智通财经APP获悉，中金发布研报称，维持微创医疗(00853)2025年归母净亏损3,954万美元不变，首次 引入2026年归母净利润预测7,381万美元。该行维持跑赢行业评级。考虑公司减亏顺利，且港股医药整 体修复，该行上调基于DCF模型(WACC=9.4%，永续增长率1.1%)的目标价57%至11港元。该行认为公 司2024年减亏幅度符合预期。 中金主要观点如下： 2024年减亏幅度符合该行预期 公司公布2024年业绩：收入10.31亿美元，剔除汇率影响后同比+9.6%。年内亏损2.68亿美元，2023年为 亏损6.49亿美元;归母净亏损为2.14亿美元，2023年为亏损4.78亿美元。由于部分核心产品降价或者集 采，收入端略低于该行的预期;由于公司费用控制良好，亏损收窄幅度符合该行预期。 骨科和心律管理业务呈现改善趋势 2024年，1)骨科收入同比+6.2%，净亏损同比收窄67.1%，EBITDA实现转正。骨科中国区收入同比 +26.1%，并在人工关节国家集采续约中全线中标。该行预计骨科2025年收入或可同比+10%，其中中国 收入同比+25-30%。2)心律管理收入同比+7.2%，中国区收入同比+51 ...

智通财经APP讯，微创医疗(00853)发布2024年度业绩，收入10.31亿美元，同比增长8.5%;公司权益股东 应占亏损2.14亿美元，同比收窄55.2%;每股基本亏损11.68美分。 净亏损大幅收窄主要归因于：(i)报告期内集团收入同比增长10%(剔除汇率影响)。特别是通过发挥集团 已有的全球化平台的集约优势，各业务板块产品出海势头强劲，使得集团出海业务收入同比大幅增长 85%。(ii)集团持续推进落实资源聚焦措施，运营效率获得提升。报告期内，集团销售、管理、研发三 项费用总金额大幅下降2.165亿美元，同比下降24%，运营费率同比下降29个百分点(其中研发费率同比 由40%下降至21%)。(iii)于报告期内完成数家非核心业务的策略性撤资，为集团带来净收益。 面对快速变化的外部环境及日益激烈的行业竞争，集团快速调整、适应形势。报告期内，集团整合积累 多年的全球业务资源，搭建全球通商业化平台，帮助各业务板块于中国境内研发的产品快速完成海外市 场准入并达成海外销售。截至目前，集团的创新产品销售已累计覆盖100多个国家及地区的逾两万家医 院，全球通商业化平台以核心国家╱地区辐射覆盖周边区域，承载集团所有创新 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 微創醫療科學有限公司* （於開曼群島註冊成立的有限公司） （股份代號：00853） 截至二零二四年十二月三十一日止年度之全年業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | | 截至十二月三十一日止年度 | | | | 二零二四年 | 二零二三年 | 變動百分比 | | | 千美元 | 千美元 | % | | 收入 | 1,031,063 | 950,725 | 增加9.6% | | | | | （剔除匯率影響） | | 毛利 | 574,092 | 532,098 | 增加7.9% | | 年內利潤╱（虧損） | (268,459) | (649,157) | 減虧58.6% | | 公司權益股東應佔利潤╱（虧損） | (214,043) | (477,629) | 減虧55.2% | | 每股利潤╱（虧損）－ | | | | | 基本（美分） | ( ...

