公告称，目标公司主要从事主动脉及外周血管介入医疗器械的研究、开发、制造及销售。由于主动脉及 外周血管介入╱植入乃公司产业布局的重要领域之一，公司建议收购目标公司可进一步完善公司在主动 脉及外周血管介入及植入领域的产品布局。 智通财经APP讯，瑛泰医疗(01501)公布，于2025年5月21日(交易时段后)，该公司、辰跃维新、目标公 司杭州唯强医疗科技有限公司、开曼公司、香港公司及创始股东已订立正式收购协议，据此，该公司及 辰跃维新(作为买方)有条件同意向香港公司(作为卖方)收购目标公司合计81.83%的股权，总代价约为人 民币5.13亿元，其中该公司将收购目标公司51.70%股权的控股权益，代价约为人民币3.24亿元，惟须待 完成或豁免先决条件后方可作实。于完成后，目标公司将成为该公司的非全资子公司，且于目标公司成 为公司的非全资子公司后，该公司及辰跃维新(作为买方)将向目标公司进一步注资不少于人民币1.5亿 元。 据悉，目标公司主要从事外周血管介入医疗器械的研究、开发、制造及销售。于本公告日期，目标公司 由开曼公司的全资子公司香港公司全资拥有，而开曼公司则由Trio、XinNuoTong、ESOP平台及投资 ...

上海瑛泰醫療器械股份有限公司 Shanghai INT Medical Instruments Co., Ltd.* Stock Code : 1501 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） 股份代號：1501 創新 品質 服務健康 鑄就非凡 * 僅供識別 年報 2024 Annual Report 年報 2024 Shanghai INT Medical Instruments Co., Ltd. 上海瑛泰醫療器械股份有限公司 目 錄 上海瑛泰醫療器械股份有限公司 二零二四年年報 2 公司資料 4 主席報告 6 財務概要 7 管理層討論及分析 19 董事會報告 44 監事會報告 45 企業管治報告 59 環境、社會及管治報告 123 董事、監事及高級管理層 130 獨立核數師報告 136 綜合損益表 137 綜合損益及其他全面收益表 138 綜合財務狀況表 140 綜合權益變動表 141 綜合現金流量表 142 財務 ...

Investment Rating - The report maintains a "Buy" rating for INT Medical, expecting a return exceeding 15% over the next 12 months [2][18]. Core Insights - INT Medical's revenue for 2024 is projected to grow by 13.2% year-on-year to RMB 852 million, slightly below the forecasted 13% due to pressures from value-based pricing (VBP) and intense competition in the CDMO sector [1][2]. - The company achieved a significant gross margin improvement of 5 percentage points, reaching 63.1% in 2024, driven by increased capacity utilization and automation [1]. - Overseas sales are optimistic, with total overseas revenue expected to grow by 24.2% year-on-year to RMB 253 million, accounting for 29.6% of total sales [2]. Financial Summary - Revenue is projected to increase from RMB 753 million in 2023 to RMB 1,025 million in 2025, reflecting a year-on-year growth rate of 20.4% [3]. - The attributable net profit is expected to rise from RMB 192 million in 2024 to RMB 206 million in 2025, with a year-on-year growth rate of 7.5% [3]. - The earnings per share (EPS) is forecasted to grow from RMB 1.10 in 2024 to RMB 1.17 in 2025, indicating a growth rate of 6.6% [3]. Valuation - The target price for INT Medical is set at HKD 33.68 based on a 9-year DCF model with a terminal growth rate of 2.0% and a weighted average cost of capital (WACC) of 10.73% [2][10].

