On February 4th, investors can subscribe for shares of Haisheng Medical (920166.BJ) on the Beijing Stock Exchange. Since its establishment, the company has consistently focused on the research, development, and manufacturing of anesthesia and monitoring medical consumables. It stands as one of China's early tech-driven medical device manufacturers specializing in this field, recognized as a national-level "Little Giant" enterprise specializing in specific sectors. Haisheng has successfully built a product portfolio spanning three major categories: anesthesia, patient monitoring, and surgical/nursing supplies.
In terms of proprietary technology, Haisheng Medical has developed 14 core technologies that underpin its main product series and categories. These include invasive blood pressure sensor packaging, bioelectrical signal acquisition, quantitative control of catheter bonding, manufacturing of disposable double-lumen laryngeal masks, heat and moisture retention in humidification filters, manufacturing of kink-resistant anesthesia catheters, and effective air removal structures for infusion pumps. These technologies form a robust competitive moat for the company's product matrix.
From 2022 to the first half of 2025, these core technologies have consistently generated revenue and fueled rapid sales growth. Revenue from products utilizing core technologies reached 223 million yuan, 254 million yuan, 253 million yuan, and 132 million yuan, respectively, accounting for 83.40%, 83.31%, 83.45%, and 84.72% of the period's main business revenue. This clearly indicates that the company's primary revenue stream is heavily dependent on its core technological offerings.
Regarding its direct client base, from 2022 to H1 2025, Haisheng Medical's products have achieved sales coverage across all 31 provinces, autonomous regions, and municipalities in China, establishing strong and stable cooperative relationships with major clients. Furthermore, the company's products have been successfully exported to key international markets. At the end-user hospital level, Haisheng's main products are widely used in renowned comprehensive hospitals, including Peking Union Medical College Hospital (Beijing Union 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, serving over 600 top-tier Grade A hospitals.
It is noteworthy that Haisheng Medical currently faces the risk of relatively saturated production capacity. In recent years, downstream market demand has progressively expanded, business scale has continued to grow, and the output and sales volume of main products have steadily increased. However, constrained by factors such as machinery, equipment, and production personnel, the company's existing capacity has essentially reached its limit. If production capacity cannot be expanded promptly and production capabilities effectively enhanced in the future, Haisheng may struggle to meet the growing sales demand, which could, to some extent, constrain its ongoing development.