Medcaptain Medical Technology Co., Ltd.
麥科田生物醫療
💡 發售價HK$15.42，每手100股，入場費約HK$1,557.55
Offer Price
HK$15.42
Market Cap
HK$83.1B
Listing Date
2026-09-07
Grey Market: 2026-09-04
Sector
醫療器械
📊 Valuation Analysis
P/S ratio
4.8x
合理 — 接近行業平均醫療器械 sector P/S benchmark: 4x – 8x
Revenue growth (YoY)
15.7%
Gross margin
53.7%
Net margin
3.1%
Profitability
Profitable
Fair value range by sector P/S benchmark: HK$12.93 – HK$25.86
💰 Financial Summary (FY2025)
Revenue
RMB16.19B
Prior revenue
RMB13.99B
Gross profit
RMB8.70B
Net profit
RMB0.51B
Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).
📝 Key Notes
W股架構（上市後解除）。全球一體化醫療器械提供商，「邁瑞系」創業。FY2025收入16.19億人民幣(+15.7%)，毛利率53.7%，淨利5,074萬(扭虧為盈)。中國輸注工作站連續8年市佔率第一。高瓴持股。摩根士丹利+華泰國際聯保。招股期8/28-9/2。
🏢 Company Overview
麥科田生物醫療技術股份有限公司，中國領先的一體化醫療器械提供商。產品覆蓋生命支持（輸注工作站、麻醉機）、微創介入及體外診斷三大板塊，中國輸注工作站市場2018-2025連續八年排名第一，產品銷往全球140+國家及地區，覆蓋中國約九成三甲醫院。公司採用不同投票權架構（W股），上市後解除。
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