Core Points - The China Securities Index for Hong Kong Stock Connect Medical Comprehensive Index reported a value of 1467.39 points, showing a monthly increase of 0.37%, a three-month increase of 10.32%, and a year-to-date increase of 11.90% [1] - The index is designed to reflect the overall performance of different industry securities within the Hong Kong Stock Connect, categorized according to the China Securities Industry Classification Standard [1] - The top ten weighted stocks in the index include JD Health (15.7%), Alibaba Health (15.39%), Sinopharm (11.5%), Weigao Group (7.35%), MicroPort Medical (4.9%), Ping An Good Doctor (4.63%), Shanghai Pharmaceuticals (3.7%), MicroPort Scientific-B (3.6%), Xianjian Technology (3.16%), and Jinxin Fertility (3.03%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the index shows that pharmaceutical commerce accounts for 48.51%, medical services for 23.49%, medical consumables for 23.03%, medical devices for 3.98%, and in vitro diagnostics for 0.98% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in case of special events affecting the index sample [2]

Financial Performance - Revenue for the fiscal year 2024 reached $1,031,063 thousand, an increase of 8.5% compared to $950,725 thousand in 2023[10] - Gross profit for the fiscal year 2024 was $574,092 thousand, reflecting a growth of 7.9% from $532,098 thousand in 2023[10] - The net loss for the fiscal year 2024 decreased by 58.6% to $(268,459) thousand from $(649,157) thousand in 2023[10] - The loss attributable to equity shareholders improved by 55.2%, amounting to $(214,043) thousand compared to $(477,629) thousand in the previous year[10] - Basic loss per share for fiscal year 2024 was $(11.68), a reduction of 55.4% from $(26.19) in 2023[10] - The company reported a net loss of $268.5 million, a substantial narrowing of 58.6% compared to the previous year[39] - EBITDA turned positive during the reporting period, improving from a loss of $370.4 million to a profit of $60.4 million[25] - The adjusted net loss for the year ended December 31, 2024, was $222.8 million, a decrease of 48.7% compared to $434.6 million in 2023[114] - The total net loss for the year ended December 31, 2024, was $268.5 million, representing a reduction of 58.6% from $649.2 million in 2023[114] Revenue Breakdown - Revenue from orthopedic medical devices accounted for 24.5% of total revenue in 2024, while cardiovascular intervention contributed 15.6%[12] - Geographic revenue distribution showed that China represented 50.6% of total revenue, followed by Europe at 27.2% and North America at 9.0%[13] - The cardiovascular intervention business achieved global revenue of $165.7 million, a steady increase of 9.9% year-on-year (excluding currency effects) during the reporting period[44] - The orthopedic medical device business achieved global revenue of $252.7 million, a year-on-year increase of 6.2% (excluding currency effects), with net losses narrowing by 67.1% during the reporting period[50] - Global revenue for the vascular intervention business reached $169.5 million, remaining stable year-on-year, with overseas business revenue increasing significantly by 99.4%[32] - The neurointervention segment saw a global revenue growth of 14.4%, with overseas revenue surging by 137.6% year-on-year[32] - The structural heart disease segment achieved a global revenue increase of 7.5%, with overseas revenue growing robustly by 108.3%[33] - The surgical robotics business experienced a substantial global revenue growth of 146.0%, with domestic and overseas revenues increasing by 84.4% and 388.2% respectively[34] Cost and Expenses - The company's operating expense ratio decreased by 29 percentage points to 68%, while the R&D expense ratio dropped from 40% to 21%[26] - Total expenses for sales, management, and R&D decreased significantly by $216.5 million, a reduction of 23.6% year-on-year[39] - The total sales cost increased by 9.2% to $457.0 million, primarily due to higher sales volumes across major businesses[102] - Research and development costs decreased by 42.9% to $216.5 million, reflecting cost control measures and a focus on core projects[104] Market Expansion and Innovation - The company has accumulated a total of 39 products in the "green channel" for innovative medical devices, maintaining the top position in the industry for ten consecutive years[27] - The company has established a global commercialization platform that has enabled its innovative products to reach over 20,000 hospitals in more than 100 countries and regions[26] - The company aims to enhance financial health, focus on core business, and accelerate international market expansion in the future[41] - The company is focused on expanding its orthopedic business in the Asia-Pacific region, leveraging the experience of its executives[145] - The company aims to enhance its market presence through strategic acquisitions and partnerships in the healthcare sector[148] Operational Efficiency - Operating cash flow outflow was significantly reduced by 79% during the reporting period[25] - The company is focused on enhancing operational efficiency and reducing costs to drive continuous growth[157] - The company actively manages its capital structure to ensure sufficient liquidity for meeting obligations and avoiding reputational damage[116] Leadership and Management - The company has a strong leadership team with extensive experience in the medical device industry, including over 33 years in cardiac management[148] - The management team is composed of experienced professionals with backgrounds in finance, marketing, and engineering, ensuring a robust leadership structure[141] - The Chief Financial Officer, Mr. Sun Hongbin, has over 27 years of financial experience, previously serving as the General Manager of Otsuka China from 2006 to 2010[137] - The company is committed to strategic acquisitions and partnerships to diversify its medical product offerings, as demonstrated by Mr. Chen's previous experience in transformative mergers and acquisitions[143] Financial Position - Total assets decreased to $3,633,422 thousand in 2024 from $3,932,405 thousand in 2023[15] - Cash and cash equivalents decreased to $713.0 million as of December 31, 2024, down from $1,019.6 million in 2023[117] - Total borrowings increased to $1,597.1 million as of December 31, 2024, compared to $1,566.5 million in 2023, reflecting an increase of $30.6 million[118] - The debt-to-asset ratio rose from 64.3% in 2023 to 68.5% in 2024[118] - The net current assets as of December 31, 2024, were $558.3 million, down from $646.5 million in 2023[119] Regulatory Compliance and Risk Management - The company emphasizes compliance with applicable laws and regulations, with no significant investigations or disciplinary actions reported during the year[159] - The company faces market risks due to government policies affecting retail product pricing and uncertainties in medical insurance reimbursement levels in China[161] Employee and Shareholder Information - The company employed 6,347 employees as of December 31, 2024, down from 8,230 employees a year earlier[165] - Major shareholder Otsuka Holdings Co., Ltd. holds 382,994,120 shares, representing 20.73% of the issued shares[188] - The total reserves available for distribution to equity shareholders amounted to $583.688 million as of December 31, 2024, down from $600.073 million in 2023[171]