20 Mar 2025 CMB International Global Markets | Equity Research | Company Update INT Medical (1501 HK) Solid growth with margin improvement INT Medical's 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition. The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs. Thanks to the improved gross margin, the Company's attributable ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 851.95 million, an increase of about 13.17% compared to RMB 752.84 million for the year ended December 31, 2023[3]. - Gross profit for the reporting period was approximately RMB 537.66 million, with a gross margin increase from approximately 58.19% to about 63.11% compared to the previous year[5]. - Net profit for the year was approximately RMB 190.05 million, representing a growth of about 24.03% from RMB 153.23 million in the prior year[5]. - Basic and diluted earnings per share were both approximately RMB 1.10, an increase of about 19.57% from RMB 0.92 in the previous year[5]. - Revenue from the sale of medical devices was approximately RMB 773.33 million, up about 15.23% from RMB 671.10 million for the year ended December 31, 2023[5]. - The company reported a total comprehensive income of approximately RMB 190.83 million for the year, compared to RMB 153.69 million in the previous year[10]. - The company's total revenue primarily comes from the sale of medical devices, with specific return policies in place[20]. - Revenue from cardiovascular devices was RMB 662,220 thousand in 2024, up 8.9% from RMB 608,231 thousand in 2023[24]. - Revenue from neuro and peripheral devices surged to RMB 108,018 thousand, a significant increase of 81.0% compared to RMB 59,721 thousand in 2023[24]. - The external customer revenue from the heart intervention business was RMB 736,802 thousand in 2024, compared to RMB 625,952 thousand in 2023, reflecting a growth of 17.7%[31]. Expenses and Costs - Research and development expenses for the year were approximately RMB 149.13 million, compared to RMB 125.85 million in the previous year[7]. - The company's total operating expenses increased to RMB 269,865 thousand in 2024, up from RMB 231,934 thousand in 2023, marking a rise of 16.4%[38]. - Distribution costs increased by approximately 17.79% to RMB 79.39 million, accounting for about 9.32% of total revenue, compared to 8.95% for the year ended December 31, 2023[99]. - Administrative expenses rose by approximately 21.54% to RMB 120.84 million, primarily due to increased employee costs, depreciation, and amortization[100]. - The total employee cost for the reporting period was approximately RMB 269.87 million, an increase from RMB 231.93 million in the previous year[111]. Assets and Liabilities - Non-current assets increased to RMB 1,175,027 thousand in 2024 from RMB 1,078,218 thousand in 2023, representing an increase of 8.99%[12]. - Current assets rose to RMB 892,133 thousand in 2024, up from RMB 724,289 thousand in 2023, marking a growth of 23.19%[12]. - Total liabilities increased to RMB 434,456 thousand in 2024 from RMB 316,829 thousand in 2023, reflecting a rise of 37.06%[12]. - Net assets grew to RMB 1,786,492 thousand in 2024, compared to RMB 1,678,378 thousand in 2023, an increase of 6.44%[13]. - The company's cash and cash equivalents increased to RMB 521,954 thousand in 2024 from RMB 423,668 thousand in 2023, a growth of 23.19%[12]. - Trade and other receivables rose to RMB 118,881 thousand in 2024, up from RMB 125,193 thousand in 2023, indicating a decrease of 5.06%[12]. - The company's equity attributable to shareholders increased to RMB 1,774,227 thousand in 2024 from RMB 1,649,241 thousand in 2023, a rise of 7.58%[13]. - The company reported a trade and other receivables impairment loss of RMB (625,000) in 2024, contrasting with a gain of RMB 407,000 in 2023[41]. - Trade payables increased from RMB 32,854,000 in 2023 to RMB 44,229,000 in 2024, reflecting a rise of approximately 34.7%[60]. Research and Development - Research and development expenses for the year were approximately RMB 189.93 million, an increase of 5.92% compared to RMB 179.31 million for the year ended December 31, 2023[101]. - The R&D team consists of professionals with doctoral and master's degrees, and the company holds 406 registered patents and 215 pending patent applications[75]. - The company aims to expand its product pipeline and increase R&D investment to accelerate core product development and new product certification[90]. Corporate Governance and Compliance - The company has adopted the standard code of conduct for securities trading by directors and supervisors, confirming compliance during the reporting period[133]. - The company has adhered to all provisions of the corporate governance code, except for the separation of roles between the Chairman and CEO, which is currently held by Dr. Liang Dongke[135]. - The Audit Committee, consisting of three members, has reviewed the audited