Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company listed in the Hong Kong stock market, which operates primarily in the biotechnology and medical device industry, focusing on products such as botulinum toxin and other aesthetic treatments. The company is navigating challenges related to currency fluctuations and market dynamics, particularly in North America and Israel. Key Points and Arguments Financial Performance and Currency Impact - The company acknowledges that financial performance metrics may differ due to currency exchange rates, particularly as it operates in USD while reporting in RMB. The exchange rate fluctuations can lead to discrepancies in reported growth rates and financial results [1][2]. - The company has implemented monthly hedging strategies to mitigate currency risk, ensuring that financial assessments remain accurate despite exchange rate volatility [2]. Sales Strategy and Market Positioning - The sales model has shifted towards direct sales, with a reported 87% of sales coming from this channel in 2024, reflecting a nearly 50% year-over-year increase [2]. - The company emphasizes the importance of direct sales in enhancing profit margins, as direct sales typically yield higher average selling prices (ASP) compared to distribution channels [4]. Market Dynamics and Growth Opportunities - The North American market is experiencing cyclical economic pressures, particularly due to high interest rates affecting customer purchasing behavior. However, there is optimism for a rebound in sales as interest rates are expected to decline [8][9]. - The company is exploring new product launches and market strategies to capture additional market share, particularly in the face of economic challenges [9][10]. Product Development and Regulatory Challenges - The company is in the process of launching new products, including a botulinum toxin product that has already seen significant sales in the U.S. market, achieving $100 million in sales within five quarters [14]. - Regulatory hurdles are acknowledged, with the company working through the necessary approvals for new products in various markets, including China and the U.S. [15][16]. Future Outlook and Strategic Goals - The company aims to establish a second growth curve through its aesthetic product line, with expectations for significant revenue contributions starting in 2025 [20][23]. - There is a focus on expanding product offerings and enhancing market penetration, particularly in high-demand regions such as North America and Asia [24][25]. Competitive Positioning and Product Differentiation - The company positions its products as high-end offerings, leveraging unique technologies and formulations to differentiate from competitors. This includes the use of proprietary techniques that enhance treatment efficacy and patient satisfaction [17][18]. - Feedback from healthcare professionals indicates strong market acceptance and effectiveness of the products, which supports the company's premium pricing strategy [19]. Additional Important Insights - The company is actively managing its operational costs in response to fluctuating revenues, ensuring that expenses align with income expectations [10]. - There is a strategic emphasis on building a robust pipeline of new products to sustain growth and meet evolving consumer demands in the aesthetic market [27][38]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market challenges, and growth opportunities within the biotechnology and medical device industry.

復銳醫療科技有限公司* (於以色列註册成立的有限公司) 提高生活品質 Enhancing Quality of Life 復銳醫療科技 股份代號: 1696.HK *僅供識別 Sisram Med Stock Code: 1696.HK (Incorporated in Israel with limited liability) 2 0 2 4 Annual Report Sisram Medical Ltd 2024 年度報 告 財務概要 本集團過去五個財政年度的已刊發業績及資產及負債（乃按照下文所載附註載列的基準編製）概要如下。 業績 | | | | 截至十二月三十一日止年度 | | | | --- | --- | --- | --- | --- | --- | | | 二零二四年 | 二零二三年 | 二零二二年 | 二零二一年 | 二零二零年 | | | 千美元 | 千美元 | 千美元 | 千美元 | 千美元 | | 經營業績 | | | | | | | 收益 | 349,112 | 359,292 | 354,480 | 294,294 | 162,095 | | 毛利 | 216,680 | 21 ...

港股公司报告 | 公司点评 复锐医疗科技（01696） 证券研究报告 创新驱动产品线增长，直销战略深化全球协同发展 事件： 2025 年 3 月 19 日，公司公布 2024 年全年业绩，2024 年营业收入 25.10 亿元人民币，同比下降 2.8%；净利润为 1.81 亿元人民币，同比下降 12.6%。 点评： 直销战略提升盈利能力，多区域业绩稳健增长 2024 年直销占比 87%（同比提升 9pcts）。其中，亚太、欧洲、中东及非洲 的收入分别为 8.35/3.63/2.49 亿元，同比增长 6.0%/0.7%/27.1%；北美收入 9.88 亿元，同比下降 12.4%，北美地区业绩下滑主要系当地高利率环境影 响客户购买设备的融资成本。2024 年公司毛利率为 62.1%，较 2023 年提升 了 1.0 个百分点。毛利率提升主要系亚太、欧洲地区的主要运营地过渡为 直销营运模式，通过直接面向终端消费者的销售布局，提升了产品售价。 公司通过构建"全球战略，区域适配"实施路径，在深度研判各国家及地 区产业特征与文化特质的基础上，系统性推进企业战略的本地化落地，同 时持续为其直销办公室提供支持与指导，助力实现 ...

