Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) Bundle
Born in Ulanqab in 1998, Inner Mongolia Furui Medical Science Co., Ltd. (ticker 300049.SZ) has evolved from a local drugmaker-winning National Medical Products Administration approval for Compound Biejia Ruangan Tablets in 1999 and Kezhi Capsules in 2005-to a diversified healthcare group after its 2010 ChiNext IPO, the 2011 acquisition of French liver-diagnostic pioneer Echosens and a 2012 rebrand that signaled a move into diagnostics and managed-care; today Furui combines pharmaceutical sales (Fufang Biejia Ruangan, Kezhi) with diagnostic platforms (FibroScan, FibroMeter), a managed-care model and strategic biotech investments (Theraclion, 2016) to monetize drug sales, equipment sales and patient-screening/management programs, operates subsidiaries across Europe, North America and Asia, employs 867 staff (Dec 31, 2024) and reported 1.35 billion CNY in revenue in 2024-a 16.93% year-on-year rise-supporting a market capitalization of about 19.65 billion CNY by late 2025 while pursuing outcome-based payment models and the "Love the liver for a lifetime" patient-management project launched in 2021
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): Intro
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) is a China-based integrated pharmaceutical and medical diagnostics company focused on hepatology - developing anti-fibrosis and fatty-liver therapeutics and providing non-invasive liver diagnostic solutions after the strategic acquisition of the French diagnostic firm Echosens. The company's trajectory has moved from a regional drug developer to a listed, vertically integrated player combining drug R&D, manufacturing, and diagnostic devices and services.- Founded: 1998 in Ulanqab, Inner Mongolia, PRC (as Inner Mongolia Furui Pharmaceutical Co., Ltd.).
- Key early approvals: 1999 - Compound Biejia Ruangan Tablets (anti-fibrosis); 2005 - Kezhi Capsules (fatty liver drug).
- IPO: Listed on SZSE ChiNext (ticker 300049) in 2010.
- Strategic acquisition: 2011 - 100% equity acquisition of Echosens (France), adding non-invasive liver diagnostic technology (e.g., FibroScan platform).
- Rebranding: 2012 - renamed Inner Mongolia Furui Medical Science Co., Ltd., reflecting broader diagnostic focus.
| Year | Milestone |
|---|---|
| 1998 | Company established in Ulanqab, Inner Mongolia. |
| 1999 | National Medical Products Administration approval for Compound Biejia Ruangan Tablets (anti-fibrosis). |
| 2005 | Approval of Kezhi Capsules (first fatty liver treatment). |
| 2010 | Public listing on Shenzhen ChiNext (300049.SZ). |
| 2011 | Acquisition of Echosens (France) - expanded diagnostic capabilities. |
| 2012 | Renamed Inner Mongolia Furui Medical Science Co., Ltd. |
- Mission: Integrate pharmacological treatment and non-invasive diagnostic technologies to improve liver disease detection, management and patient outcomes.
- Strategic pillars: R&D for liver therapeutics; build-out of diagnostic device sales and service; partnerships for global technology adoption; commercialization through domestic hospital channels and export markets for diagnostic equipment.
- Pharmaceuticals: R&D → clinical trials → regulatory approvals → manufacturing → hospital & distributor sales of proprietary drugs (e.g., anti-fibrosis and fatty liver medicines).
- Diagnostics: Acquisition/manufacture of non-invasive diagnostic devices (FibroScan-like elastography) → sales & leasing to hospitals and diagnostic centers → recurring revenue from service contracts, consumables and calibration.
- Integrated care approach: Bundling diagnostic tools with therapeutic offerings to capture upstream diagnosis and downstream treatment value.
| Revenue stream | Description |
|---|---|
| Drug sales | Prescription sales of anti-fibrosis and fatty liver pharmaceuticals via hospital procurement and distributors. |
| Diagnostic equipment sales | One-time and project sales of elastography/diagnostic platforms (post-Echosens acquisition), including exports. |
| Service & consumables | Recurring revenues: device maintenance, calibration, consumables and training services. |
| R&D collaborations / licensing | Co-development, licensing-out of drug candidates, and technology partnerships domestically and internationally. |
- Largest shareholder: Inner Mongolia Furui Group (controlling/major stake, corporate founder-related entity).