consolidated annual results and confirmed compliance with applicable accounting principles and sufficient disclosure[136]. - The preliminary financial figures for the year ending December 31, 2024, have been verified by KPMG, confirming consistency with the audited financial statements[138]. Future Plans and Strategies - The company plans to continue expanding its product offerings and market presence, particularly in the heart intervention and neuro intervention sectors[28]. - The company plans to utilize approximately RMB 110.00 million for the construction of a new factory in Zhuhai and RMB 156.33 million for the Shandong Yingtai Innovative Medical Device Industrial Park project[109]. - The company plans to issue 5,000,000 shares at a price of RMB 12.00 per share under the restricted share plan, with RMB 5 million allocated to share capital and RMB 55 million to capital reserves[64]. - The company has entered into a sales framework agreement with Kangdelai for the period from 2025 to 2027, with an annual transaction amount not exceeding RMB 20 million[87]. - The establishment of joint ventures, including Shanghai Yingtai Asset Management and Shanghai Yingtai Shenghuo Trading, is expected to enhance the company's asset management and sales capabilities in cosmetics and healthcare products[88][89]. Shareholder Information - The company’s major shareholder, Kang De Lai, holds approximately 24.35% of the company's shares, qualifying as a related party under listing rules[86]. - The company has repurchased 800,000 H-shares at a maximum price of HKD 26.00 per share, totaling approximately RMB 18.92 million[65]. - The company agreed to repurchase approximately 5.0% equity in a non-wholly owned subsidiary for a total price of RMB 60,081,753.42, increasing its ownership to approximately 61.36%[80]. - The company issued 5,000,000 new domestic shares under the 2023 equity incentive plan, increasing the total number of shares to 176,000,000[83]. Employee and Workforce - The group employed 1,735 employees as of December 31, 2024, an increase from 1,567 employees as of December 31, 2023[111].

Share Incentive Plan - The company granted a total of 150,000 restricted shares to Dr. Liang Dongke under the share incentive plan [3]. - The purchase price for the granted shares was RMB 12.0, while the market price on the grant date was HKD 28.6 [4]. - The company has a lock-up period of 60 months starting from May 13, 2022, for the granted shares [4]. - The incentive plan includes a clawback mechanism for cases of misconduct or breach of duty by the incentive recipients [6]. - If the incentive recipient leaves the company before the lock-up period ends, the shares will be repurchased at the purchase price [8]. - The performance indicators for the incentive plan are based on net profit growth rates from 2019 as a baseline [4]. - The company stated that the number of shares available for future grants under the share incentive plan is zero following the completion of the grant [19]. - If an incentive object loses labor ability due to work-related injury, shares will be repurchased at the purchase price plus bank interest if the lock-up period is not completed [13]. - In the event of the death of an incentive object due to work-related duties, shares that have been realized will not be processed, while unrealized shares will be repurchased [14]. - If an incentive object no longer qualifies due to violations, shares will not be processed if the lock-up period is completed; otherwise, unrealized shares will be repurchased [18]. - The company will repurchase shares of an incentive object if the company loses control over the subsidiary where the incentive object works, depending on the lock-up period [17]. - The company will terminate the grant of domestic shares that have not been completed due to installment issuance [13][14][17][18]. - The company emphasized that the repurchase amount will be received by the designated heirs or legal heirs of the deceased incentive object [15]. - The company will not provide financial assistance arrangements for incentive objects [19]. Performance Targets and Strategies - The performance target for the 2023 fiscal year requires a net profit growth rate of no less than 60% compared to 2019 [4]. - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year [2]. - The company aims to enhance its competitive position through strategic acquisitions and partnerships [2]. - The incentive plan is designed to align the interests of the management with the long-term goals of the company [2]. Governance and Compliance - The company clarified that the previous announcement regarding exceeding Dr. Liang's personal limit violated Listing Rule 17.11, which requires compliance with the terms of the share plan [21]. - The board of directors consists of various executive and non-executive members, including Dr. Liang Dongke and Mr. Lin Sen [22].

