Over 130% increase! Why did Mactan make Hong Kong stocks “impossible to ignore”?

Halfway through 2026, there are many new changes in the medical device sector industry.

On the one hand, the trend of collection policy has changed from “only low price theory” to “equal emphasis on price quality”, and new “anti-internal circulation” regulations have been implemented, and innovative devices have received more tangible policy dividends compared to the past, such as granting separate groups and price premiums during collection, giving priority inclusion on the payment side in the health insurance catalogue, exploring new payment models, and enjoying preferential eligibility for subscription renewal.

On the other hand, Chinese medical devices are no longer an insignificant “companion” in the international market, but are gradually becoming an important force. Pharmaceutical exports for the full year of 2025 reached 111,341 billion US dollars, with a trade surplus of 20.965 billion US dollars; exports in the first quarter of 2026 were 14.810 billion US dollars, an increase of 7.58% over the previous year, reversing the downward trend in the fourth quarter of last year, and the signs of recovery are clear.

Meiktian Healthcare, which recently went public in Hong Kong, happened to be on the two major fronts of “going overseas” and “innovating.”

On the offshore side, the company was embedded in overseas medical device channel networks through strategic acquisitions, and R&D and production centers are spread all over the country. On the product side, the company has a variety of innovative products with high gold content: the MP-80, the first multi-channel infusion workstation in China, the HP-80, the first domestic infusion workstation specially designed for MRI environments, and Haema TX, the world's first fully automatic thromboelastogram analyzer;

With strong technology and products, and the availability of mature channels at home and abroad, Maiketian has successfully turned losses into profits and entered a positive profit stage.

From 2023 to 2025, Maiketian's total revenue was 1,313 billion yuan, 1,399 billion yuan, and 1,619 billion yuan respectively, with a compound annual growth rate of about 11%; revenue for the first three months of 2026 increased 19.1% year-on-year to 422 million yuan. Gross margin increased from 49.6% to 53.7%, and further increased to 54.3% in the first three months of 2026, with a cumulative increase of 4.7 percentage points during the reporting period.

Although there were early phased losses due to factors such as amortization of mergers and acquisitions, the losses narrowed year by year, and the loss officially turned into a profit in 2025. Adjusted net profit in 2025 reached 129 million yuan, and adjusted profit for the first three months of 2026 was 35 million yuan, far exceeding the same period last year. Profit increased by more than 130% during the adjusted period; adjusted EBITDA also increased to 290 million yuan, with a compound growth rate of 38.9% between 2023 and 2025.

It is worth noting that adjusted profit and adjusted EBITDA exclude the impact of non-cash/non-operating factors such as equity incentives, amortization of intangible assets, and some non-recurring items, which helps to more clearly present the actual profitability of the company's core business.

Furthermore, the company's net cash flow from operating activities reached 204 million yuan in 2025, a significant improvement over the previous year, and has achieved a positive cycle of self-hematopoiesis.

Is Macfield's IPO story compelling enough for Hong Kong stock investors? This will also be explained in detail below.

The global production and marketing network is gradually being formed, and profit indicators have improved comprehensively

When it comes to going out to sea, Macfield has already settled ahead of schedule.

Maikota originated as a drug infusion product, and its infusion pump has already accumulated a reputation in the European market: performance is comparable to international first-tier brands, and it is also the only Chinese brand to receive a four-star rating in the US Institute of Emergency Medicine (ECRI) product evaluation.

In recent years, the company has continued to deepen its overseas layout through strategic mergers and acquisitions. In 2022, the British medical device company Penlon was acquired to complete the anesthesiology and respiratory solutions business line and expand the life support product portfolio; in the same year, it not only completed the product puzzle in the minimally invasive intervention sector, but also opened up the Asian, European and American markets; in 2025, it acquired European medical device dealer Vedefar to directly capture mature channels in the European market.

After a few steps, Macfield's overseas footprint has been rolled out: in 2025, it accounts for 48.3% of overseas revenue, covering more than 140 countries and regions; the global dealer network exceeds 3,700, covering Asia Pacific, Europe, the Middle East, Africa, and America. In addition, the company has also set up international training centers in the Netherlands, the United Kingdom, Colombia and India to provide customized professional training for local customers and dealers, ensure that the brand establishes influence locally through a localized “product+service” model, and helps to continue to realize overseas revenue.