——微创医疗（0853.HK）2024 年报业绩预告点评 要点 事件：公司近期披露 24 年全年业绩预告，集团 24 年收入预计实现近 10%的增 长，净亏损不超过 275 百万美元，较上年同期亏损收窄超过 58%。其中，出海 业务收入同比增长约 80%，得益于全球化平台的协同和集约优势。 点评： 2025 年 3 月 14 日 公司研究 聚焦业务，亏损如期大幅收窄 国内外不利因素较多，亏损幅度如期收窄。全年销售收入同比增长近 10%，其 中心脉医疗（大动脉及外周血管介入业务）收入同比增长约 1.6%、微创脑科学 （神经介入业务）收入实现双位数增长、心通医疗（心脏瓣膜业务）海外收入增 速超过 1 倍、及微创机器人（手术机器人业务）收入同比增长约 145%~155%。 其他主要业务进一步巩固竞争优势，收入维持稳定增长。公司完成数家非核心业 务的出售，带来正向收益，此前公司公告将完成相关业绩目标：包括在 2024 年 全年净亏损不超过 2.75 亿美元、2025 年上半年净亏损不超过 1.1 亿美元、2025 年全年净亏损不超过 5500 万美元、2026 年上半年净利润不少于 4500 万美元、 2026 年全 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [3]. Core Insights - The company is expected to achieve nearly 10% revenue growth in 2024, with a net loss not exceeding 275 million USD, representing a reduction of over 58% compared to the previous year [1][2]. - The overseas business revenue is projected to grow approximately 80% year-on-year, benefiting from the synergies and advantages of a global platform [1]. - The company has focused on core business areas, leading to stable revenue growth and a significant reduction in losses through various measures [2]. - The company is a leading player in high-value consumables, with strong R&D investment and a robust pipeline of products, including 36 green channel products and multiple regulatory approvals [3]. Financial Performance Summary - Revenue is expected to grow from 951 million USD in 2023 to 1,045 million USD in 2024, with a growth rate of 10% [5]. - The net loss is projected to decrease from 478 million USD in 2023 to 270 million USD in 2024, and further to 59 million USD in 2025, with a forecasted profit of 91 million USD in 2026 [5][9]. - The company has achieved a significant increase in revenue from its various business lines, including a 145%-155% increase in revenue from surgical robots and over 100% growth in overseas revenue from heart valve business [2][3].

J P M O R G A N Asia Pacific Equity Research 06 March 2025 MicroPort MedBot Recent rally limiting upside, adoption of AI takes time to prove; remain Neutral Microport Medbot has outperformed the HSI by 100% in the past two months, driven by enthusiasm for AI and robotics stocks and progress in narrowing losses, with a breakeven target by 2026E. Recent profit alerts and order trends boost confidence in expanding its installation base, particularly overseas. Toumai is emerging as a value alternative to da Vin ...

| --- | --- | --- | --- | --- | |---------------------------------------------------|-------|-------|-------|-------| | | | | | | | ( 於開曼群島註冊成立的有限公司) (股票代碼: 00853) | | | | | | | | | | | 微創醫療科學有限公司 • 2024中期報告 MICROPORT SCIENTIFIC • INTERIM REPORT 2024 ii 公司概況 微創醫療科學有限公司（「本公司」或「微創®」）及其附屬公司（統稱「本 集團」）是一家領先的醫療器械集團，專注於在全球範圍內創新、製 造及銷售高端醫療器械。憑藉目前已在全球20,000*多家醫院使用的 多樣化產品組合，本集團在全球運營多個業務分部，包括心血管介 入業務、骨科醫療器械業務、心律管理（「心律管理」）業務、大動脈 及外周血管介入業務、神經介入業務、結構性心臟病業務、手術機 器人業務等。在微創®大家庭，來自30多個國家的海內外員工共同致 力於為全球患者提供能延長和重塑生命的可普惠化真善美方案，從 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company has significantly narrowed its losses in H1 2024, with cost reduction and efficiency improvements showing notable results. With revenue growth and enhanced expense management, the company is expected to gradually achieve profitability [4]. - The forecasted EPS for 2024-2025 has been adjusted to -0.09/-0.02 USD (previously -0.11/-0.03 USD), and a new EPS forecast of 0.05 USD for 2026 has been added [4]. Summary by Sections - **Financial Performance**: In H1 2024, the company achieved revenue of 559 million USD (up 17.0% year-on-year after excluding exchange rate effects), with a net loss narrowing to 97 million USD (compared to a net loss of 163 million USD in H1 2023). Adjusted net loss also significantly decreased to 68 million USD from 185 million USD in the previous year [4]. - **Cost Management**: The company has seen a substantial decrease in expense ratios, with sales expense ratio down 7.23 percentage points to 27.95%, management expense ratio down 4.87 percentage points to 15.00%, and R&D expense ratio down 18.23 percentage points to 20.59% [4]. - **Business Growth**: The innovative business segment continues to grow rapidly, with major artery and peripheral intervention revenue at 110 million USD (up 26.3%), neuro-intervention revenue at 57 million USD (up 36.5%), structural heart revenue at 31 million USD (up 26.7%), and surgical robot revenue at 10 million USD (up 117%). Traditional segments also showed steady growth [4]. - **R&D Focus**: The company has adjusted its R&D focus to reduce costs while improving efficiency, ensuring steady progress in core product pipeline development. New products are expected to provide continuous growth points for traditional segments [4]. - **Liquidity Management**: The company has taken various measures to address short-term liquidity risks, including issuing new convertible bonds and obtaining financial institution credit support, effectively mitigating short-term liquidity risks [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 微創醫療科學有限公司* （於開曼群島註冊成立的有限公司） （股份代號：00853） 截至二零二四年六月三十日止六個月的未經審核中期業績公告 | --- | --- | --- | --- | |------------------------------------|--------------|------------------------|------------------| | | | | | | 財務摘要 | | | | | | | 截至六月三十日止六個月 | | | | 二零二四年 | 二零二三年 | 變動百分比 | | | 千美元 | 千美元 | % | | | （未經審核） | （未經審核） | | | | | | | | 收入 | 558,702 | 482,605 | 增加 17.0% | | | | | （剔除匯率影響） | | 毛利 | 330,580 | 288,416 | ...