港股公司报告 | 公司点评 复锐医疗科技（01696） 证券研究报告 创新驱动产品线增长，直销战略深化全球协同发展 事件： 2025 年 3 月 19 日，公司公布 2024 年全年业绩，2024 年营业收入 25.10 亿元人民币，同比下降 2.8%；净利润为 1.81 亿元人民币，同比下降 12.6%。 点评： 直销战略提升盈利能力，多区域业绩稳健增长 2024 年直销占比 87%（同比提升 9pcts）。其中，亚太、欧洲、中东及非洲 的收入分别为 8.35/3.63/2.49 亿元，同比增长 6.0%/0.7%/27.1%；北美收入 9.88 亿元，同比下降 12.4%，北美地区业绩下滑主要系当地高利率环境影 响客户购买设备的融资成本。2024 年公司毛利率为 62.1%，较 2023 年提升 了 1.0 个百分点。毛利率提升主要系亚太、欧洲地区的主要运营地过渡为 直销营运模式，通过直接面向终端消费者的销售布局，提升了产品售价。 公司通过构建"全球战略，区域适配"实施路径，在深度研判各国家及地 区产业特征与文化特质的基础上，系统性推进企业战略的本地化落地，同 时持续为其直销办公室提供支持与指导，助力实现 ...

Sisram Medical (01696) H2 2024 Earnings Call March 20, 2025 10:32 PM ET Company Participants Liu Yi - ChairmanLior Dayan - President, CEO & Executive DirectorJiahong Li - CFO & Executive DirectorJinpeng Yin - Internship TraineeQianli Fang - Secretary of the Board Conference Call Participants Bo Yu - Healthcare AnalystNone - Analyst Bo Yu So let's start. Good morning, good afternoon and good evening, everyone. Thank you for joining us on SysRamp's twenty twenty four Annual Results Conference Call. This is Yu ...

財務概要 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。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 截至二零二四年十二月三十一日止年度的 年度業績公告 末期股息 • 董事會議決就截至二零二四年十二月三十一日止年度宣佈派發末期股息每股0.126 港元（含稅）。 業績概要 復銳醫療科技有限公司*（「本公司」或「復銳醫療」）董事會（「董事會」）欣然宣佈根據國際 財務報告準則（「國際財務報告準則」）編製的本公司及其附屬公司（統稱「本集團」或「我 們」）截至二零二四年十二月三十一日止年度（「報告期」）的綜合業績。 – 1 – • 截至二零二四年十二月三十一日止年度收益為349.1百萬美元，較去年收益減少 2.8%。 • 毛利率由二零二三年同期的61.1%增長至報告期的62.1%。 • 截至二零二四年十二月三十一日止年度，年內溢利為28.8百萬美元，較去年減少 ...

