Feiyinuo Technology Co., Ltd. has had its initial public offering application accepted by the ChiNext Board of the Shenzhen Stock Exchange. Huatai United Securities is acting as the sponsor for the offering, which aims to raise approximately 872.3 million yuan. According to its prospectus, Feiyinuo is an innovation-driven enterprise that provides comprehensive medical ultrasound imaging solutions to healthcare institutions worldwide.
The company is the first domestic manufacturer to launch products equipped with an "Ultra-Fast Software Beamforming Platform." Through architectural innovation, this platform enables全域聚焦 (full-region focusing) and ultra-high frame rate imaging, deeply integrating hardware performance with software algorithms. This development breaks the monopoly previously held by international giants in this advanced ultrasound technology pathway.
Feiyinuo has achieved comprehensive mastery of key technologies, including the entire host system and core components such as ultrasound transducers, ensuring self-sufficiency and control over the core technologies of ultrasound imaging equipment. Leveraging its industry-leading super-resolution microscopic imaging technology, leading domestic medical institutions like Shanghai Ruijin Hospital, PLA General Hospital (301 Hospital), and West China Hospital of Sichuan University have initiated 14 multi-center studies targeting various diseases. These studies aim to explore the clinical value of super-resolution microscopic imaging, establish expert consensus, and develop clinical application guidelines, thereby opening up new clinical application spaces for ultrasound equipment.
Concurrently, the company is proactively developing ultrasound cavitation-assisted diagnosis and treatment technology, exploring the use of ultrasonic cavitation effects for medical auxiliary diagnostics. Benefiting from its platform-based R&D approach, Feiyinuo has built a rich and competitive product portfolio. As of the prospectus signing date, its self-developed color ultrasound diagnostic product lines comprehensively cover both medical and veterinary ultrasound imaging equipment, encompassing cart-based, portable, and handheld form factors. This range meets diverse application needs, including hospital multi-disciplinary departments, critical and bedside care, primary healthcare, and veterinary diagnostics.
The company's flagship ultra-high-end product series, ULTIMUS 9E, incorporates leading technologies such as super-resolution microscopic imaging, comprehensive real-time dynamic AI, multi-modal shear wave elastography, automated arterial stiffness measurement, and microvascular flow imaging. In terms of product quality and feature set, it ranks within the industry's top tier, effectively challenging the long-standing dominance of international giants in the ultra-high-end ultrasound segment.
Feiyinuo has established sales channels within China and in over 100 countries globally. Domestically, its products are used in thousands of medical institutions, including Peking Union Medical College Hospital, PLA General Hospital, Shanghai Ruijin Hospital, Shanghai Zhongshan Hospital, and West China Hospital. Internationally, the company has successfully entered markets in Europe, South America, Asia, and Africa, gaining broad recognition from end-users.
According to Frost & Sullivan statistics, in 2024, Feiyinuo ranked third among domestic manufacturers in terms of total sales revenue for full-series medical ultrasound imaging equipment in China. In the ultra-high-end medical ultrasound segment, it held the second position among domestic manufacturers, and it also ranked second in domestic sales for veterinary ultrasound equipment.
Financially, the company reported revenues of approximately 530 million yuan, 538 million yuan, 622 million yuan, and 432 million yuan for the years 2022, 2023, 2024, and the first nine months of 2025, respectively. Net profit for the same periods was approximately 38.63 million yuan, a loss of 65.59 million yuan, 48.56 million yuan, and 37.83 million yuan, respectively.
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