Revenue and Financial Performance - Revenue increased by 13.1% to $950.725 million in 2023 compared to $840.831 million in 2022[4] - Global revenue reached $950.7 million, a year-on-year increase of 15.8%[9] - The company's global business revenue reached $950.7 million, a year-on-year increase of 15.8% (excluding exchange rate effects)[14] - Total revenue for the year ended December 31, 2023, was $950.7 million, a 13.1% increase from $840.8 million in 2022, with a 15.8% growth excluding foreign exchange impact[41] - Revenue for the year ended December 31, 2023, reached $950.7 million, representing a 15.8% growth compared to 2022 (excluding currency impact)[87] - The company achieved double-digit revenue growth in both domestic and international markets despite adverse factors[87] Gross Profit and Loss - Gross profit rose by 6.0% to $532.098 million in 2023 from $501.771 million in 2022[4] - Net loss for the year widened by 10.4% to $649.157 million in 2023 from $588.115 million in 2022[4] - Loss attributable to equity shareholders increased by 9.4% to $477.629 million in 2023 from $436.515 million in 2022[4] - Net loss was $649.1 million, with a non-Hong Kong Financial Reporting Standards adjusted net loss of $434.6 million, narrowing by 13.5%[9] - The group's non-Hong Kong Financial Reporting Standards adjusted net loss narrowed by 13.5% to $434.6 million, with a focus on achieving break-even in the coming years[15] - Net loss widened from $588.1 million in 2022 to $649.2 million in 2023, with non-HKFRS adjusted net loss improving to $434.6 million from $502.5 million[61] - The company reported a loss of $649.2 million for the year ended December 31, 2023 (attributable to equity shareholders: $477.6 million)[87] Business Segment Performance - Heart valve business revenue increased by 32.5%, large artery and peripheral vascular intervention business by 32.2%, and neurointervention business by 21.6%[9] - Surgical robot business revenue surged by 258.4%[9] - Overseas business revenue grew by 53.9% to $57.1 million[9] - Cardiovascular intervention business achieved a global revenue growth of 16.2%, with overseas revenue increasing by 71.3%[9] - Orthopedic business global revenue increased by 7.3%, with domestic revenue rising by 33.8%[10] - Rhythm management business global revenue decreased by 1.0%, but domestic revenue grew by 25.7%[10] - Revenue from the heart valve business increased by 32.5%, while the large artery and peripheral vascular intervention business grew by 32.2% year-on-year[14] - The neurointervention business achieved a revenue growth of 21.6%, with adjusted net profit increasing by 49.5%[11] - The surgical robot business revenue surged by 258.4% year-on-year, driven by core product expansion[14] - Cardiovascular business global revenue increased by 16.2% to $147.2 million, driven by international market penetration and new product contributions[16] - Overseas sales revenue for the cardiovascular business surged by 71.3% to $36.5 million, with significant growth in Asia (excluding China) and South America[17] - Domestic sales revenue for the cardiovascular business grew by 6.1% to $110.7 million, with a 66.9% increase in consumables revenue[18] - Global orthopedic revenue increased by 7.3% to $237.3 million, with domestic orthopedic revenue surging by 33.8% to $27.3 million[19] - Rhythm management business generated global revenue of $207.0 million, a 1.0% year-over-year decline (excluding currency impact)[21] - Aortic and peripheral vascular intervention business achieved revenue of $168.0 million, a 32.2% year-over-year growth (excluding currency impact), with a net profit of $69.1 million, up 31.7%[23] - Neurointervention business revenue reached $93.9 million, a year-on-year increase of 21.6% (excluding exchange rate impact), with non-Hong Kong Financial Reporting Standards adjusted net profit of $27.7 million, up 49.5% year-on-year, and net profit of $19.1 million, turning from loss to profit[25] - Heart valve business revenue reached $47.1 million, a year-on-year increase of 32.5% (excluding exchange rate impact), with gross margin improving by 3.8 percentage points[27] - Surgical robot business revenue reached $11.0 million, a significant increase of 258.4% year-over-year (excluding currency