Growth exceeds 130%! What makes Micron Technology "impossible to ignore" in the Hong Kong stock market?

By mid-2026, the medical device sector is undergoing significant changes. On one hand, the direction of centralized procurement policies is shifting from a "lowest price only" approach to emphasizing "price and quality equally." New regulations aimed at "reducing involution" are being implemented, providing innovative devices with more tangible policy benefits compared to previous years, such as separate grouping and price premiums in centralized procurement, priority inclusion in the medical insurance catalog at the payment end, exploration of new payment models, as well as preferential quotas and renewal qualifications. On the other hand, Chinese medical devices are no longer a negligible participant in the international market but are gradually becoming a significant force. In 2025, the total export value of pharmaceuticals and medical devices reached $111.341 billion, with a trade surplus of $20.965 billion; in the first quarter of 2026, exports amounted to $14.810 billion, a year-on-year increase of 7.58%, reversing the downward trend from the fourth quarter of last year, indicating a clear sign of recovery. Recent IPO of Mactan Medical in Hong Kong highlights the dual opportunities of "going overseas" and "innovation." In terms of going overseas, the company has strategically acquired and embedded itself into overseas medical device distribution networks early on, with research and development and production centers spread both domestically and internationally. On the product front, the company holds numerous high-value innovative products: Chinas first multi-channel infusion workstation MP-80, the first infusion workstation in the country designed specifically for MRI environments HP-80, and the world's first fully automatic thromboelasticity analyzer Haema TX, among others. With strong technical and product capabilities, along with established domestic and international channels, Mactan has successfully turned losses into profits and entered a phase of positive profitability. From 2023 to 2025, Mactan's total revenues were 1.313 billion, 1.399 billion, and 1.619 billion, with a compound annual growth rate of about 11%; in the first three months of 2026, revenue grew by 19.1% year-on-year to 422 million. Gross margin increased from 49.6% to 53.7%, rising further to 54.3% in the first three months of 2026, a cumulative increase of 4.7 percentage points during the reporting period. Although there were early-stage losses due to amortization of acquisition integration costs and other factors, losses have narrowed year by year, and by 2025, the company had officially turned a profit. In 2025, adjusted net profit reached 129 million, while in the first three months of 2026, adjusted profit was 35 million, significantly exceeding the 15.1 million recorded in the same period last year, with an adjusted period profit growth of over 130%; adjusted EBITDA also grew to 290 million, with a compound annual growth rate of 38.9% from 2023 to 2025. It is worth noting that adjusted profits and adjusted EBITDA exclude the impacts of stock-based compensation, intangible asset amortization, and some non-recurring items, which are non-cash/non-operating factors, helping to present a clearer picture of the company's actual profitability from core operations. Additionally, the net cash flow from operating activities reached 204 million in 2025, a significant improvement over the previous year, already achieving a positive self-sustaining cycle. For Hong Kong stock investors, is Mactan's IPO story attractive enough? This will be further discussed in the following sections. Global production and sales networks gradually taking shape, profitability indicators comprehensively improving In terms of going overseas, Mactan has already strategically positioned itself ahead of time. Mactan originated from drug infusion products, and its infusion pumps have gained a good reputation in the European market: their performance can rival that of top international brands and it is the only Chinese brand to receive a four-star rating from the Emergency Care Research Institute (ECRI) product evaluations in the U.S. In recent years, the company has continued to deepen its overseas presence through strategic acquisitions. In 2022, it acquired the UK medical device company Penlon, complementing its anesthesia and respiratory solutions line and expanding its life support product portfolio. In the same year, it acquired Wei De Kang Medical, not only completing its product puzzles in minimally invasive interventions but also opening up markets in Asia, Europe, and the Americas; in 2025, it made another successful acquisition, purchasing the European medical device distributor Vedefar, directly absorbing mature distribution channels in the European market. After several strategic moves, Mactan's overseas footprint has already expanded: by 2025, overseas revenue accounted for 48.3%, covering over 140 countries and regions; its global distributor network exceeds 3,700, spanning the Asia-Pacific, Europe, the Middle