Domestic "hidden champions" in foreign languages have entered a new track

  Recently, Kangtuo Medical, the leading domestic neurosurgical implantable medical device manufacturer, issued an announcement, stating that it would acquire 55.5% of the equity of Xi 'an Salamander Biotechnology Co., LTD. (hereinafter referred to as "Salamander Biotechnology") and 72.99% of the property share of Xi 'an Huicai Enterprise Management Consulting Partnership (Limited Partnership) for 84.9825 million yuan. After the transaction is completed, Kangtuo Medical will directly and indirectly control 90.0075% of the equity of Salamander Biologics and include it in the consolidated financial statements.

  Kangtuo Medical stated that this acquisition can not only introduce key products in fields such as dentistry and neurosurgery, achieving a high degree of synergy in business areas, but also enhance the company's R&D capabilities and innovation strength in the biological field products, comprehensively improving the company's comprehensive competitive barriers and long-term development potential.

  According to the information, Kangtuo Medical is a leading enterprise in neurosurgical implant devices, specializing in professional fields such as neurosurgery, cardiovascular surgery, craniofacial surgery, and stomatology. Since its establishment, the company has been deeply engaged in the research and development of medical polymer materials and implants, forming a neurosurgery product matrix centered on PEEK materials, covering the entire process from skull repair, fixation to drainage. With a domestic market share of over 60%, it is regarded by the industry as an "invisible champion" in neurosurgery.

01

Contop announced the acquisition of Salamander Bio

Hold 90% of the shares

According to the announcement, the total transaction price between Kangtuo Medical and Salamander Biotech is RMB 84.9825 million。

This acquisition adopts a "direct + indirect" dual-path structure design: Kangtuo and its newly established wholly-owned subsidiary will directly hold 63.0001% of the equity in Salamander Biotech and indirectly hold 27.0074% of the equity in Salamander Biotech by holding a property share of 8.9875 million yuan in Xi 'an Huicai. Together, they will hold 90.0075% of the equity in Salamander Biotech. Salamander Biotech will become a holding subsidiary of Kangtuo Medical.

It is learned that this transaction does not constitute a related-party transaction or a major asset reorganization, and there is no need to submit it to the shareholders' meeting for review. The efficiency of the process is highlighted.

Kangtuo Medical stated that this acquisition by the company, on the one hand, can introduce key products in fields such as dentistry and neurosurgery, achieve a high degree of synergy in business areas, and enhance the company's comprehensive strength in business fields. On the other hand, it integrates its technological accumulation and R&D platform in the field of bio-regenerative materials to enhance the company's R&D capabilities and innovation strength in biological products, expand the company's business boundaries, and comprehensively improve the company's comprehensive competitive barriers and long-term development potential.

02

Strong alliances promote diversified development

Public information shows that Kangtuo Medical, established in 2005, is a high-tech enterprise specializing in the research and development, production and sales of Class III implantable medical devices. Its main products are applied in the fields of cranial bone repair and fixation in neurosurgery, sternum fixation in cardiothoracic surgery, maxillofacial repair and dentistry.

With its profound technological barriers, the company has won honors such as the Second Prize of National Technological Invention and has taken the lead in formulating multiple industry standards. As of now, Kangtuo Medical holds 20 registration certificates for Class III implantable medical devices, covering pioneering products in multiple niche fields. Among them, the PEEK material cranioplasty and fixation products market holds the largest share in China. It is the only domestic enterprise that can provide a full PEEK solution for neurosurgical cranioplasty and fixation based on patient needs.

In the field of neurosurgery, its products include the internal fixation titanium mesh plate system, polyetheretherketone 颃 bone repair system, PEEK skull fixation system, Bipler Bioplate skull internal fixation system, etc. In the field of cardiothoracic surgery, its products include PEEK sternal fixation bands, sternal fixation systems, rib plate systems, etc.

佰普勒Bioplate颅骨内固定系统

In the field of neurospine, Kangtuo offers a range of products including anterior cervical fixation systems, cervical intervertebral fusion devices, minimally invasive spinal fixation systems, posterior cervical fixation systems, lumbar internal fixation systems, and lumbar intervertebral fusion devices. In addition, Kangtuo Medical also offers products such as artificial dental implants, surgical hernia repair patches, and lamina fixation plates.