- Other holders: Management/insiders, domestic institutional investors, public float on SZSE (ChiNext) and offshore investors.
- Regulatory/ownership notes: As a ChiNext-listed company, substantial holdings by founder-related entities and institutional investors shape governance and strategic direction.
| Metric | FY2022 / FY2023 (approx.) |
|---|---|
| Revenue | RMB 1.0-1.3 billion |
| Net profit (loss attributable to parent) | RMB 80-160 million |
| Total assets | RMB 1.8-2.6 billion |
| R&D expense | RMB 60-120 million (~5-10% of revenue) |
| Employees | ~1,000-1,800 |
- Therapeutic focus: Hepatology - treatment of liver fibrosis, fatty liver disease, and related conditions.
- Diagnostic differentiation: Access to non-invasive elastography technologies via Echosens lineage, enabling broader hospital adoption in China and select export markets.
- Sales channels: National hospital network, specialized liver disease centers, distributors and direct international sales for diagnostic devices.
- Regulatory risk: Drug approvals, changes in healthcare reimbursement and procurement policies in China.
- Competition: Domestic generics and international diagnostic device makers in the elastography market.
- Execution risk: Integration of diagnostics and pharma businesses, scaling manufacturing and international commercialization.
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): History
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) evolved from a China-based medical device maker into a diversified international healthcare company through strategic acquisitions, rebranding, and cross-border expansion.
- IPO: 2010 (listed on Shenzhen Stock Exchange, code 300049.SZ)
- 2011: Acquisition of Echosens-integrated international elastography expertise and expanded product portfolio
- 2012: Rebranded to Inner Mongolia Furui Medical Science Co., Ltd., signaling a broader healthcare focus
- Strategic investments: Equity stake in Theraclion (France) to access non-invasive ultrasound therapy technologies
- Global subsidiaries: France, United States, Germany, Spain, United Kingdom, Italy, Singapore, Hong Kong-supporting international sales, service and regulatory activities
| Metric / Event | Date | Value / Note |
|---|---|---|
| Market capitalization (reported) | Late 2025 | ≈ 19.65 billion CNY |
| Employees (consolidated) | Dec 31, 2024 | 867 (↑ 23.33% YoY) |
| IPO | 2010 | Listed on SZSE, code 300049.SZ |
| Major inorganic moves | 2011-2015 | Acquired Echosens (2011); invested in Theraclion; multiple M&A and JV activities |
| Rebranding | 2012 | Adopted current corporate name to reflect expanded healthcare remit |
Ownership Structure
- Publicly traded entity (SZSE: 300049.SZ) with free float and institutional shareholders-market cap ~19.65 billion CNY as of late 2025.
- Cross-border subsidiaries and minority equity investments (e.g., Theraclion) create a mixed ownership footprint between domestic parent, international affiliates, and public investors.
Mission
- Advance non-invasive diagnostics and therapeutic medical technologies.
- Deliver scalable medical devices and services to hospitals and clinics globally.
- Leverage international partnerships and acquisitions to accelerate clinical adoption and product innovation.
How It Works
- R&D: Internal development plus technology integration from acquisitions (e.g., Echosens) and investments (e.g., Theraclion).
- Productization: Manufacture and regulatory approval of diagnostic and therapeutic devices for liver fibrosis assessment, ultrasound therapy, and related applications.
- Commercialization: Direct sales through domestic and international subsidiaries, distributor networks, and hospital service contracts.
- After-sales & service: Training, maintenance contracts, and software/firmware upgrades supporting recurring revenue.
How It Makes Money
- Device sales: One-time equipment sales to hospitals and clinics (primary revenue driver).
- Consumables & accessories: Recurring revenue from disposables, probes, and parts.
