Another medical device company has landed on Hong Kong stocks. What is the “gold content” of Macfield (02041)?
With the intensive disclosure of mid-term reports from many medical device companies, the overall recovery trend in the medical device sector is clear, and the performance side has reached an upward inflection point. According to statistics, according to statistics, in the first half of 2026, the operating income of the Medical Devices Index increased 7.62% year on year, and net profit increased 10.49% year on year. This is the first quarter in four years to achieve a positive increase in net profit to mother.
On September 7, Macfield (02041) was officially listed on the Hong Kong Stock Exchange, which means that the Hong Kong stock medical device sector has added another platform-based leader.
At a time when the medical device sector is recovering as a whole, what are the key points worth investors' attention in this listing, and what are the future development trends of the industry? This will be analyzed in detail below.
The boom in the medical device industry is picking up, and commercialization capacity is the focus of market attention
The medical device industry has maintained a steady growth trend for a long time against the backdrop of increasing global population aging trends, continuous innovation in cutting-edge medical technology, and rising people's health needs. According to estimates by several authorities, the global medical device market is expected to be between 600 billion and 800 billion US dollars in 2026, and is expected to break the trillion US dollar mark by 2035.
In the first half of 2026, there were 814 investment and financing incidents in China's healthcare sector, up 13.8% year on year; the total amount of financing reached 72.56 billion yuan, an increase of 41.7% year on year, showing a clear “sharp rise in volume and price” trend, and capital market attention increased markedly. Judging from the flow of capital, the fields of innovative drugs, medical devices, and IVD are still the main investors, and large financing is further concentrated on projects with clinical progress, product verification or industrialization capabilities.
At a time when capital markets are increasingly seeking certainty, the commercialization ability and profitability of enterprises are gradually becoming “hard indicators” for testing the true value of a company.
Taking McKetian as an example, the company is at a critical point in the transformation from loss to profit. From 2023 to 2025, the company's total revenue grew from 1,313 billion yuan to 1,619 billion yuan, a three-year compound growth rate of about 11%, and gross margin also increased from 49.6% to 53.7%. The upward trend is quite clear. 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 was officially turned into a profit in 2025.
Entering 2026, the company's performance improvement momentum will further accelerate. Revenue for the first three months increased 19.1% year-on-year to 422 million yuan, and adjusted profit reached 35 million yuan, a sharp increase of 132% over the same period last year; it is important to note that in the first half of 2026, the company had a share payment fee of 25.065 million yuan. If the impact of such non-cash/non-operating factors is excluded, the company's core business is actually already profitable.
In terms of cash flow, in the first three months of 2026, cash flow from operating activities was positive year on year. Cash and cash equivalents at the end of the period were 321 million yuan, indicating that the company already has the ability to make its own hematopoiesis.
The growth logic of the medical device industry is essentially a process of “accumulation and underdevelopment”. Companies need to steadily build product and technical barriers through long-term and large-scale R&D investment.
Now, the emergence of a profit inflection point is undoubtedly a positive sign, indicating that Maiketian has gone through the “money-burning” investment period and has entered a new, more sustainable business stage with the company's solid moat built in various areas such as technology, products, and channels.
Platform-based enterprises are expected to be the first to benefit from the transformation of industrial competition logic
Currently, the global medical device industry is accelerating its evolution towards high-end and platform-based technology. Under this trend, it is difficult for a single pipeline product to establish a lasting competitive barrier. In the long run, enterprises with a complete product matrix and continuous expansion of the ecological layout will be more likely to gain a larger share in the fierce market competition.
As competition in the industry continues to intensify, medical device companies are increasingly focusing on integrating resources through mergers, acquisitions and restructuring to expand scale and enhance market concentration and overall competitiveness. Leading companies frequently use epitaxial mergers and acquisitions to enrich their product lines and technical reserves, and further consolidate their competitive advantage.
Focusing on the enterprise level, Maiketian chose the typical “platform-based” path of the medical device industry, with the aim of building a platform-based business system spanning multiple tracks and regions.
Starting with drug infusion products, Maiketian now spans the three major fields of life support, minimally invasive intervention, and in vitro diagnosis. The product portfolio includes over 60 life support products, 110 minimally invasive interventional products, and 150 in vitro diagnostic products.
Although the three major businesses are on different tracks, they can all form reuse and synergy effects in terms of channels, customers, and technology, and cover a wide range of clinical needs in clinical departments, wards and clinics, as well as community health centers, testing institutions, and home care scenarios. According to Insight Consulting, with innovative and high-quality medical products and covering a wide range of clinical departments, the company has become one of the most comprehensive medical device companies in China.