impact)[31] - Cardiovascular intervention business revenue reached $147.2 million, up 16.2% excluding foreign exchange impact, driven by market expansion and increased sales in China[42] - Orthopedic medical devices revenue was $237.3 million, a 7.3% increase excluding foreign exchange impact, with significant growth in China at 33.8%[43] - Rhythm management business revenue was $207.0 million, down 1.0% excluding foreign exchange impact, but China saw a 25.7% increase[44] - Large vessel and peripheral vascular intervention business revenue grew 32.2% excluding foreign exchange impact to $168.0 million, driven by new product launches and international expansion[45] - Neurovascular intervention business revenue increased 21.6% excluding foreign exchange impact to $93.9 million, supported by market-leading products and new approvals[46] - Heart valve business revenue rose 32.5% excluding foreign exchange impact to $47.1 million, with strong growth in both domestic and international markets[47] - Surgical robotics business revenue surged 258.4% excluding foreign exchange impact to $11.0 million, driven by commercialization of new robotic systems[48] R&D and Expenses - R&D expenses decreased by 9.6%, and management expenses decreased by 18.5%[9] - The group's R&D expenses decreased by 9.6%, while management expenses dropped by 18.5% due to organizational streamlining[15] - R&D costs decreased by 9.6% from $419.8 million in 2022 to $379.4 million in 2023, attributed to cost control and resource prioritization[54] - Distribution costs increased by 2.0% from $328.2 million in 2022 to $334.9 million in 2023, driven by market expansion and promotional activities[55] - Administrative expenses decreased by 18.5% from $247.5 million in 2022 to $201.7 million in 2023, due to effective cost control and operational efficiency improvements[56] - Other operating costs surged by 242.4% from $49.3 million in 2022 to $168.7 million in 2023, mainly due to impairment provisions for goodwill and equity-accounted investees[57] - Financing costs rose by 22.5% from $78.4 million in 2022 to $96.0 million in 2023, driven by increased interest on convertible bonds and borrowings[58] Assets and Liabilities - Total assets decreased to $3,932.405 million in 2023 from $3,994.085 million in 2022[6] - Total liabilities increased to $2,529.408 million in 2023 from $2,201.417 million in 2022[6] - Total equity decreased to $1,402.997 million in 2023 from $1,792.668 million in 2022[6] - Cash and cash equivalents decreased from $1,203.0 million in 2022 to $1,019.6 million in 2023, primarily due to increased deposits and capital expenditures[63] - Total borrowings increased by $274.9 million to $1,566.5 million in 2023, with the debt-to-asset ratio rising from 55.1% to 64.3%[64] - Capital expenditures totaled $199.1 million in 2023, allocated to building construction, equipment purchases, and R&D projects[66] International Expansion and Market Penetration - Overseas business revenue grew by 53.9% to $57.1 million[9] - The company's products are now sold in 31 overseas countries and regions, with international business revenue increasing by 51.2%[11] - Overseas sales revenue for the cardiovascular business surged by 71.3% to $36.5 million, with significant growth in Asia (excluding China) and South America[17] - Overseas sales revenue for aortic intervention products reached $11.5 million, a 51.2% year-over-year increase, with products now covering 31 countries[24] - Overseas sales revenue for the neurointervention business reached $4.5 million, a significant increase of 44.6% year-on-year, with rapid growth in the Asia-Pacific, EMEA, and Latin America regions[26] - The company plans to accelerate global expansion and integrate the MicroPort brand with global operations, aiming to bring its products to more countries and regions[37] - Non-China sales accounted for 48.2% of total revenue, driven by the company's diversified product portfolio and globalization strategy[39] Product Approvals and Certifications - The company obtained 44 NMPA Class III registrations, 19 FDA approvals, and 20 CE certifications in 2023[12] - The company's neurointervention products achieved a domestic market share of 8.2%[11] - The company and its associates obtained 33 Class