China, any minor development during Core Medical’s IPO process is prone to amplified interpretation. This heightened scrutiny, in turn, reflects the inherent industrial uniqueness of the artificial heart sector within the Chinese market.

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When it comes to high-end medical devices, in addition to artificial hearts, people often think of surgical robots and large-scale imaging equipment.

But within these niche segments,Imported brands (such as the da Vinci Surgical System, GPS, etc.) often entered the Chinese market first, completing early market education and achieving ecological monopoly.. Although domestic brands have accelerated their catch-up in recent years, they no longer need to bear the burden of pioneering technology and industry from scratch.

Unlike surgical robots and large-scale imaging equipment, although the artificial heart sector also features international giants such as Abbott, their entry into the Chinese market occurred relatively late, with the domestic market primarily driven by Chinese brands.This represents a relatively rare industrial landscape in the field of high-end medical devices.。

The rationale behind the “domestic-first, import-later” pattern for artificial hearts is quite pragmatic: the registration process for imported Class III implantable devices in China is lengthy, naturally causing them to lag behind domestic companies. Furthermore, artificial hearts are products that require strong clinical adaptability. Chinese patients generally differ in body size from Western populations, and domestic brands, being closer to clinical practice, can rapidly iterate and optimize their designs.

This also means that enterprises capable of building true competitiveness are not those that merely replicate existing products, but rather those equipped with original technological capabilities. Taking Core Medical as an example, it established its technical roadmap at an early stage,Rather than pursuing “me-too” or “me-better” strategies, we choose to seek new breakthroughs through foundational technological innovation.

As disclosed in the prospectus, Core Medical has established a diverse product pipeline that includes implantable and interventional artificial hearts. In terms of current commercialization progress, the company has gained recognition in the Chinese market.

Notably, although artificial hearts are still in their nascent stage in China, they represent a critical area with clearly defined clinical demand. According to the Frost & Sullivan report,The implantation volume of implantable ventricular assist devices in China grew to 748 units in 2024, with a compound annual growth rate (CAGR) of 423.0% from 2020 to 2024.

From this perspective, a company’s IPO process is merely an observational window; more worthy of attention are the industrial changes it represents. As the domestic artificial heart industry gradually matures, this sector may be ushering in a new cycle of competition.

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