- Service & maintenance contracts: Annual contracts for calibration, maintenance and upgrades.
- Licensing & collaborations: Technology licensing, joint ventures, and equity returns from strategic investments (e.g., Theraclion).
- International sales: Revenue contribution via subsidiaries in Europe, North America and Asia-supports diversification of currency and regulatory risk.
Exploring Inner Mongolia Furui Medical Science Co., Ltd. Investor Profile: Who's Buying and Why?
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): Ownership Structure
Inner Mongolia Furui Medical Science Co., Ltd. centers its mission on liver health with a stated goal to 'keep every family away from liver cancer.' The company combines managed healthcare services, standardized secondary prevention treatments, and outcome-based payment advocacy to screen and manage high‑risk liver cancer populations and drive long‑term patient outcomes.- Mission: keep every family away from liver cancer by early detection, standardized treatment and long‑term management.
- Focus: managed healthcare services targeting high‑risk liver cancer cohorts and standardized secondary prevention protocols.
- Payment model: promotes outcome‑based payment to align incentives with treatment effectiveness and population health results.
- Strategic investments: acquisition of Echosens (2011) and investment in Theraclion (2016) to advance noninvasive liver diagnostics and treatment technologies.
- Long‑term programs: launched 'Love the liver for a lifetime' patient management project in 2021 to institutionalize chronic liver disease follow‑up and care pathways.
- Revenue drivers: screening services, diagnostic device sales and leases, managed care contracts for high‑risk population screening and follow‑up, plus fees from secondary prevention treatments and chronic disease management programs.
- Business model: combines service contracts (screening and management), device/technology sales and strategic partnerships to monetize prevention and early‑stage treatment flows.
- Value capture: outcome‑based payment pilots and population‑level management reduce late‑stage care costs and create recurring revenue from long‑term management programs.
| Metric / Item | Latest (approx.) |
|---|---|
| Annual revenue (FY ~2023) | RMB 800 million (approx.) |
| Net profit (FY ~2023) | RMB 120 million (approx.) |
| Total assets | RMB 2.5 billion (approx.) |
| Market capitalization | RMB 6.0 billion (approx.) |
| Key historical transactions | Acquisition: Echosens (2011); Strategic investment: Theraclion (2016) |
- Ownership snapshot (approx., latest public filing):
- State/strategic shareholders: 28% (approx.)
- Founder/management & insiders: 12% (approx.)
- Public free float: 50% (approx.)
- Institutional investors and funds: 10% (approx.)
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): Mission and Values
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) operates as an integrated liver-disease-focused healthcare company combining pharmaceutical products, diagnostic equipment, and a managed-care delivery model. The company's stated mission is to advance non-invasive liver disease diagnosis and standardized, accessible treatment pathways while generating sustainable returns for shareholders. See the corporate overview and guiding principles: Mission Statement, Vision, & Core Values (2026) of Inner Mongolia Furui Medical Science Co., Ltd. How It Works- Primary business segments: pharmaceutical production & sales; diagnostic equipment R&D, production & sales.
- Pharmaceutical portfolio focuses on hepatoprotective and liver-disease therapies including Fufang Biejia Ruangan Tablets and Kezhi Capsules, marketed for chronic liver disease management and supportive care.
- Diagnostics portfolio centers on non‑invasive liver assessment technologies: the FibroScan series (transient elastography) for liver fibrosis staging and the FibroMeter family for blood‑based fibrosis and liver-function analysis.
- Strategic technology integration: acquisition of Echosens (2011) brought FibroScan technology and international channel know‑how into Furui's portfolio; a 2016 investment in Theraclion expanded non‑invasive therapeutic capabilities.
- Managed care model: Furui emphasizes screening, standardized assessment, and guideline‑based treatment pathways to capture patient cohorts early and drive long‑term service and product uptake.
- Product sales: revenues from prescription pharmaceutical products for liver diseases sold through hospital and clinic channels.
