Company Overview - Shanghai Yingtai Medical Devices Co., Ltd. is a leading player in the domestic interventional medical device sector, established in 2006 and listed on the Hong Kong Stock Exchange [1] - The company has a complete industrial capability including independent mold development, product research and development, equipment development, and sterilization [1] - Yingtai Medical has obtained ISO13485, CE, and FDA certifications, with products sold in over 70 countries and regions worldwide [1] Product and Innovation - The company operates 16 subsidiaries focusing on various fields such as cardiology, peripheral, neurology, orthopedics, urology, ENT, exosome therapy, and non-invasive ultrasound treatment [2] - As of June 30, 2024, the company holds 85 domestic registered products, 25 CE certified products, and 20 FDA certified products, along with 364 authorized patents and 199 pending patents [2] - Yingtai Medical has received numerous honors and government project supports, including being recognized as a "Little Giant" by the national government and included in the S&P Global "Sustainability Yearbook (China Edition) 2024" [2] Workforce and Future Vision - The company employs over 1,700 staff, with its main production base located in Jiading District, Shanghai [3] - Yingtai Medical aims to become a globally recognized medical device group led by technological innovation, adhering to the development philosophy of "Innovation Serves Health, Quality Creates Excellence" [3]

Group 1 - The company, Ying Tai Medical, has entered into a formal acquisition agreement to acquire a total of 81.83% equity in Hangzhou Weiqiang Medical Technology Co., Ltd. for approximately RMB 513 million, with the company acquiring 51.70% controlling interest for about RMB 324 million [1] - The acquisition is conditional and will only be finalized upon the completion or waiver of certain preconditions [1] - Following the acquisition, the target company will become a non-wholly owned subsidiary of Ying Tai Medical, and the company along with Chen Yue Weixin will inject no less than RMB 150 million into the target company [1] Group 2 - The target company specializes in the research, development, manufacturing, and sales of peripheral vascular interventional medical devices, which is a significant area of focus for the company's industry layout [2] - The acquisition is aimed at enhancing the company's product portfolio in the aortic and peripheral vascular interventional and implantable device sectors [2]

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[9]. - Revenue from interventional medical devices was approximately RMB 773.33 million, representing a growth of about 15.23% from RMB 671.10 million in the previous year[9]. - The net profit for the year was approximately RMB 190.05 million, a 24.03% increase from RMB 153.23 million in the prior year[9]. - Basic and diluted earnings per share for the year were RMB 1.10, up from RMB 0.92 in the previous year[9]. - Gross profit for the year was RMB 537.66 million, resulting in a gross margin of 63.11%, up from 58.19% in the previous year[20]. - Net profit for the year was RMB 190.05 million, with a net profit margin of 22.31%, compared to 20.35% in 2023[20]. - The company achieved sales revenue of RMB 773.33 million from interventional medical devices, representing a 15.23% increase from RMB 671.10 million in the previous year[20]. - Other income decreased by approximately 18.13% to RMB 27.29 million compared to RMB 33.33 million for the year ended December 31, 2023[38]. Research and Development - The company has achieved 22 new product registrations during the reporting period, including 9 Class III medical device registrations and 13 Class II registrations[11]. - The company aims to expand its product pipeline and increase R&D investment to accelerate the development and approval of core and new products[13]. - The establishment of a research and development center will support the exploration of automation and scalable production potential for efficient manufacturing[13]. - R&D expenses for the reporting period were approximately RMB 189.93 million, an increase of 5.92% from RMB 179.31 million in the previous year, driven by ongoing product development and commercialization[42]. - The R&D team consists of professionals with PhDs and master's degrees, holding 406 registered patents and 215 pending patent applications[23]. Market Presence and Distribution - The distribution network covers 3,049 hospitals across 23 provinces, 4 municipalities, and 5 autonomous regions in China, along with 281 overseas customers in 86 countries and regions[10]. - The company holds 33 Class III medical device registrations and 61 Class II medical device registrations as of December 31, 2024[22]. - Revenue from interventional medical devices was approximately RMB 773.33 million, accounting for about 90.77% of total revenue, up from 89.14% in the previous year[35]. Strategic Initiatives - For 2025, the company plans to pursue strategic initiatives combining mergers and acquisitions with organic growth to enhance sustainable development[13]. - The company aims to drive synergistic development through both external acquisitions and organic growth strategies[33]. - The company has established joint ventures for asset management and sales of cosmetics and healthcare products, which are considered related party transactions[32]. Financial Position - Total assets as of December 31, 2024, amounted to RMB 2,259.88 million, an increase from RMB 2,029.63 million in 2023[20]. - Cash and bank balances as of December 31, 2024, were approximately RMB 521.95 million, up from RMB 423.67 million in the previous year[45]. - The total current assets as of December 31, 2024, were approximately RMB 892.13 million, compared to RMB 724.29 million as of December 31, 2023[45]. - The capital debt ratio increased to 13.64% as of December 31, 2024, from 5.65% in the previous year, with bank loans amounting to approximately RMB 227.26 million[46]. Shareholder Information - The largest customer accounted for 6.34% of total sales, while the top five customers collectively represented 20.57% of total sales[73]. - Major shareholders include Ningbo Huai Ge Tai Yi Equity Investment with 9,843,750 shares, representing 13.71% of the class shares and 5.59% of total shares[93]. - The company has a significant concentration of ownership, with multiple entities holding over 10% of shares[96]. - The company has adopted a dividend policy that allows for the declaration and payment of dividends based on various factors, including current and future operations and profitability[78]. Corporate Governance - The board of directors confirmed compliance with corporate governance codes, except for a minor deviation noted in the report[162]. - The company has maintained more than three independent non-executive directors since its listing in November 2019, complying with listing rules[169]. - The board consists of 7 male members and 2 female members, with 63.0% of the total 1,735 employees being female[167]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[167]. Risk Management - The board of directors is responsible for the group's risk management and internal control systems, which are reviewed annually[199]. - The company has implemented multiple policies and procedures for effective risk management, with the general manager holding ultimate responsibility[200]. - An internal audit department has been established to independently assess the adequacy and effectiveness of the company's risk management and internal control systems[200].

