The 'last battlefield' in the field of cardiovascular disease is facing a crucial battle in the capital market. Suzhou Tongxin Medical Technology Co., Ltd. (hereinafter referred to as "Tongxin Medical") recently updated its prospectus, continuing to launch an attack on the Science and Technology Innovation Board, with the goal of becoming the "first domestic artificial heart stock". As the owner of the first domestically approved fully magnetic levitation artificial heart, Tongxin Medical was once a benchmark in the industry. However, with the full disclosure of the prospectus, this star company, which has been established for over 15 years, has also revealed its brutal B-side to the outside world: continuous losses, price pressure, and fierce competition in market share. From the technological game on the operating table to the hidden battle in the capital market, the IPO path of Tongxin Medical is not only about the life and death of a company, but also a rehearsal for how China's high-end medical equipment can break through the commercial "death valley".Financial Profile: High Growth and Continuous' Blood Loss'From a financial perspective, Tongxin Medical's current situation presents a typical "dual sky" situation of high growth and high losses. The prospectus shows that with the core product CH-VAD (Cifu) ®） With the deepening of commercial promotion and the revenue generated from clinical trials of the new generation product BrioVAD in the United States, Tongxin Medical's revenue has achieved a leapfrog growth. During the reporting period, the company's revenue surged from 8.61 million yuan in 2022 to 213 million yuan in 2025, showing a rapid growth momentum. However, the performance on the profit side remains severe. From 2022 to 2025, Tongxin Medical's net profit attributable to the parent company has accumulated a loss of up to 1.052 billion yuan. Behind this is the natural high barrier property of the artificial heart race: extremely high research and development investment and huge market education expenses. During the reporting period, its R&D expense ratio once exceeded 200%, and its sales expense ratio remained consistently around 100%. Although this "burning money" model is a price that must be paid to seize the technological high ground, in the IPO review of the Science and Technology Innovation Board, when the black hole of sustainable operation and losses will narrow remains a focus of attention for regulators and investors. This means that this sprint to the Science and Technology Innovation Board is not only for honor, but also to replenish ammunition in this high consumption war and maintain the cash flow of global layout.Market Game: Price War and Share Defense WarAs a pioneer in the industry, Tongxin Medical broke the foreign technology monopoly with CH-VAD and was once a benchmark in the domestic maglev field. But with the rapid rise of rising stars, the market landscape is quietly changing. According to third-party data, the proportion of core medical implants from direct competitors has climbed to 52.86% from January to May 2025, exceeding half of the market. This means that the first mover advantage of Tongxin Medical is facing severe challenges, with a sudden increase in pressure to transform from a "leader" to a "follower". This fierce competition is most intuitively reflected in the price data of the prospectus.In order to quickly seize the market, the average price of the core product CH-VAD of Tongxin Medical has dropped significantly from 459600 yuan/unit in 2022 to 346000 yuan/unit in 2025. Although price adjustments are beneficial for benefiting more patients, they also directly compress the gross profit margin of enterprises. At the same time, the competition for discourse power within the industry has never ceased. It is worth mentioning a small incident in the industry: at a branch of the 2025 American Society for Artificial Organs Annual Meeting, industry expert K Dasse (now a long-term consultant expert at Tongxin Medical) raised objections on the spot to the core medical representative's claim that their product is "fully magnetic levitation", believing that their technology should be classified more as "magnetic assistance". From the progress of the capital market, this' attack strategy 'has evolved into an IPO speed race. The core medical system was accepted before November 2025, followed closely by Tongxin Medical. Although both adopt the fifth set of listing standards (market value+R&D progress) on the Science and Technology Innovation Board, there is a divergence in their focus on specific product pipelines. Beyond commercial competition, the legitimacy of technological routes has become an extended battlefield for enterprises to maintain their market position.Winning or losing key: globalization and technological heritageDespite facing price wars and market share pressure in the domestic market, Tongxin Medical has defended its core moat in terms of global layout and technological barriers. Tongxin Medical has adopted an international strategy of "striving for excellence". Its new generation product BrioVAD has not only obtained clinical trial approval from the US FDA, but is also the first product of its kind in China to undergo a "head to head" randomized controlled clinical trial with Abbott HeartMate 3 overseas. Thanks to the coverage of innovative technologies by CMS (Medical Insurance) in the United States, BrioVAD has already started generating revenue during the clinical trial phase, contributing nearly 100 million yuan in revenue by 2025, becoming an important pole supporting performance growth. This "overseas clinical research and development" model has to some extent alleviated the pressure of relying solely on a single domestic market. From an investment logic perspective, for a type of innovative medical device, its true valuation anchor lies in the width of the technological moat (whether it can bypass overseas patents and form intergenerational advantages), the ceiling of global commercialization, and the verification of long-term clinical safety. These three points are precisely the core propositions that Tongxin Medical is currently attempting to answer in its prospectus. For Tongxin Medical, listing on the Science and Technology Innovation Board is not only a "blood transfusion" to alleviate financial pressure, but also a "credit endorsement" for its globalization strategy. Only with the support of the capital market can it compete with international giants for a longer period of time and consolidate its position in the domestic market. The competition for domestically produced artificial hearts is a typical long-distance race. For Tongxin Medical, winning the title of "first domestic stock" may only be the first step.