Good News on Listing | Frost & Sullivan Congratulates Shenzhen BeiGene Biotech Co., Ltd. on Successfully Listing on the Sci-tech Innovation Board (688712.SH)

Shenzhen BeiCore Life Technology Co., Ltd. (hereinafter referred to as 'BeiCore Life') was successfully listed on February 5, 2026. The number of shares issued was 57 million shares, with an issue price of 17.52 yuan per share.

• Beixin Life has continuously positioned itself in the fields of coronary artery disease, peripheral vascular disease, and atrial fibrillation based on the clinical needs of cardiovascular disease diagnosis and treatment and the development of cutting-edge technologies. As of September 30, 2025, it has launched a total of 11 products into the market, with 6 products under research, covering five major product categories: IVUS systems, FFR systems, vascular access products, shock wave balloon treatment systems, and electrophysiological solutions. Among them, the company's core product, the IVUS system, is China's first independently developed 60MHz high-definition and high-speed domestic IVUS product. It features high definition, high speed, and intelligence, enabling efficient and convenient guidance for precise PCI strategy formulation. This product has been selected into the National Key Research and Development Program of the Ministry of Science and Technology, specifically for the development of digital diagnosis and treatment equipment “High-resolution, high-speed, intelligent cardiac interventional intravascular ultrasound imaging system”. The company's core product, the FFR system, is recognized as the “gold standard” for PCI treatment decision-making and myocardial ischemia diagnosis. It is the first domestic product approved by the National Medical Products Administration in the field of gold-standard FFR. This product has received high-level recommendations from multiple domestic and international clinical guidelines and expert consensuses, highlighting its clinical recognition and academic status.

   

• Northcore Life has long been committed to independent research and development as well as technological innovation, establishing four core technology platforms: the Micro-Nano Device R&D and Packaging Platform, the Interventional Catheter R&D and Process Platform, the High-Performance Medical Hardware Development Platform, and the High-Performance Signal and Image Algorithms and Application Software Platform. Through the successful research and development and commercialization of core products, the company has established an innovation product realization system for high-performance and high-barrier active interventional medical devices, covering comprehensive and critical processes such as technical pre-research, product development, clinical research and product registration, production and quality management, and commercialization implementation. In the future, it can continuously achieve efficient transformation of research and development results and continuously enhance the competitiveness of innovative products.

   

• The company's core management team and R&D team have been engaged in the research, development, and industrialization of high-end medical devices for a long time. They have accumulated rich experience in product design, clinical transformation, registration applications, and large-scale production. The team is familiar with both domestic and international medical device regulatory systems and clinical application needs, and can efficiently promote innovative products from research and development to commercial implementation, providing strong support for the company's continuous innovation and stable development.

Frost & Sullivan has long been monitoring the global and Chinese biopharmaceutical industries, publishing a large number of research reports that are widely cited in the prospectuses of leading science and technology innovation board listed companies in the industry, helping clients accelerate their growth.

Intravascular ultrasound (IVUS) is based on catheter technology and ultrasonic imaging technology. It involves sending a miniature ultrasonic transducer into the blood vessel lumen and performing a 360° scan to generate ultrasonic images of the blood vessel structure. IVUS can display in real-time the morphology, nature, and distribution of vascular wall lesions. It can accurately assess the degree of vascular stenosis by measuring the diameter and cross-sectional area of the blood vessel lumen. It can identify lesions such as calcification, fibrosis, and lipids, detect intravascular lesions that cannot be shown by coronary angiography, and also recognize intravascular tissues and devices such as thrombi, stents, and guidewires. IVUS is used to precisely guide PCI strategies (such as stent size selection and stent placement position) and evaluate the adhesion of stents to the arterial wall after surgery, providing important clinical value before, after, and during follow-up. As an important imaging guidance tool in the interventional diagnosis and treatment of coronary artery diseases, IVUS has improved the accuracy of lesion diagnosis, optimized the formulation of PCI strategies and stent selection, significantly reduced the incidence of major vascular events, and ultimately enhanced patient benefits. IVUS has been recommended by clinical guidelines in China and Europe as a necessary guiding tool for PCI treatment of coronary artery diseases such as left main stem lesions, bifurcation lesions, and chronic total occlusive lesions.

Thanks to the accumulation of relevant clinical evidence, high recommendations from clinical guidelines and consensus documents, continuous market education that has improved the concepts of domestic practitioners and led to product technology iteration and domestic substitution, the penetration rate of IVUS in China is rapidly increasing. It is estimated that the overall market scale of IVUS in China will grow from about 1.76 billion yuan in 2024 to about 5.11 billion yuan in 2030, with a compound annual growth rate of about 19.4%.

The Fractional Flow Reserve (FFR value) is a ratio that assesses the pressure before and after coronary artery stenosis, used to determine the degree of blood supply to the myocardium (degree of myocardial ischemia). Direct measurement of FFR involves placing a pressure sensor at the distal end of the coronary artery stenosis using catheter interventional technology, and according to the clinical definition of FFR, it directly and precisely measures the ratio of the average pressure (Pd) at the distal end of the stenosis in the coronary artery to the average pressure (Pa) at the aortic valve at the coronary artery ostium under maximal myocardial congestion, which gives the FFR value. Direct measurement of FFR can accurately assess the degree of myocardial ischemia and guide whether PCI is needed, as well as evaluate the effect of ischemia improvement after PCI, significantly reducing the incidence of major cardiovascular events and ultimately enhancing patient benefits. It is the gold standard for diagnosing myocardial ischemia and guiding PCI treatment. Direct measurement of FFR has long been fully supported by clinical data and is highly recommended in many domestic and international medical guidelines and expert consensuses.

Thanks to the recommendations of domestic and international clinical guidelines and consensus documents, continuous in-depth market education, the improvement of concepts among domestic practitioners, and the iterative development of product technology, it is estimated that the market scale of direct coronary FFR measurement in China will grow from about 230 million yuan in 2024 to about 3.12 billion yuan in 2030, with a compound annual growth rate of about 54.9%. Facing changes in clinicians' awareness of use, high terminal payment costs, reforms of DRG payment methods, and competition from imaging technology-based products, there are also certain uncertainties regarding future growth of the direct coronary FFR measurement market scale in China.

Complex coronary artery disease includes atherosclerosis, including chronic total occlusive lesions, bifurcation lesions, calcified lesions, left main stem lesions, and diffuse lesions. The main characteristic of complex coronary artery disease is severe atherosclerotic plaques, which make it impossible for doctors to see the vascular access at the site of vessel occlusion. Moreover, the lesions are usually longer, making current treatment more challenging. Compared with general PCI, complex PCI for complex coronary artery disease is difficult to perform using only working guide wires due to the severe stenosis. Using various disposable microcatheters in different clinical scenarios can support guide wires for lesion opening, significantly improving the opening effect and treatment success rate. Therefore, microcatheter product combinations provide vascular access in complex PCI and play an important role.

Thanks to the deepening of the concept of doctors as practitioners and the continuous improvement in product penetration, single-lumen microcatheters, dual-lumen microcatheters, and extended catheters are increasingly used in complex PCI for the treatment of chronic total occlusion (CTO) and bifurcation lesions. The market scale of vascular access products for coronary complex lesions in China increased from 290 million yuan in 2018 to 630 million yuan in 2022, with a compound annual growth rate of about 21.0%. It is expected to grow to 1.43 billion yuan by 2030, with a compound annual growth rate of about 10.7%.