糖吉医疗递表港交所：成立十年仍亏损，主攻代谢性疾病治疗器械，百度风投加持下需跑出业务模型

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糖吉医疗冲刺港股IPO，核心产品商业化遇阻，机构站台难掩经营压力据新浪财经报道，2026年2月，杭州糖吉医疗科技股份有限公司向香港交易所主板提交招股说明书，拟按照第18A章生物科技公司特殊上市通道申请挂牌，工银国际与财通国际担任联席保荐人。作为一家专注于代谢性疾病治疗的创新医疗器械企业，糖吉医疗此次冲刺上市，主要目的是缓解长期亏损、高负债的经营压力，同时试图在千亿规模的代谢性疾病市场中抢占先机，其...

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needs to run out of the business model with the support of Baidu Venture Capital","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89888":0.6,"09888":1.71,"BIDU":1.71},"content_text":"糖吉医疗冲刺港股IPO，核心产品商业化遇阻，机构站台难掩经营压力据新浪财经报道，2026年2月，杭州糖吉医疗科技股份有限公司向香港交易所主板提交招股说明书，拟按照第18A章生物科技公司特殊上市通道申请挂牌，工银国际与财通国际担任联席保荐人。作为一家专注于代谢性疾病治疗的创新医疗器械企业，糖吉医疗此次冲刺上市，主要目的是缓解长期亏损、高负债的经营压力，同时试图在千亿规模的代谢性疾病市场中抢占先机，其背后已获得百度风投等机构的资本支持。公司成立于2016年，主营业务围绕肥胖及相关代谢性疾病的治疗器械、配套产品及全周期管理方案展开，适应证涵盖超重、肥胖、伴肥胖的MASH以及伴肥胖的2型糖尿病等。目前已商业化的核心产品为胃转流支架系统（GBS），这是中国首个获批用于消化内镜治疗肥胖症的三类创新医疗器械，也是全球首个肠道介入减重创新三类器械，标志着中国在代谢病介入治疗领域实现了从0到1的突破。此外，公司还获批了两款适配器械和一个数字健康管理平台，用于辅助器械操作与患者长期管理。在产品管线方面，公司正推进GBS在较低BMI人群的适应证拓展，同时独立开发多款在研产品，目标是覆盖主流的内镜下代谢治疗方案，降低对单一产品的依赖。然而，财务层面仍面临严峻挑战。自成立以来，公司持续处于亏损状态，且营收规模远不足以覆盖支出。2024年实现营收1270.9万元，净亏损6595.7万元；2025年前九个月营收增至2086.3万元，同比大幅增长554.83%，但净亏损进一步扩大至5494.2万元，同比增加18.45%。亏损扩大的主因是高额的销售营销、行政及研发开支，三项合计常年远超营收。2024年这三项开支分别达到1659.6万元、1773.3万元、4112.6万元，总和约为营收的5.9倍。经营活动与投资活动持续消耗现金，仅靠融资活动维持周转。截至2025年9月30日，公司总资产7775.1万元，总负债却高达1.06亿元，资产负债率超过136%，已处于严重资不抵债状态。招股书明确提示，若无法扭转净负债局面，公司运营灵活性将受限，未来增长计划也可能被迫推迟或取消。核心产品GBS的商业化进展同样不及预期。尽管其具备微创、可逆的优势，但在实际市场中仍面临多重挤压：GLP-1类减肥药物因给药简便、效果明确已成为主流选择，而GBS操作门槛较高、患者需承担更高成本与风险，导致接受度有限。截至2024年底，GBS商业置入仅完成240例；2025年前九个月增至1419例，在中国2.24亿肥胖人群中渗透率仍可忽略不计。此外，公司收入几乎全部来自分销商，2024年及2025年前九个月分销收入占比分别为99.1%和99.6%，渠道结构单一，存在明显增长隐患。同时，作为介入性器械，GBS存在支架移位、胃肠道穿孔等潜在安全风险，一旦发生不良事件，将直接冲击品牌形象、销售表现乃至面临监管处罚。股权结构方面，创始人左玉星直接持有28.96%股份，通过员工持股平台间接控制6.98%，合计控制35.94%，上市后仍保持绝对控股地位。公司自成立以来已完成多轮融资，吸引百度风投（持股5.05%）、上海方和（5.33%）、徐天宏（5.14%）以及弘励格睿、杭州比邻星、杭州高新等机构参股。2025年11月最新一轮融资完成后，公司估值达到13.2亿元。此次选择18A章通道上市，本质上是希望通过资本市场募集资金，用于持续研发、产品推广、债务偿还及补充流动资金，从而打破当前困境。但代谢性疾病医疗器械赛道竞争已日趋激烈，GLP-1药物、传统手术及其他介入方案均在快速迭代。能否真正提升GBS的市场渗透率、有效控制开支、改善财务结构，同时妥善应对合规与安全风险，将直接决定公司上市后的存续与发展空间。百度风投等机构的背书虽能提供一定资源支持，但持续亏损、高负债以及核心产品商业化不及预期的问题仍需实质性解决，糖吉医疗能否借助此次IPO实现真正突围，仍需时间与市场检验。《新识研究所》官方邮箱：xsyanjiuxnrb@126.com","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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