Group 1 - The National Medical Products Administration (NMPA) is seeking public opinion on measures to optimize the lifecycle regulation to support the innovation of high-end medical devices [1] - The NMPA plans to strengthen standardization to lead innovation, including the rapid release of standards for medical exoskeleton robots and radioactive nuclide imaging devices [1] - A total of 308 medical device products were approved for registration by the NMPA in March 2025, including 248 domestic Class III medical devices and 34 imported Class III medical devices [1] Group 2 - Huatai Securities believes that the policy for medical equipment updates will gradually stimulate demand in the medical device sector, benefiting leading companies [1] - The equipment update policy is expected to last for three years and may expand to other areas such as endoscopy, leading to a recovery in hospital procurement [1] - The medical device market is anticipated to see a sustained recovery as previously suppressed demand is gradually released [1] Group 3 - Related companies in the medical device industry chain listed in Hong Kong include Qiming Medical-B (02500), Aikang Medical (01789), MicroPort Scientific Corporation-B (02252), Peijia Medical-B (09996), MicroPort Medical (00853), Kunbo Medical-B (02216), and Yimai Sunshine (02522) [2]

Core Viewpoint - The company is expected to reduce losses in 2024, with a forecasted net loss of $39.54 million for 2025 and a projected net profit of $73.81 million for 2026, maintaining an outperform rating [1] Financial Performance - In 2024, the company reported revenue of $1.031 billion, a year-on-year increase of 9.6% after excluding currency effects, with a loss of $268 million compared to a loss of $649 million in 2023 [2] - The net loss attributable to shareholders was $214 million in 2024, down from $478 million in 2023, indicating effective cost control despite slightly lower-than-expected revenue due to price reductions and centralized procurement [2] Business Segments - The orthopedic and cardiac rhythm management segments showed improvement, with orthopedic revenue up 6.2% and net loss narrowing by 67.1%, achieving positive EBITDA [3] - In the orthopedic sector, revenue in China increased by 26.1%, with expectations of a 10% year-on-year growth in 2025 [3] - Cardiac rhythm management revenue grew by 7.2%, with a significant 51.3% increase in China, and is expected to see 5-7% growth in 2025 [3] Market Dynamics - Domestic market performance showed mixed results, with coronary revenue up 2.0% and neuro-interventional revenue up 8.3%, while international revenue surged by 84.7% to $95.8 million [3] - The company anticipates international revenue could reach approximately $170 million in 2025, reflecting an 80% year-on-year growth [3] Future Outlook - The company expects to continue reducing losses significantly in 2025, with a projected gross margin of 53-54% and a further decrease in expense ratios [4] - Anticipated gains from the sale of subsidiaries and non-core assets are expected to contribute around $100 million in 2025 [4] - The company is on track to potentially achieve profitability around 2026 [4]

