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<p><img data-type="gif" class="__bg_gif " data-ratio="0.10555555555555556" data-w="720" src="http://mmbiz.qpic.cn/mmbiz/M2H0aGBjWUTRia7nqkArYeKZUqEfdmpNibMPiaZk4gvlWk5v5lUKyXhjJP4CENKQeQt5HI8zwcTCWJOkicfWJiatdJQ/640?wx_fmt=gif" style="white-space: normal;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", " ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);font-size: 15px;box-sizing: border-box !important;word-wrap: break-word !important;visibility: visible !important;width: auto !important;" /></p><p><span style="font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);font-size: 12px;">来源：新康界</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">从今年7月科创板开市以来，距今还没到半年，已经有65家企业登录科创板，其中医药生物企业有14家，占比21.54%。而在14家医药生物企业中，医疗器械可谓大出风头，企业数量达到10家，占比高达71.43%。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表1 科创板医药生物企业情况</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.6385350318471338" data-type="jpeg" data-w="628" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgcevu3ofPB8kYoeic75uSzJeLPVvKxFOYxPGRusAReqEicH1nFicxcVxDcKVQ/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 628px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="color: rgb(63, 63, 63);font-size: 14px;letter-spacing: 0.544px;">纵观这14家医药生物企业，2019Q3的财务数据都表现良好，4家企业的营业收入已超过5亿元，其中就有3家医疗器械企业。</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">经统计，医药生物企业在主板上市的数量最多，达到141家，但医疗器械企业数量仅有12家，占比仅为8.51%；中小板和创业板医疗器械企业数量占医药生物企业数量的比例则高于主板，分别为12%和36.9%。但是在科创板，该比例高达71.43%，可见医疗器械企业对科创板的偏爱。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表2 A股市场各板块医疗器械企业占医药生物企业数量比例情况</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "ingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.6203007518796992" data-type="jpeg" data-w="532" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgceviaL1zkpaOBuJxw39kSHf46OkIkp3MD8eRKHOd6p40RYUfs0XbpTPqibw/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 532px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">为什么科创板医药生物领域汇集了如此多的医疗器械企业而其他细分领域难见踪影？</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 82, 255);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">1. 医疗器械企业契合科创板定位</strong><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></strong></span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">科创板是专门为科技型和创新型中小企业服务的板块，体现在四新，即新技术、新产业、新业态、新模式。科创板医疗器械企业拥有关键核心技术，科技创新能力突出，完美契合科创板支持“科技创新新兴产业”的定位。</span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">在2019年3月3日发布的《上海证券交易所科创板企业上市推荐指引》可以看到，生物医药成为重点推荐的七大领域之一，其中就提到高端医疗设备与器械及相关技术服务领域。同时，医疗器械企业细分领域众多，包括高值耗材、IVD、家庭护理等领域，在科创板受益显著。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表3 《上海证券交易所科创板企业上市推荐指引》利好医疗器械企业</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.5276461295418642" data-type="jpeg" data-w="633" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgcevv1noiapicRSXo61zs89GzbtdRr1ISNEV1BjGnD8Gn2f3IrNvod3enGsQ/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 633px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 82, 255);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">2. 科创板上市规则利好研发创新型医疗器械企业</strong><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></strong></span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">科技创新具有更新快、培育慢、风险高的特点，科技创新企业更加需要风险资本和资本市场的支持。科创板规则中对于发行企业的市值和财务指标共有5套标准，满足其中之一即可申请创新板上市。</span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">截至2019年12月11日，科创板已上市的10家医疗器械企业中，有9家企业的市值超过了30亿元，南微医学的市值更是高达215.70亿元。而这些企业在上市前的财务指标，都完美契合上市条件，有的甚至满足不止一个标准。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表4 科创板上市的医疗器械企业相关财务指标</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.5477031802120141" data-type="jpeg" data-w="566" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgcevr7eRUF7MPicCFia52mCKBNibfmuibXiaocRBhg7Ex1SWhKaDibM0KVIBtX0Q/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 566px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">纵观医药行业，医疗服务类和医药商业类企业对科技创新与研发的能力的要求比较低，因此不太符合科创板的定位，只有做化学原料药、化学制剂、生物制品等的创新型药企和医疗器械企业比较符合科创板的要求。