III medical device registration certificates or completed significant registration changes in China, and 15 products were approved by the US FDA, with 14 receiving EU CE certification during the reporting period[34] - Castor® branched stent has been clinically applied in 16 countries globally, while Minos® abdominal aortic stent is used in 19 countries[24] - Reewarm® PTX drug balloon expanded into international markets, gaining approval in Brazil and Colombia[24] - VitaFlow Liberty® received registration approvals in Thailand, Russia, and Indonesia, with TAVI products entering nearly 100 hospitals in Argentina, Colombia, Thailand, and Russia, and achieving 120 commercial implants[28] Surgical Robotics and Innovation - Surgical robot business revenue surged by 258.4%[9] - The surgical robot business revenue surged by 258.4% year-on-year, driven by core product expansion[14] - The company's surgical robot product portfolio now covers four major sectors: endoscopy, orthopedics, panvascular, and percutaneous puncture[11] - Surgical robot business revenue reached $11.0 million, a significant increase of 258.4% year-over-year (excluding currency impact)[31] - Tuo Mai® four-arm laparoscopic surgical robot achieved multiple department approvals and secured bids in top-tier hospitals, solidifying its leading position in the domestic market[31] - Mona Lisa prostate puncture robot positioning system received NMPA approval and achieved commercialization milestones[31] - R-ONE® vascular interventional surgical robot accumulated multiple potential orders shortly after approval, demonstrating strong commercialization potential[31] - Tuo Mai® completed over 120 5G remote human clinical surgeries globally with a 100% success rate, setting multiple world records[31] - Hong Hu® orthopedic surgical robot secured 15 overseas orders and completed over 100 robot-assisted surgeries, with clinical efficacy reaching international standards[32] - Tuo Mai® achieved its first overseas sale and successfully assisted in the first overseas prostate cancer radical surgery, marking a breakthrough in international markets[32] Corporate Governance and Leadership - Dr. Chang Zhaohua, born in 1963, is the Chairman, Executive Director, and CEO of the company, with over 33 years of experience in the medical device industry[69] - Dr. Chang Zhaohua founded Shanghai MicroPort Medical Devices (Group) Co., Ltd. in 1998 and holds a Ph.D. in Biological Sciences from the State University of New York at Binghamton[69] - Bai Fuji, born in 1944, is the Honorary Chairman and Group Advisor, previously serving as Executive Director at Otsuka Medical Devices Co., Ltd. from 2011 to 2017[70] - Ashida Norihiro, born in 1954, has been a Non-Executive Director since 2006 and previously held senior positions at Mizuho Corporate Bank and Otsuka Holdings[70] - Sun Weiqin, born in 1980, was appointed as a Non-Executive Director on August 30, 2023, and currently serves as Deputy General Manager of Shanghai Zhangjiang Technology Venture Capital Co., Ltd[71] - Dr. Luo Qiyi, born in 1962, was appointed as a Non-Executive Director on August 30, 2023, with over 32 years of experience in the medical device industry and holds more than 300 patents[72] - Peng Bo, born in 1968, was appointed as a Non-Executive Director on November 10, 2023, with over 25 years of experience in marketing and sales[72] - The company is divided into three distinct regional operating units: Greater China Executive Committee, Intercontinental Orthopedics Executive Committee, and Intercontinental Rhythm Management Executive Committee, managed by the Executive Director, Founder, Chairman, and CEO Dr. Chang Zhaohua[75] - Sun Hongbin, the company's CFO and Chairman of the Greater China Executive Committee, has over 26 years of financial experience and previously served as Director and General Manager of Otsuka China from 2006 to 2010[76] - Jiang Lei, Chairman of Shanghai MicroPort Medical (Group) Co., Ltd. and Co-Chairman of the Greater China Executive Committee, has over 26 years of experience in the pharmaceutical and medical device industry and joined the company's coronary marketing department in 2006[76] - Dr. Zhang Jie, Chief Technology Officer, has led the development of the Firehawk® stent and holds 53 domestic