Share Incentive Plans - The total number of shares available for issuance under the 2023 Equity Incentive Plan is 5,000,000 shares, accounting for approximately 2.84% of the company's issued shares as of the 2023 annual report date [6]. - The maximum number of H shares under the H Share Reward and Trust Plan is 10,420,000 shares, representing about 5.92% of the total share capital as of the 2023 annual report date [7]. - The percentage of shares available for issuance under the existing share incentive plans is zero, as all 5,000,000 restricted shares have been granted [3]. Disclosure Errors - The company corrected a disclosure error regarding 150,000 restricted shares, clarifying that there were zero shares canceled and 150,000 shares that had lapsed during the reporting period [13]. - The main reason for the disclosure error was the lack of clarity in the share incentive plan regarding the classification of restricted shares as "canceled" or "lapsed" [14]. Compliance and Internal Controls - The company plans to strengthen internal controls related to the share incentive plan, including quarterly reviews of grant details and monitoring of vesting schedules [15]. - The company will conduct a comprehensive review of the existing share plan to ensure compliance with the latest listing rules and provide training for key personnel on relevant regulations [17]. Shareholder Actions - Dr. Liang Dongke received a maximum allocation of 83,400 restricted shares under the share incentive plan, which exceeded his personal limit, violating Listing Rule 17.03C(3) [12]. - The board will seek shareholder approval to increase Dr. Liang's personal limit and amend the share incentive plan to clarify the status of voluntarily lapsed restricted shares [19].

Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately RMB 392.32 million, an increase of 15.47% compared to RMB 339.76 million for the same period in 2023[5]. - Gross profit for the same period was RMB 246.77 million, reflecting a growth of 23.17% from RMB 200.35 million in 2023[6]. - The profit for the period was RMB 99.18 million, which is a 23.19% increase from RMB 80.51 million in the previous year[6]. - The gross margin improved from 58.97% to 62.90% during the reporting period[6]. - Basic earnings per share for the period were RMB 0.58, up 20.83% from RMB 0.48 in 2023[5]. - Revenue from interventional medical devices was RMB 345.48 million, a 19.16% increase from RMB 289.93 million in the same period last year[6]. - Revenue from medical standard parts was RMB 26.74 million, representing a 31.14% increase from RMB 20.39 million in 2023[6]. - Revenue from agency business decreased to RMB 14.82 million, down 48.13% from RMB 28.57 million in the previous year[6]. - The increase in revenue and profit was primarily driven by higher sales of interventional medical devices and medical standard parts[6]. Research and Development - The company has a strong R&D team with 364 registered patents and 199 pending patents as of June 30, 2024[9]. - Research and development expenses totaled approximately RMB 85.93 million, with capitalized R&D expenses at RMB 15.18 million, a decrease from RMB 21.94 million for the six months ended June 30, 2023[23]. - The company aims to further develop its product pipeline and increase R&D investment for core product advancements and new product certifications[15]. - The company reported a significant increase in R&D expenses, which rose to RMB 70,754 thousand from RMB 64,593 thousand, reflecting a focus on innovation[89]. - Research and development costs amounted to RMB 85,931,000 in the first half of 2024, slightly down from RMB 86,537,000 in 2023, indicating a decrease of 0.7%[113]. Market Expansion and Strategy - The company plans to enhance brand recognition and expand market share, particularly in overseas markets, in the second half of 2024[15]. - The distribution network covers 2,795 hospitals in China and has expanded to 255 overseas clients across 83 countries and regions[10]. - The company is actively pursuing new product development, focusing on innovative medical devices to enhance its competitive edge in the market[54]. - The company continues to focus on expanding its market presence and enhancing its product offerings in the interventional medical device sector[102]. - Future outlook remains positive, with expectations of