但是创新药行业目前还处于发展初期，大多数药企营业收入和净利润还比较低，加之科创板对未盈利企业的审核十分严谨，所以大多数创新药企还未能登录科创板。</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 82, 255);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">3. 医疗器械企业迎来快速发展的大好时期</strong><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></strong></span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">从1997年—2019年A股市场医疗器械企业的上市数量统计可以明显看出，从2014年开始，A股市场上市的医疗器械企业数量占医药生物企业数量比例逐年上涨。截至2019年12月12日，这个比例已经达到了61.11%，比2014年的21.43%翻了几乎两倍，可见医疗器械企业上市数量的增长速度远比其他医疗企业快。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表5 1997年—2019年A股市场医疗器械企业上市数量及占比</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.6394927536231884" data-type="jpeg" data-w="552" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgcevuN4j5LdRdja9kdfzjiaIgTyPj3vrjvoibn0PzY9oG58ARXreeiaSZT5dQ/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 552px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">根据中国医疗器械行业协会统计，2000年—2014年中国的医疗器械市场销售额复合增长率超过了20%，如今医疗器械企业已经迎来了快速发展的大好时期。2014年国家卫计委提出要重点推动三甲医院应用国产医疗设备，这一政策大大鼓励了国内医疗器械企业发展，也是从2014年开始，医疗器械企业数量占医药生物企业数量比例开始逐年上涨。加之医疗器械细分领域多——体外诊疗、骨科、内窥镜、糖尿病、心血管、眼科器械等领域，市场需求巨大，市场潜力无限，医疗器械企业乘势迎来快速发展。</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">相比研发创新药，研发医疗器械的周期要短——医疗器械从研发到批准上市大概需要三到五年时间，而一个新药可能需要十几年。从资金需求量上考虑，研发医疗器械比研发新药需要的资金少。时间短、投入小、相对风险小、回报快，这也是近年来A股市场上市的医疗器械企业数量占比越来越高的原因。</span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 82, 255);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">4. 科创板打破发行市盈率限制，有利于医疗器械企业价格发现</strong><strong style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></strong></span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">从2014年开始，A股市场上由于存在新股首发市盈率最高不能超过23倍的限制，且首发市盈率原则上不得高于行业平均水平的要求，通常会造成企业新股折价发行，公司融资额度远低于市场水平。而根据中国证监会发布的《关于在上海证券交易所设立科创板并试点注册制的实施意见》，科创板对新股发行定价不设限制，建立以机构投资者为参与主体的询价、定价、配售等机制，有利于企业价格发现，扩大企业首发融资额。</span></section><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">对比A股各板块医疗器械企业的平均市盈率，可以看出科创板的医疗器械企业平均市盈率以76.43名列四大板块第一，主板、创业板、中小板的医疗器械企业平均市盈率分别为37.16、49.00和42.58，都低于科创板。</span></section><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">图表6 A股各板块医疗器械企业的平均市盈率情况</span></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);text-align: center;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><img align="center" class="" data-ratio="0.2715654952076677" data-type="jpeg" data-w="626" src="http://mmbiz.qpic.cn/mmbiz_jpg/pOs5vNE9YQH2PIMJ0AVP8XTibic4hJgcevgeBTZyIveKOKzu1eCROX93EF0XtNkNKNdg5drCyibibVQ8w3wsJJ4a2g/640?wx_fmt=jpeg" style="max-width: 604px;border-width: initial;border-style: none;border-color: initial;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;visibility: visible !important;width: 626px !important;" /></p><p style="margin: 5px 8px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 12px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;">数据来源：iFind，中康产业资本研究中心</span><span style="max-width: 100%;color: rgb(63, 63, 63);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></p><p style="margin: 20px 8px 25px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="color: rgb(63, 63, 63);font-size: 14px;letter-spacing: 0.544px;">从科创板的定位来看，重点支持新一代信息技术、高端装备、新材料、新能源、节能环保以及生物医药等高新技术产业和战略性新兴产业，推动互联网、大数据、云计算、人工智能和制造业深度融合。</span><span style="color: rgb(63, 63, 63);font-size: 14px;letter-spacing: 0.544px;">因此，创新型医疗器械企业的成长性不同于主板上市的传统医疗器械企业，市场化定价产生市盈率高是正常现象。</span><span style="color: rgb(63, 63, 63);font-size: 14px;letter-spacing: 0.544px;">因此，科创板的认可吸引了许多医疗器械企业前往。