报名：首届全球眼科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 报名：首届全球骨科大会 | 奖项评选 合作伙伴征集：2025全球手术机器人大会 2025年3月29日， 微创医疗 发布了2024年度业绩公告。 # 财报数据 # 关于微创医疗 创新医疗器械的研发、制造和销售 2024年公司实现收入 10.31亿美元 ，同比增长 9.6% （剔除汇率影响），主要得益于全球化平台的集约 优势和自有产品出海业务的强劲增长（24年自有品牌出海实现营收0.96亿美元，同比增长84.7%）。 2024年公司净利润亏损 2.69亿美元 ，同比大幅收窄 58.6% ， EBITDA实现转正，从去年同期的亏损3.70 亿元改善至盈利0.60亿美元，主要得益于收入增长、成本控制和资源聚焦等措施。2024年，公司销售、 管理和研发费用合计下降2.17亿美元，三项费用率合计下降28.5 pct，其中研发费用率下降19.0 pct。 分地区来看：24年国内实现营收5.22亿美元，同比增长6.0%；北美洲实现营收0.92亿美元，同比下降 7.5%；欧洲实现营收2.80亿美元，同比增长10.5%；亚洲（除中国）实现营收0.88亿 ...

Core Viewpoint - MicroPort Medical's 2024 annual performance shows a revenue of $1.031 billion, with a year-on-year growth of 8.5%, and a significant reduction in net loss to $214 million, down 55.2% from the previous year [1][2] Group 1: Financial Performance - Revenue for the reporting period reached $1.031 billion, reflecting a 10% year-on-year growth when excluding foreign exchange impacts [1] - The net loss narrowed significantly, attributed to a strong performance in overseas business, which saw an 85% year-on-year increase in revenue [1] - Total expenses for sales, management, and R&D decreased by $216.5 million, a 24% reduction year-on-year, with the operating expense ratio dropping by 29 percentage points [1] Group 2: Strategic Initiatives - The company has established a global commercialization platform to facilitate rapid market entry and sales of products developed in China, covering over 20,000 hospitals in more than 100 countries and regions [2] - The company received 58 first-time registration certificates for Class III medical devices from the National Medical Products Administration of China and 249 first-time registration certificates in 43 overseas markets [2] - The focus remains on enhancing financial health, concentrating on core businesses, and promoting high-quality and stable business development [2]

