高瓴重仓，麦科田上市首日跌超40%！多位高管出身迈瑞医疗

红星资本局09-07

9月7日，深圳麦科田生物医疗技术股份有限公司（简称“麦科田”）正式在港交所主板挂牌上市。然而，这家被高瓴资本重仓押注的企业，并未迎来开门红。　　上市首日，麦科田开盘即破发，截至收盘报8.8港元/股，较发行价15.43港元大跌42.93%，总市值47.4亿港元。　　官网显示，麦科田成立于2011年，是一家立足中国的全球化医疗器械提供商。截至2026年3月31日，公司产品组合涵盖超过60种生命支持...

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Several senior executives come from Mindray Medical","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300760":1.5,"02041":1.5,"IPOS":1.5},"content_text":"9月7日，深圳麦科田生物医疗技术股份有限公司（简称“麦科田”）正式在港交所主板挂牌上市。然而，这家被高瓴资本重仓押注的企业，并未迎来开门红。　　上市首日，麦科田开盘即破发，截至收盘报8.8港元/股，较发行价15.43港元大跌42.93%，总市值47.4亿港元。 　　官网显示，麦科田成立于2011年，是一家立足中国的全球化医疗器械提供商。截至2026年3月31日，公司产品组合涵盖超过60种生命支持产品、110种微创介入产品及150种体外诊断产品，累计覆盖全球逾140个国家和地区。在中国累计覆盖超过6000家医院，其中包括约90%的三级甲等医院。　　财务数据显示，麦科田2023年、2024年营收分别为13.13亿元和13.99亿元，2025年进一步增长至16.19亿元，年复合增长率约11%。2026年一季度营收4.22亿元，同比增长19.1%。　　其中，微创介入板块是最大收入来源，2025年实现收入8.12亿元，占总收入的50.2%。生命支持板块2025年收入为6.13亿元，占总收入的37.9%。体外诊断板块2025年收入为1.94亿元，占总收入的12.1%。　　盈利端，麦科田呈现“先亏后盈”特征。招股书显示，2023年至2024年，公司分别净亏损6451万元、9662万元，两年累计亏损超1.61亿元。2025年成功扭亏为盈，实现净利润5073.8万元，经调整净利润1.29亿元，净利率3.13%。　　麦科田盈利改善核心在于毛利率持续优化。2023年至2025年，公司整体毛利率从49.6%升至53.7%，累计提升4.1个百分点，主要得益于高毛利的微创介入业务占比提升、规模效应显现及供应链成本管控。 　　自2016年起，麦科田在一级市场备受追捧，先后完成A轮至E轮多轮融资，累计吸金超20亿元人民币。投资方阵容堪称豪华，包括高瓴资本、深创投、红土医疗、同创伟业及基石资本等一线机构。　　IPO前，刘杰、钟要齐及李辉合计直接持有21.08%的A类股份并且通过瑞鑫康众、聚贤康众等7个有限合伙平台间接控制18.47%的B类股份，合计控制约39.55%的股权，并据此在股东会掌握79.14%的投票权。外部机构股东中，高瓴资本重仓，持股占比20.79%，深创投持股8.54%紧随其后。 　　招股书显示，麦科田核心管理团队带有浓厚的“迈瑞系”色彩，多位核心管理人员曾就职于医疗器械龙头迈瑞医疗，董事长刘杰曾任迈瑞医疗COO兼CFO，副董事长钟要齐曾主导迈瑞国际销售。 　　公开资料显示，董事长刘杰是浙江大学光电学院本科1987级校友。　　值得注意的是，截至2025年底，麦科田因收购Penlon、唯德康医疗等形成的商誉高达9.28亿元，占同期净资产18.76亿元的49.47%，近乎半壁江山。其中，仅收购江苏唯德康医疗一项就形成9.14亿元商誉，占商誉总额98.5%，是当期净利润的18倍。　　医疗器械行业技术迭代快、市场竞争激烈，若被收购标的业绩不及预期，商誉减值将直接侵蚀利润。麦科田在招股书中提示，若未来宏观环境、行业政策变化，或标的整合效果不佳，可能触发商誉减值测试，对公司财务状况造成重大不利影响。　　渠道层面，麦科田采用“经销商为主、ODM为辅、直销补充”模式。2025年经销商收入占比83.1%，对渠道议价能力弱，难以直连终端需求。此外，公司经销商数量波动明显，2024至2025年，国内经销商由2791家降至1959家，海外经销商由903家降至607家，渠道稳定性下降。　　麦科田在招股书中坦言，由于公司高度依赖经销商完成产品销售与渠道经营，且经销商在医院招标流程中扮演关键角色，若经销商订单变动、合作终止或流失，均可能导致收入大幅波动，拖累经营业绩。　　综合公开资料、南方都市报（文章来源：红星资本局）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.50.0","shortVersion":"4.50.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2665311166","isCrawlerRequest":true}