合作伙伴征集：2025全球手术机器人大会 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 报名：首届全球骨科大会 | 奖项报名 2025年3月18日， 瑛泰医疗 （股票代码：01501.HK）发布了2024年全年业绩公告。 # 财务表现 收入 ：2024年总收入达到 8.5亿元人民币，同比增长13.17% 。这一增速超过了2024年中国医疗器械行业平均收入增速，但低于公司过去三年的平均增长率。 毛利与毛利率 ： 毛利为5.37亿元，同比大幅增长22.73% ；毛利率从58.19%提升至63.11%，显示出公司在产品结构优化和生产效率提高方面取得了一定成效。 净利润 ：2024年 净利润为1.9亿元人民币，同比增长24.03% ，增速显著高于收入增长。 每股盈利 ：2024年每股基本盈利及摊薄盈利均为人民币1.10元，较2023年的人民币0.92元增长约19.57%。 股息政策 ：董事会决议不就报告期宣派任何末期股息。 | | 2024 年 | 2023 年 | 飼育 | | --- | --- | --- | --- | | | 人民幣千元 人民幣千元 | | | | 收入 | ...

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].

Investment Rating - The report maintains a "BUY" rating for INT Medical, indicating a potential return of over 15% over the next 12 months [17]. Core Insights - INT Medical's revenue for 2024 grew by 13.2% YoY to RMB 852 million, which was 13% below the analyst's estimate, primarily due to pressures on its CDMO business from VBP and increased competition [1]. - The company's attributable net profit increased by 22.7% YoY to RMB 192 million, with a net profit margin improvement of 1.7 percentage points [1]. - The target price is set at HK$33.68, reflecting a 25% upside from the current price of HK$26.95 [3]. Financial Performance Summary - Revenue projections for FY25E, FY26E, and FY27E are RMB 1,025 million, RMB 1,225 million, and RMB 1,398 million, respectively, with YoY growth rates of 20.4%, 19.5%, and 14.1% [2]. - Attributable net profit for FY25E, FY26E, and FY27E is expected to be RMB 206 million, RMB 245 million, and RMB 280 million, with YoY growth rates of 7.5%, 18.7%, and 14.4% [2]. - The gross margin improved to 63.1% in 2024, up 5 percentage points, driven by enhanced capacity utilization and increased automation [7]. Market and Operational Insights - INT Medical expanded its overseas customer base to 281, covering over 86 countries and regions, with overseas revenue growing by 24.2% YoY to RMB 253 million, representing 29.6% of total sales [7]. - The company has implemented cost-reduction and efficiency-enhancement measures, which are expected to stabilize gross margins despite the negative impact of VBP [7]. - The report anticipates solid revenue growth for INT Medical in 2025E, with revenue and attributable net profit projected to increase by 20.4% YoY and 7.5% YoY, respectively [7].

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].