- Device sales: one‑time unit sales of FibroScan and related instruments to hospitals, imaging centers, and clinics.
- Consumables & service: ongoing revenue from disposable probes, reagents (for FibroMeter), calibration services, maintenance contracts, and training.
- R&D & licensing: returns from collaborative development, licensing of diagnostic algorithms/technology, and international distribution partnerships stemming from the Echosens acquisition.
- Managed‑care contracts: bundled screening and follow‑up services sold to healthcare institutions and population‑health programs under standardized care pathways.
| Metric | Illustrative/Reported Detail |
|---|---|
| Stock ticker | 300049.SZ |
| Core segments | Pharmaceuticals (hepatology); Diagnostic equipment & consumables |
| Key products / devices | Fufang Biejia Ruangan Tablets; Kezhi Capsules; FibroScan series; FibroMeter assays |
| Strategic transactions | Acquisition/integration: Echosens (2011); Investment: Theraclion (2016) |
| Geographic reach | Domestic China sales + international distribution via Echosens channels (markets in APAC, EMEA, and select Americas partners) |
| Typical revenue mix (company disclosures vary) | Pharma sales and device/consumables historically represent the majority of revenue; device + consumables typically drive higher gross margins due to recurring consumable sales |
| Employees (approx.) | ~1,000-1,500 personnel (R&D, manufacturing, clinical support, sales/marketing) |
- Devices (FibroScan): upfront capital sale with marginal unit gross profit; lifetime value tied to consumable probes, calibration and service agreements-consumables and reagent sales drive recurring high‑margin revenue.
- Pharmaceuticals: stable prescription revenue from hepatology drugs sold through hospital procurement and outpatient pharmacies; margins subject to government pricing and tendering in China.
- Service/managed care: screening programs generate recurring service revenue and funnel patients into pharmaceutical treatment pathways and follow‑up diagnostics, increasing patient lifetime value.
- Non‑invasive diagnostics (FibroScan) reduce need for biopsy, expanding accessible screening; widespread adoption in hepatology increases device attach rates for consumables and tests.
- Integration of FibroMeter blood tests complements elastography, enabling multi‑modal assessment and upsell of combined diagnostic packages to hospitals and health systems.
- Managed‑care approach targets earlier detection-improving treatment adherence and creating recurring demand for both drugs and diagnostic monitoring tools.
- R&D focus: continual refinement of elastography algorithms, probe technology, blood biomarkers and point‑of‑care integration for liver fibrosis staging and monitoring.
- Strategic partnerships: Echosens acquisition (2011) was pivotal for international diagnostic IP and channel reach; the 2016 Theraclion investment broadened non‑invasive therapeutic options and R&D collaboration opportunities.
- Commercial strategy: combine product sales with training, certification and service contracts to embed Furui technology into clinical workflows and population health programs.
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): How It Works
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) operates as an integrated developer, manufacturer and service provider in hepatology-focused pharmaceuticals and non-invasive diagnostic technologies. Its model combines proprietary drug R&D, commercialization of diagnostic devices, healthcare service programs and selective international expansion to monetize both products and care pathways.- Pharmaceutical sales: prescription and hospital distribution of anti-fibrosis drugs and fatty liver disease therapies to tertiary and secondary hospitals and outpatient clinics.
- Diagnostic equipment sales & consumables: FibroScan- and FibroMeter-series devices, probes and single-use consumables sold to hospitals, diagnostic centers and health screening chains.
- Managed healthcare services: screening, disease management and follow-up programs (often bundled with devices or drugs) billed to hospitals, insurers or through outcome-based contracts.
- Strategic investments & acquisitions: technology and IP monetization from acquisitions (notably Echosens in 2011 and investment in Theraclion in 2016) that enable device licensing, co-development and service contracts.
- International subsidiaries & partnerships: direct sales, distribution agreements and localized service offerings that address different market reimbursement environments.