</span></p><section style="margin: 5px 8px 20px;max-width: 100%;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;color: rgb(63, 63, 63);box-sizing: border-box !important;word-wrap: break-word !important;overflow-wrap: break-word !important;"></span></section><p><span 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66);box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);line-height: 24px;box-sizing: border-box !important;word-wrap: break-word !important;">超声一站式服务商</span></strong></span></strong></strong></strong></strong></span></p><p style="white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;font-family: 微软雅黑;font-size: 16px;color: rgb(62, 62, 62);line-height: 25.6px;text-align: center;box-sizing: border-box !important;word-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;" /></p><p style="white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;font-family: 微软雅黑;font-size: 16px;color: rgb(62, 62, 62);line-height: 25.6px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;text-indent: 0em;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">地址：广州市天河区高塘路235号时代E-PARK7栋801、802室 </span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 1.75em;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">邮编：510507</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">电话：(+86)020-8722 8723 8764 5360 </span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">传真：020-8722 8623</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">全国统一免费服务热线：400-020-6788</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 24.381px;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">公司官网：http://www.parts-ultrasound.com/</span></p><p style="white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;font-family: 微软雅黑;font-size: 16px;color: rgb(62, 62, 62);line-height: 24.381px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;line-height: 1.75em;text-indent: 0em;font-family: Arial, Verdana, sans-serif;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">微信公众帐号：</span></p><p style="white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;font-size: 16px;text-align: left;box-sizing: border-box !important;word-wrap: break-word !important;"><img class="rich_pages " data-ratio="1" data-s="300,640" data-type="png" data-w="344" src="http://mmbiz.qpic.cn/mmbiz_png/dx3KibwtDhvcvQ5W66skZY3mYSqpoRYIMn3LOS0l9GkWVqSdiaw2RiclU8MiatfDmia3YvXxPRgDFiaZFibgUOEEfaYhA/640?wx_fmt=png" style="box-sizing: border-box !important;word-wrap: break-word !important;visibility: visible !important;width: 344px !important;" /></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">维修咨询：QQ: 712638 404</span><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;" /></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">设备咨询: QQ: 712638 405</span></p><p style="white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;font-family: 微软雅黑;font-size: 16px;color: rgb(62, 62, 62);line-height: 24.381px;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;text-indent: 0em;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">软件咨询：QQ: 712638 406</span><br style="max-width: 100%;box-sizing: border-box !important;word-wrap: break-word !important;" /></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">配件咨询：QQ: 712638 407</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">交流Q群：1106 11074</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">阿里店铺网址：https://renchengyiliao.1688.com</span></p><p style="text-indent: 0em;white-space: normal;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(62, 62, 62);font-size: 12px;font-family: Arial, Verdana, sans-serif;line-height: 1.75em;box-sizing: border-box !important;word-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(0, 0, 0);font-size: 14px;box-sizing: border-box !important;word-wrap: break-word !important;">电子邮箱：sales@parts-ultrasound.com</span></p>
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发表于 2020-10-19 22:41:34