On February 4th, SeaStar Medical (920166.BJ) commenced its subscription phase, setting an issue price of 12.64 yuan per share. The subscription upper limit is 508,200 shares, with a price-to-earnings (P/E) ratio of 13.99 times. The listing is on the Beijing Stock Exchange, with CITIC Securities acting as the sponsor.
According to the prospectus, SeaStar Medical is a comprehensive global provider of medical devices for anesthesia and patient monitoring. Its core business involves the research and development, production, and sales of anesthesia and monitoring medical devices, with products widely applied to meet end clinical needs in departments such as anesthesiology, ICU wards, and emergency departments.
As of the end of the reporting period, the company possessed a total of 53 domestic medical device registration and filing certificates. This includes 11 Class III medical device registration certificates, 40 Class II medical device registration certificates, and 2 Class I medical device filing certificates.
Furthermore, the company holds 2 U.S. FDA (510K) registrations. Twelve products, including disposable invasive blood pressure sensors and disposable pulse oximetry sensors, have obtained EU CE certification.
Since its establishment, the company has consistently adhered to a tiered innovation and development model described as "researching one generation, registering one generation, and producing and selling one generation."
SeaStar Medical has established a sales network covering the vast majority of provinces and regions across China. Its main products are extensively used in over a thousand tertiary hospitals and several thousand medical institutions nationwide, including more than 600 top-tier Class III Grade A hospitals.
The company's products have reached numerous renowned large general hospitals in China, such as Peking Union Medical College Hospital, Ruijin Hospital affiliated with Shanghai Jiao Tong University School of Medicine, The First Affiliated Hospital of Zhejiang University School of Medicine, and The First Affiliated Hospital of Sun Yat-sen University.
At the industry level, data from Frost & Sullivan indicates that compared to the global medical device market, China's market is developing more rapidly. From 2017 to 2024, the scale of China's medical device industry grew from 440.3 billion yuan to 1,154.4 billion yuan, achieving a compound annual growth rate (CAGR) of 14.76%, significantly exceeding the global market's approximate CAGR of 4.82% during the same period.
Simultaneously, with the Chinese government gradually increasing support for domestic medical devices and the continuous growth in per capita medical expenditure among residents, the domestic medical device market is expected to maintain a favorable growth trajectory.
The market size of China's medical device industry is projected to increase to 1,244.2 billion yuan by 2025, and further expand to over 1.66 trillion yuan by 2030.
Financially, for the years 2022, 2023, and 2024, the company achieved operating revenues of approximately 268 million yuan, 306 million yuan, and 304 million yuan, respectively. Net profits for the same periods were approximately 70.1104 million yuan, 78.0367 million yuan, and 70.9175 million yuan, respectively.
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