This diversified strategy not only enables the company to effectively resist the risk of fluctuations on a single track and improve the safety cushion for performance, but also helps the company to create a new growth curve and achieve steady overall development. Judging from the performance, all three major business segments of Maxfield have achieved overall growth in the past three years, verifying the viability of this strategy.
Among them, the life support sector maintained revenue of 500 to 600 million yuan between 2023 and 2025, and the gross margin for the first three months of 2026 was 44.9%.
The revenue of the minimally invasive intervention sector jumped from 587 million yuan to 812 million yuan in three years, and gross margin also increased from 55.3% in 2023 to 61.8% in the first 3 months of 2026, becoming the core engine driving the company's overall growth.
The in vitro diagnosis business continued to grow, recording revenue of nearly 200 million yuan in 2025 and maintaining a high gross profit margin of 53.3% in the first three months of 2026.
On the one hand, the product matrix layout is extensive. On the other hand, when it comes to each Macfield product, its technical strength is also one of the best “can beat”.
In the life support sector, the company launched the world's first remote infusion control system. It is also the first domestic brand in China to launch self-developed multi-channel infusion workstations, infusion workstations compatible with MRI environments, touch infusion pumps, and touch enteral nutrition pumps. In terms of sales, it has been at the top of the Chinese infusion workstation for eight consecutive years from 2018 to 2025, and ranked first in the enteral nutrition pump market for five consecutive years from 2021 to 2025.
In the minimally invasive interventional segment, the company is one of the few domestic brands with a proprietary endoscopy product portfolio in China. In terms of sales, it ranked in the top three in the Chinese minimally invasive digestive system consumables market for four consecutive years from 2022 to 2025, and ranked in the top five in the Chinese disposable cholangoscopy market for three consecutive years from 2023 to 2025.
In the in vitro diagnostic sector, the company launched the world's first fully automatic thromboelastogram analyzer in 2021. In terms of sales, it has entered the top five blood type testing equipment markets in China in 2025.
Leading technology and market share not only shows that the company has solid technical barriers, but is also mature enough in terms of commercialization, confirming the “gold content” of performance growth from another side.
High-end medical devices accelerate “going overseas” to overseas markets and contribute additional performance
Currently, going overseas has become one of the most important growth directions for domestic medical device companies. According to statistics from the China Chamber of Commerce for Import and Export of Medicines and Health Products, in the first half of 2026, China's total exports of medical devices reached 27.1 billion US dollars, up 12.4% year on year; imports were 15.46 billion US dollars, down 9% year on year, and achieved a trade surplus of 11.64 billion US dollars in the first half of the year.
High-end medical equipment continues to make breakthroughs in mature markets such as Europe and the US. At the same time, benefiting from the upgrading of medical demand in emerging markets and the deepening cooperation of “Belt and Road” countries, the market penetration rate of domestic medical devices in ASEAN, Latin America, Central Asia and other regions has also steadily increased.
As early as it began a two-wheel layout at home and abroad, the overseas business has now become a prominent highlight in the company's fundamentals.
Domestically, Maikota's products have covered more than 6,000 hospitals, including about 90% of third-class A hospitals, covering 31 provinces, municipalities and autonomous regions; 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.
Overseas, the company's business layout covers Asia Pacific, Europe, the Middle East, Africa and America, covering more than 140 countries and regions, and a global dealer network of more than 3,707. Overseas revenue accounted for 48.3% in 2025, making it an important revenue pillar.
Through the acquisition of British medical device company Penlon and European medical device dealer Vedefar, the company has established a foothold in the European market, and Europe, the Middle East, and Africa (EMEA) revenue share reached 26.6% in 2025.
According to the prospectus, about 35% of the net proceeds from the current McCain listing will be used for R&D investment, 20% for manufacturing base expansion, 20% for sales and marketing capacity improvement, and 10% for potential mergers and acquisitions.
From this financial plan, the company's next growth strategy can also be clearly seen: continuous investment on the R&D side to ensure product innovation and iteration, increased production capacity supports rapid commercialization, and the global layout continues to deepen, while maintaining sensitivity to mergers and acquisitions of high-quality targets. Make efforts in multiple dimensions to continue to build on a large scale and deepen the moat on the basis of the existing platform.
Overall, the profit inflection point in terms of performance has already been confirmed when it has landed in Hong Kong stocks. The commercialization path is mature, and the comprehensive platform-based product portfolio and global layout have also formed a sufficient margin of safety. It is a high-quality target on the medical device circuit with sufficient certainty. At this time of the public offering window, market investors may wish to pay attention to potential medium- to long-term investment opportunities.