East, Africa, and the Americas. Additionally, the company has established international training centers in the Netherlands, the UK, Colombia, and India, providing customized professional training for local customers and distributors, ensuring that the brand builds influence locally through a localized "product + service" model, facilitating sustainable overseas revenues. At the same time, its domestic base is also solid: the products cover over 6,000 hospitals, about 90% of which are top-tier hospitals. By the end of 2025, the company had obtained over 300 medical device registration certificates from national regulatory agencies, over 40 FDA certifications, and more than 300 CE certification products, which in themselves serve as an invisible competitive moat. Public data shows that in 2025, nearly half of the companys overseas revenues drove performance turnaround and improved gross margins, with adjusted net profit reaching 129 million and adjusted EBITDA growing to 290 million, achieving a compound annual growth rate of 38.9% from 2023 to 2025, indicating significant improvement in profitability indicators. Diving into various clinical scenarios, innovating to create advanced medical devices The impressive achievements overseas are backed by Mactan's long-standing commitment to independent innovation. In fact, Mactan is one of the few companies in the country that covers the three major tracks of life support, minimally invasive intervention, and in vitro diagnostics. By the end of 2025, the company's product portfolio includes over 60 life support products, 110 minimally invasive intervention products, and 150 in vitro diagnostic products; such a large scale and coverage are quite rare among domestic device manufacturers. This means that most departments within a hospital, from intensive care units, operating rooms, emergency departments to departments like digestive and respiratory, can utilize Mactan's products. Each of the three major segments has its own role: the life support segment is the company's "core," maintaining revenues of 500600 million from 2023 to 2025, showing steady performance; the minimally invasive intervention segment is the high-margin growth engine, with revenue soaring from 587 million to 812 million in three years, and gross margin climbing from 55.3% in 2023 to 61.8% in the first three months of 2026, already accounting for "half of the overall revenue." Committed to product innovation, Mactan has invested considerable effort in research and development: it has established an innovation center comprising 11 specialized divisions covering PCB design, algorithm research, complete machine testing, clinical trial management, and regulatory compliance, relying on a "production-academic-research-medical" network to ensure that technological innovation is always closely aligned with clinical needs. In 2025, R&D expenses reached 274 million, with a research team of over 500 members holding over 1,200 patents and patent applications. With substantial R&D investment, the company has delivered numerous noteworthy research achievements. Mactan's products are specifically designed to address clinical pain points, such as the multi-channel infusion workstation MP-80, which adopts a modular design that allows stacking dozens of infusion and injection pumps without tools, meeting the clinical demand for complex multi-channel infusion in ICUs; once connected to the iCMS central monitoring system, it can also facilitate centralized management of infusion across the entire hospital. Another product, the remote control infusion system MS-100, can remotely monitor infusion status in special scenarios like intensive care units, digital subtraction angiography (DSA) operating rooms, hybrid operating rooms, and negative pressure isolation wards, minimizing the risk of cross-infection and radiation exposure for medical staff. With a broad product portfolio and product design closely aligned with clinical needs, its no surprise that Mactan has established a leading advantage in several niche markets such as infusion workstations, enteral nutrition pumps, minimally invasive interventional consumables, and fully automatic thromboelasticity analysis. Summary The dual overlay of industry policy benefits and performance inflection points makes Mactans IPO an attractive investment window. On the product side, all three major tracks are comprehensively covered, with minimally invasive intervention leading the growth banner and multiple globally pioneering products addressing genuine clinical needs; on the market side, years of deep cultivation in overseas markets, along with well-established domestic channels into top-tier hospitals, have given rise to an emerging global landscape; on the performance side, reversing losses, improving cash flow, and rising gross margins have already resulted in tangible assets, providing strong fundamental certainty. The medical device sector itself has high barriers and strong stickiness, and once a positive cycle is formed, subsequent growth rates often exceed expectations. What new stories Mactan might tell in the future is indeed worth looking forward to.