continued growth in user engagement and market expansion strategies being implemented[53]. Financial Position and Liquidity - The group's liquidity position remained strong, with cash and cash equivalents amounting to approximately RMB 330.64 million as of June 30, 2024[26]. - The total current assets were approximately RMB 647.23 million, while total current liabilities were about RMB 239.81 million, resulting in a current ratio of approximately 2.70[26]. - The company reported a net decrease in cash and cash equivalents of RMB 93,605 thousand for the six months ended June 30, 2024, compared to a decrease of RMB 64,248 thousand in 2023[98]. - The total cash and cash equivalents as of June 30, 2024, were RMB 330,640 thousand, down from RMB 458,217 thousand in 2023[98]. - The company’s total assets as of June 30, 2024, were RMB 1,678,655 thousand, reflecting a growth from RMB 1,649,241 thousand at the end of 2023[97]. Shareholder Information and Equity - The total number of shares outstanding as of June 30, 2024, is 176,000,000, which includes 71,786,608 domestic shares and 104,213,392 H shares[47]. - The company issued 5,000,000 new domestic shares under the 2023 equity incentive plan, increasing the total issued shares to 176,000,000[14]. - The company has adopted a share incentive plan to grant up to 5,000,000 domestic shares to no more than 100 employees, with a grant price of RMB 12.0 per share[59]. - The company has received approval from the China Securities Regulatory Commission to issue an additional 3,000,000 incentive shares under the share incentive plan[61]. - The company has granted a total of 5,000,000 restricted shares under the 2023 equity incentive plan, representing 2.98% of the total issued shares as of the plan's adoption date[71]. Corporate Governance and Compliance - The audit committee has confirmed that the interim financial results comply with applicable accounting principles and have been adequately disclosed[44]. - The company has established an audit committee in accordance with the corporate governance code, consisting of three members, including independent non-executive directors[44]. - The independent auditor, KPMG, has reviewed the interim financial report without any modifications to the conclusion[45]. - The company has complied with the standard code of conduct for securities trading by all directors and supervisors during the reporting period[41]. - The company has no additional disclosure obligations under the listing rules regarding specific financial information[42]. Acquisitions and Investments - The company acquired an additional 5.0% equity in a non-wholly owned subsidiary for a total consideration of RMB 60,081,753.42, increasing its ownership to approximately 61.36%[13]. - The company purchased a 3.80% stake in the Yingtai Fund for RMB 46 million during the six months ended June 30, 2024[159]. - The company agreed to acquire approximately 36.67% of Shanghai Qimu and 4.70% of Shanghai Puhui for a total consideration of RMB 18.9 million[160]. - The company is focused on investing in early-stage companies in the medical device and biotechnology sectors through various funds[35]. - The company’s equity interest in Shanghai Qimu, Shanghai Puhui, and Shanghai Hanling increased to 90.00%, 58.96%, and 61.36% respectively as of June 30, 2024, compared to 53.33%, 54.26%, and 56.36% as of December 31, 2023[160].

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分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。 Shanghai INT Medical Instruments Co., Ltd.* 上海瑛泰醫療器械股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1501） 截 至2024年6月30日止六個月期間 中期業績公告 | --- | --- | --- | --- | |-----------------------------|---------------|----------------|--------| | | | | | | | | | | | | 截 至 6 月 30 | 日止六個月期間 | | | | 2024 年 | 2023 年 | 變 動 | | | 人民幣千元 | 人民幣千元 | | | | | | | | 收 入 | 392,322 | 339,7 ...

Annual Report 年報 2023 Shanghai INT Medical Instruments Co., Ltd. 上海瑛泰醫療器械股份有限公司 上海瑛泰醫療器械股份有限公司 Shanghai INT Medical Instruments Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） Stock Code : 1501 (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號：1501 創新 服務健康 品質 鑄就非凡 * 僅供識別 年報 2023 | --- | --- | --- | --- | |-------|------------------------------------------|-------|-------| | | | | | | | | | | | | =海瑛泰醫療器械股份有限公司 年年報 目 錄 | | | | 2 | 公司資料 | | | | 4 | 主席報告 | | | | 6 | 財務概要 | | | ...