脊柱固定系统

Established in June 2021, Salamander Biotech is a research and production enterprise of Class III implantable medical devices that focuses on biomedical new materials and aims at tissue and organ repair.

The company has a relatively comprehensive R&D and production system for soft tissue repair and hard tissue repair products in the field of bio-regenerative materials. Currently, the products approved for marketing are oral absorbable biofilms and oral bone repair materials in the field of oral implantology. The products under development include hard brain (spinal) membrane patches and various types of absorbable hemostatic materials. Among them, animal-derived dura mater patches are expected to be approved within this year.

As a result, after the acquisition of Salamander Bio, Kangtuo Medical will introduce key products in the field of oral implants to form a high degree of synergy with its existing oral implants, effectively promoting the realization of the company's diversified business development strategy goals.。

03

Both revenue and net profit increased

But challenges still exist

Recently, Kangtuo Medical also released its semi-annual financial report for 2025. Financial data shows that its operating income in the first half of 2025 was 170 million yuan, representing a year-on-year growth of 11.07%. The net profit attributable to the parent company was 54.9986 million yuan, representing a year-on-year increase of 12.72%.

Among them, the neurosurgery business holds a dominant position in the company's business, achieving a revenue of 149 million yuan, an increase of 12.01% year-on-year. Among them, the revenue of PEEK material products was 108 million yuan, increasing by 13.05% year-on-year. The revenue of titanium material products was 38.3898 million yuan, increasing by 7.63% year-on-year. The proportion of PEEK rose to 63.86%.

The centralized procurement and price linkage have accelerated the replacement of titanium metal with PEEK. Meanwhile, innovative products such as "4D Bioactive Board" have completed over a hundred surgeries, achieving a breakthrough in commercialization. In terms of overseas markets, the production line in the United States was put into operation, and three new overseas registration certificates were obtained. The overseas revenue was 17.7551 million yuan, representing a year-on-year growth of 9.46%.

In the field of cardiothoracic surgery, Kangtuo Medical's operating income was 11.7452 million yuan, among which the sales revenue of PEEK material sternal fixation straps reached 11.71 million yuan, an increase of 20.28% compared with the same period of the previous year.

Meanwhile, the maxillofacial restoration business achieved operating income of 5.0631 million yuan, representing a year-on-year growth of 19.48%. In addition, the company has also set its sights on fields such as dentistry and skin fillers, actively building a diversified business landscape.

Overall, Kangtuo Medical has shown a trend of "double growth in revenue and net profit", but it should be noted that its growth rate has significantly slowed down compared with the high growth in previous years. The data from the last three semi-annual reports show that the year-on-year changes in operating income were 17.1%, 13.48%, and 11.07% respectively, indicating a continuous downward trend.

Meanwhile, due to the price reduction in centralized procurement and the increase in raw material costs, the gross profit margin dropped by 1.39 percentage points year-on-year to 78.71%. Although it was still higher than the industry average, it eroded the profit margin. In addition, the US subsidiary BIOPLATE suffered a loss of 5.5815 million yuan, and the equity-participated company BRANCHPOINT lost 15.322 million yuan. The internationalization strategy has encountered a dual predicament of high costs and lagging commercialization.

As a result, industry analysts believe that the strategic significance of Kangtuo Medical's acquisition of Salamander Biotech has also been highlighted:

From the market perspective, the market size of the oral implant industry is expected to exceed 60 billion yuan in 2025, with a compound annual growth rate of over 20%, far higher than the single-digit growth of neurosurgery. After the acquisition is completed, its market will be expanded. Meanwhile, the gross profit margin of Salamander Biological's biofilm products can reach over 85%, significantly higher than the existing business of Kangtuo Medical. After the acquisition, Kangtuo Medical's profits will increase, which is expected to boost the overall profit level. In addition, the biomaterial technology of Salamander Biology can be transferred to fields such as neurosurgical patches and hemostatic materials for cardiothoracic surgery, forming cross-departmental technical collaboration and feedback.