and international patents[77] - Mr. Xu Yimin, Senior Executive Vice President, has over 24 years of experience in the medical device industry and previously served as Vice President of Quality, Registration, and Clinical Affairs[77] - Dr. Le Chengyun, Executive Vice President of Business Development and Project Management, has extensive experience in biotech and biomedical engineering, including 7 years at a biotech company in Southern California[77] - Mr. Que Yiyun, Executive Vice President of Intelligent Manufacturing and Global Supply Chain, has over 18 years of experience in the medical device industry and previously managed production and engineering at the company[77] - Ms. Hui Qing, Senior Vice President of Organizational Capability, oversees IT and medical AI functions and has over 12 years of experience at Boston Scientific[78] - Ms. He Li, Senior Vice President of Securities and Legal Affairs, has over 13 years of experience in accounting, financial analysis, and risk control, and over 14 years in corporate governance[78] - Mr. Jonathan Chen, Chief International Business Officer, has over 27 years of experience in the medical device industry and previously led transformative M&A and licensing deals at Angiotech Pharmaceuticals[79] - Mr. Todd Smith, Senior Vice President of Finance at MicroPort Orthopedics Inc., has been with the company since the acquisition of Wright Medical Technology's joint reconstruction business in 2014[79] - Mr. Yu Tianbai, Executive General Manager of Orthopedics China, has been with the company since 2015 and previously held roles at Johnson & Johnson[80] - Mr. Robert Alan Cripe, Global Commercial Officer at MicroPort Orthopedics Inc., has over 31 years of experience in the medical device industry, specializing in joint product sales and marketing[80] Shareholder and Equity Information - Otsuka Holdings Co., Ltd. holds a 20.87% stake in the company with 382,994,120 shares[112] - We'Tron Capital Limited holds an 18.69% stake in the company with 343,024,244 shares[112] - JPMorgan Chase & Co. holds a 12.61% stake in the company with 231,499,532 shares[112] - Shanghai Zhangjiang (Group) Co., Ltd. holds a 9.36% stake in the company with 171,748,050 shares[112] - Hillhouse Capital Advisors, Ltd. holds an 8.37% stake in the company with 153,694,000 shares[112] - Gaoling Fund, L.P. holds an 8.01% stake in the company with 147,009,000 shares[112] - Shanghai Zhangjiang Health Products Holdings Co., Ltd. holds an 8.97% stake in the company with 164,705,470 shares[116] - The total shares held by controlled entities and beneficial owners amount to 171,748,050 shares, representing 9.36% of the total issued shares[116] - Director and CEO Chang Zhaohua holds 49,047,671 shares, representing approximately 2.67% of the company's equity[108] - Director Luo Qiyi holds 9,802,432 shares, representing approximately 0.53% of the company's equity[108] - Director Chang Zhaohua holds 6,000,000 shares in MicroPort CardioFlow MedTech Corporation Limited, representing approximately 0.24% equity[109] - Director Luo Qiyi holds 6,413,144 shares in MicroPort CardioFlow MedTech Corporation Limited, representing approximately 0.26% equity[109] - No other directors or senior executives hold interests in the company or its associated corporations that require disclosure as of December 31, 2023[110] Financial Risks and Liquidity - The company faces financial risks, including credit risk, interest rate risk, liquidity risk, and currency risk[90] - Market risks include pressure on product pricing due to government bidding policies and uncertainties in medical insurance reimbursement levels in China[91] - The company has $448 million in convertible bonds due for redemption in June 2024 and $295.4 million in short-term interest-bearing borrowings due in 2024[189] - The company's liquidity depends on its ability to obtain external financing before June 2024 to meet the redemption requirements of convertible bondholders and to refinance existing bank borrowings[190] - The company secured a $150 million convertible term loan facility with an annual interest rate of 5.75% and an option to increase the principal by up to $50 million, totaling $200 million if fully exercised, to repay the $448 million convertible bonds due in