Financial Performance - Revenue for the year ended December 31, 2024, was $1,031.1 million, representing a 9.6% increase compared to $950.7 million in 2023[1]. - Gross profit increased by 7.9% to $574.1 million from $532.1 million year-on-year[1]. - Net loss narrowed significantly by 58.6% to $268.5 million from $649.2 million in the previous year[1]. - EBITDA turned positive, improving from a loss of $370.4 million to a profit of $60.4 million[1]. - Revenue from medical device sales for the current period was $1,006,188,000, compared to $928,686,000 in the previous period, reflecting a growth of approximately 8.35%[26]. - The total revenue for the group, including other income sources, was $1,031,063,000, up from $950,725,000, indicating an increase of about 8.47%[26]. - The expected revenue from existing contracts as of December 31, 2024, is $34,354,000, down from $45,249,000 in 2023, showing a decrease of approximately 24.5%[27]. - The company reported a net loss of $268,459,000 for the year ending December 31, 2024, compared to a net loss in the previous year[13]. - The company’s total reportable segment profit/loss net amount was $(224,149) thousand in 2024, worsening from $(534,485) thousand in 2023, reflecting a continued challenge in profitability[34][35]. Cost Management and Efficiency - Total sales, management, and R&D expenses decreased by $216.5 million, a 24% reduction compared to the previous year[5]. - The R&D expense ratio dropped from 40% to 21% year-on-year, reflecting improved operational efficiency[5]. - Research and development costs decreased by 42.9% to $216.5 million, attributed to active cost control and resource focus on core projects[131]. - Distribution costs fell by 9.2% to $304.2 million, due to enhanced collaboration between domestic and overseas sales platforms[132]. - Administrative expenses decreased by 11.3% to $178.9 million, driven by resource focus and cost-saving measures[133]. Assets and Liabilities - Total assets decreased from $2,010,447,000 in 2023 to $1,737,273,000 in 2024, a decline of approximately 13.6%[8]. - Current liabilities decreased from $1,363,920,000 in 2023 to $1,179,013,000 in 2024, a reduction of about 13.5%[9]. - Non-current liabilities increased from $1,165,488,000 in 2023 to $1,309,565,000 in 2024, an increase of about 12.3%[9]. - The company's equity decreased from $1,402,997,000 in 2023 to $1,144,844,000 in 2024, a decline of approximately 18.4%[9]. - Cash and cash equivalents decreased significantly from $1,019,551,000 in 2023 to $712,995,000 in 2024, a drop of approximately 30.0%[8]. - Total liabilities slightly decreased to $2,488,578,000 in 2024 from $2,529,408,000 in 2023, a reduction of about 1.6%[37]. Business Expansion and Market Presence - The company achieved an 85% year-on-year increase in overseas business revenue, leveraging its global platform[5]. - The company received 58 first registrations for Class III medical devices from the National Medical Products Administration in China during the reporting period[3]. - A total of 249 first registrations were obtained in 43 overseas markets, enhancing the company's international presence[3]. - The company aims to enhance its international competitiveness by expanding its global innovation network and establishing overseas R&D and clinical trial capabilities[81]. - The company is actively exploring simultaneous clinical research and application of innovative products in domestic and international markets[96]. Financing and Debt Management - The company plans to implement measures to alleviate liquidity pressures and improve its financial position in the coming year[14]. - The group has implemented several strategies to enhance liquidity, including stricter cost control measures and significant reductions in operating cost budgets[16]. - The group plans to generate additional cash by selling several properties and equity-method investees[16]. - The company is negotiating with banks for the renewal of existing loans and obtaining new bank financing[16]. - As of December 31, 2024, the total interest-bearing borrowings amounted to $1,075,777,000, an increase from $803,768,000 in 2023, representing a growth of approximately 33.8%[56]. Product Development and Innovation - The company received 58 Class III medical device registrations from NMPA and 249 registrations in 43 overseas markets, with 18 products obtaining CE certification and 4 products receiving FDA registration[108]. - The new generation bioresorbable coronary stent Firesorb® was approved for market launch in July 2024 and has contributed to sales revenue during the reporting period[87]. - The company is expanding its market coverage in China, focusing on second, third, and fourth-tier cities[95]. - The innovative mitral valve intervention product AltaValve™ received FDA breakthrough device designation, highlighting the company's global technological leadership in structural heart disease[102]. - The company has established a comprehensive innovative R&D layout for structural heart disease, focusing on TAVI and other catheter-based solutions[100]. Corporate Governance and Compliance - The independent auditor, KPMG, confirmed that the consolidated financial statements accurately reflect the company's financial position as of December 31, 2024[150]. - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2024[153]. - The company has established an audit committee that reviewed and discussed the annual performance for the year ending December 31, 2024[163]. - The executive director is Dr. Chang Zhaohua, indicating a stable leadership structure[165]. - The board includes non-executive directors and independent non-executive directors, ensuring diverse oversight[165].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3]. Core Insights - The company is projected 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 is expected to see an approximately 80% year-on-year revenue increase, benefiting from the synergies and efficiencies 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, including cost-cutting and business focus [2]. Summary by Sections Revenue and Profitability - The company anticipates a revenue of 1,045 million USD in 2024, with a growth rate of 10% [5]. - The net loss is projected to decrease 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]. Business Segments Performance - The company's key segments include: - Artery and peripheral vascular intervention business, with a revenue growth of approximately 1.6% [2]. - Neuro-intervention business achieving double-digit growth [2]. - Heart valve business overseas revenue growth exceeding 100% [2]. - Surgical robotics business revenue growth estimated at 145%-155% [2]. Research and Development - The company is a leading player in high-value consumables, with R&D investments of 115 million USD in the first half of 2024 [3]. - As of the end of 2024, the company has 36 green channel products and has received multiple regulatory approvals, including 46 Class III medical device registrations in China and 184 overseas [3]. Financial Forecasts - The financial forecasts indicate a steady increase in revenue and a gradual reduction in losses, with expected revenues of 1,198 million USD in 2025 and 1,373 million USD in 2026 [5][9]. - The earnings per share (EPS) is projected to improve from -14.63 cents in 2024 to 4.92 cents in 2026 [5][9].

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].

预计2024年净亏损不超过2.75亿美元（约合19.9亿元人民币）， 较上年同期亏损收窄超过 58% 。亏损的显 著收窄主要归因于资源聚焦和成本优化措施，使得经营费用占收入比率同比下降约28个百分点。 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 2025年3月9日，微创医疗（00853.HK）发布了2024年度业绩预告。 # 财务数据 收入增长 尽管面临快速变化的外部环境和行业政策影响，微创医疗预计2024年收入同比增长近10%，剔除汇率影响 后， 收入预计达到 74.07亿 元人民币 。 净亏损收窄 合作伙伴征集：2025全球手术机器人大会 海外业务增长 通过全球化平台的协同效应， 微创医疗出海业务收入同比增长约 80% ，进一步推动了整体收入增长。 产品注册与创新 报告期内，集团及联营公司共有6款产品进入国家创新医疗器械审批程序（绿色通道）， 累计达到36款，连 续十年在同行业中排名第一 。此外，集团及联营公司共获得46项国家药品监督管理局颁发的三类医疗器械首 次注册证，并在43个海外市场获得184项首次注册证，其中包括1 ...