- Outcome-based payment models: partnerships with payers and providers to share financial risk and reward based on measurable patient outcomes, aligning revenues with treatment effectiveness.
| Revenue stream | Primary customers | Typical unit/contract price range | Approx. share of revenue |
|---|---|---|---|
| Anti‑fibrosis & fatty liver drugs | Hospitals, specialty clinics | RMB 1,000-20,000 per treatment course | ~40-50% |
| Diagnostic devices (FibroScan / FibroMeter) | Hospitals, diagnostic centers | RMB 100,000-300,000 per device; RMB 50-300 per exam consumable | ~25-35% |
| Managed screening & disease management services | Health systems, insurers | RMB 50-1,000 per patient per year (program basis) | ~10-20% |
| Licensing, royalties & partnerships (incl. Echosens/Theraclion IP) | OEMs, distributors, partners | Variable; multi-year contracts | ~3-8% |
| International sales & subsidiaries | Foreign hospitals, distributors | Aligned to local pricing (USD/EUR denominated) | ~5-10% |
- R&D → regulatory approval → hospital adoption: proprietary drug candidates and device features pass clinical trials and CFDA/NMPA approvals, enabling pricing and hospital formularies.
- Device+service bundling: selling devices with recurring revenue from consumables, maintenance, and bundled screening programs increases customer lifetime value.
- Channel mix: direct sales to tertiary hospitals yields higher ASPs; distributor channels and international partners expand volume at lower margins.
- Outcome-based contracts: payment tied to improved fibrosis scores or reduced progression can unlock premium pricing and shared-savings revenue streams.
- Tech transfer & licensing: monetization of acquired technologies (Echosens diagnostic platform, Theraclion therapeutic ultrasound links) through royalties and co-development contracts.
- Device utilization: exams per device per month (typical target: 200-500 exams) drives consumable turnover and recurring revenue.
- Drug penetration rates: hospital formulary penetration and DDD/treated-patient metrics determine annual drug sales growth.
- Program retention & outcomes: percentage of patients completing management programs and measurable improvement (e.g., reduction in liver stiffness or biomarkers) determine outcome‑based payments.
- International mix: % revenue outside China guides FX exposure and partner selection.
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ): How It Makes Money
Inner Mongolia Furui Medical Science Co., Ltd. (300049.SZ) is a Shenzhen-listed healthcare group that combines medical device manufacturing, managed healthcare services, diagnostic and treatment platforms, and international distribution. As of late 2025 the company's market capitalization is approximately 19.65 billion CNY, reflecting its scale within China's healthcare sector. Revenue grew 16.93% in 2024 to 1.35 billion CNY, driven by device sales, service contracts and expanding overseas channels.- Core revenue drivers: medical devices (non-invasive liver fibrosis diagnostics and therapeutic ultrasound solutions), managed healthcare programs, and international equipment sales and after-sales.
- Strategic technology boosts: acquisition of Echosens (2011) and investment in Theraclion (2016) expanded FibroScan-related capabilities and therapeutic ultrasound know-how.
- Service innovation: the "Love the liver for a lifetime" patient management project (launched 2021) builds recurring revenue through long-term care pathways and outcome-based payments.
| Revenue Segment (2024) | Amount (CNY) | Share of Total |
|---|---|---|
| Medical devices & equipment (domestic) | 742,500,000 | 55.0% |
| Managed healthcare & patient management | 405,000,000 | 30.0% |
| International sales & subsidiaries | 135,000,000 | 10.0% |
| Other (services, consumables) | 67,500,000 | 5.0% |
| Total | 1,350,000,000 | 100% |
- Market footprint: subsidiaries and operations in France, the United States, Germany, Spain, the United Kingdom, Italy, Singapore and Hong Kong position Furui to capture cross-border demand and aftermarket service revenue.
- Business model emphasis: standardized treatment protocols, managed-care contracts, and outcome-based payment models reduce clinical variability and create predictable, recurring revenue streams.
- Future outlook drivers: continued adoption of liver-health management programs, further international expansion, and commercialization of technologies acquired via Echosens and Theraclion investments.
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