(Figure: The company's global sales network)

At the same time, the domestic base is solid enough: the products cover more than 6,000 hospitals, of which about 90% are grade III hospitals. By the end of 2025, the company had obtained more than 300 medical device registration certificates from the National Drug Administration, more than 40 FDA certifications and more than 300 CE certified products. These compliance qualifications themselves can become an invisible competitive moat.

According to public information, the company accounted for nearly half of overseas revenue in 2025, reversing losses and increasing gross margin. Adjusted net profit reached 129 million yuan in 2025, and adjusted EBITDA also increased to 290 million yuan. The compound growth rate between 2023 and 2025 reached 38.9%, and profit indicators have improved markedly.

Deeply innovate in various clinical scenarios to create advanced medical devices

Behind the impressive overseas results is Macfield's independent innovation support accumulated over many years.

In fact, Maxfield is one of the few domestic companies that simultaneously cover the three major tracks of life support, minimally invasive intervention, and in vitro diagnosis. By the end of 2025, the company's product portfolio included more than 60 life support products, 110 minimally invasive interventional products, and 150 in vitro diagnostic products. This is rare among domestic device manufacturers. This means that most departments in a hospital, from intensive care units, operating rooms, emergency departments to digestive and respiratory departments, can use Maikeda products.

(Figure: The company's product portfolio)

Each of the three major sectors has a division of labor. The life support sector is the company's “basic market”, maintaining revenue of 500 to 600 million yuan between 2023 and 2025, with steady performance; the minimally invasive intervention sector is a high-margin growth engine. Revenue jumped from 587 million yuan to 812 million yuan within three years, and gross margin also increased from 55.3% in 2023 to 61.8% in the first 3 months of 2026, accounting for “half” of the overall revenue.

Committed to product innovation, Maikota has put a lot of effort into R&D: it has set up an innovation center covering 11 professional divisions covering PCB design, algorithm research, complete machine testing, clinical trial management and regulatory compliance, and relies on an “industry-university-research-medicine” network to ensure that technological innovation is always closely connected with actual clinical needs. In 2025, the R&D cost is 274 million yuan, the R&D team has more than 500 people, and more than 1,200 patents and patent applications.

Thanks to the huge R&D investment, the company has produced quite a few outstanding R&D results.

Maiketian's products are specially designed to solve clinical pain points, such as the MP-80 multi-channel infusion workstation. Using a modular design, more than a dozen infusion pumps and injection pumps can be stacked without tools, meeting the immediate clinical needs of ICU complex multi-channel infusion; once connected to the ICMS central monitoring system, it can also achieve centralized management of infusions throughout the hospital.

Another remote-controlled infusion system, MS-100, can remotely monitor infusion status in special scenarios such as intensive care units, digital subtraction angiography (DSA) operating rooms, mixed operating rooms, and negative pressure isolation wards, to minimize the risk of cross-infection and radiation exposure for healthcare workers.

With a broad product portfolio and product design that closely fits clinical needs, it is easy to understand why Maikota has taken the lead in various market segments such as infusion workstations, enteral nutrition pumps, minimally invasive digestive system intervention consumables, and fully automated thromboelastography.

Summarize

The combination of industry policy dividends and performance inflection points has made this Maxfield IPO an attractive investment window.

On the product side, covering all three tracks, minimally invasive intervention carried the banner of growth, and many of the world's first products hit real clinical needs; on the market side, the overseas market has been deeply cultivated for many years, and domestic channels have penetrated into the top three hospitals, and the global pattern has now taken shape; on the performance side, turning losses into profits, improving cash flow, and rising gross margins. There is real money on the account, and the fundamentals are full of certainty.

The medical equipment circuit itself has high barriers and strong stickiness. Once a positive cycle is formed, the subsequent growth rate often exceeds expectations. What new stories can Macfield tell in the future is really worth looking forward to.