Investment Rating - The report assigns a "Buy" rating for Sisram Medical (复锐医疗科技) as a first-time coverage [6][7]. Core Views - Sisram Medical is positioned as a global leader in energy source devices, expanding its presence in the beauty and health ecosystem. The company has diversified its business into injection fillers, personal care, and digital dentistry, leveraging its strong R&D capabilities and market presence [6][18]. - The Chinese medical aesthetics market is experiencing stable growth, with the light medical aesthetics segment showing promising prospects. The company is well-positioned to capitalize on this trend through its established product lines and market strategies [6][45]. Financial Data and Profit Forecast - Total revenue projections for Sisram Medical are as follows: - 2023: $359.29 million (YoY +1.36%) - 2024E: $368.57 million (YoY +2.58%) - 2025E: $429.16 million (YoY +16.44%) - 2026E: $494.15 million (YoY +15.15%) [5][6] - Net profit forecasts are: - 2023: $31.50 million (YoY -21.59%) - 2024E: $30.07 million (YoY -4.53%) - 2025E: $39.09 million (YoY +29.99%) - 2026E: $47.16 million (YoY +20.64%) [5][6] - Earnings per share (EPS) estimates are: - 2023: $0.07 - 2024E: $0.06 - 2025E: $0.08 - 2026E: $0.10 [5][6] Business Expansion and Market Position - Sisram Medical has a solid foundation in energy source devices and a promising outlook for injection fillers. The company is expanding its business into digital dentistry and personal care, aiming to create a comprehensive beauty and health ecosystem [6][18]. - The company has established a strong direct sales network, with 78% of its revenue coming from direct sales in 2023, and is actively expanding its global reach [6][24]. Market Trends and Growth Potential - The light medical aesthetics market in China is projected to grow significantly, with a CAGR of 12.8% expected from 2024 to 2030. The non-surgical segment is anticipated to account for 65% of the market by 2030 [46]. - The energy source device market is expected to maintain rapid growth, driven by consumer demand for non-invasive procedures such as photorejuvenation and hair removal [6][45].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" with a target price of 3.75 HKD [1]. Core Views - The medical beauty business is steadily growing, with strong performance in the Asia-Pacific and European markets [1]. - The company reported a revenue of 1.209 billion HKD for H1 2024, a decrease of 1.4% year-on-year, and a net profit of 78 million HKD, down 42.05% year-on-year [1]. - The medical beauty segment generated 1.056 billion HKD in revenue, accounting for 88.5% of total revenue, with a year-on-year growth of 1.3% [1]. - The company is focusing on new product launches, which have been well received in the market, and is expanding its commercialization efforts in the Asia-Pacific region [1]. Business Segment Summary - **Medical Beauty Business**: Revenue reached 1.056 billion HKD, with a year-on-year growth of 1.3%. The revenue mainly comes from classic devices like Soprano, Harmony, Opus, Accent, and Hybrid [1]. - **Injectable Fillers**: Revenue was 31.949 million HKD, a decrease of 7.5% year-on-year, due to a shift in focus towards new product launches [1]. - **Dental Business**: Revenue was 19.952 million HKD, down 47.0% year-on-year, as this segment is still in the incubation phase and facing demand-side pressures [1]. - **Service and Other Businesses**: Revenue was 85.271 million HKD, a decrease of 14.1% year-on-year [1]. Regional Performance Summary - **North America**: Revenue was 474 million HKD, accounting for 39.7% of total revenue, down 15.7% year-on-year due to rising credit costs affecting customer purchasing decisions [1]. - **Asia-Pacific**: Revenue was 396 million HKD, accounting for 33.3% of total revenue, with a year-on-year growth of 15.5% driven by strong performance from Alma China [1]. - **Europe**: Revenue was 170 million HKD, accounting for 14.2% of total revenue, with a year-on-year growth of 10.0% due to the transition to direct sales in the UK market [1]. - **Middle East and Africa**: Revenue was 109 million HKD, accounting for 9.1% of total revenue, with a year-on-year growth of 10.9% [1]. - **Latin America**: Revenue was 44.661 million HKD, accounting for 3.7% of total revenue, down 20.3% year-on-year [1]. Profitability and Cost Structure - The company's gross margin for H1 2024 was 62.41%, an increase of 1.06 percentage points year-on-year, primarily due to a higher proportion of direct sales [1]. - The selling expense ratio increased by 2.59 percentage points year-on-year due to increased sales and marketing activities [1]. - The management expense ratio increased by 1.49 percentage points year-on-year due to expenses related to new office operations [1]. - R&D expense ratio remained stable year-on-year [1]. Future Outlook - The company expects revenues for 2024-2026 to be 2.569 billion HKD, 3.002 billion HKD, and 3.505 billion HKD respectively, with net profits of 215 million HKD, 280 million HKD, and 339 million HKD respectively [1].

sisram D medical វេ​ (於以色列註册成立的有限公司) 提高生活品質 20 中期報告 復銳醫療科技 股份代號: 1696.HK 7 SUAL) *僅供識別 目 錄 2 主席報告書 4 首席執行官報告書 8 財務概要 9 管理層討論及分析 26 中期簡明綜合損益表 27 中期簡明綜合全面收益表 28 中期簡明綜合財務狀況表 30 中期簡明綜合權益變動表 32 中期簡明綜合現金流量表 33 中期簡明綜合財務資料附註 48 一般資料 51 公司資料 53 釋義 主席報告書 深耕不輟， 精「醫」篤行 創新發展是企業在不斷變化的市場中保持活力和增長的關鍵，作為一家全球化美麗健康集團，復銳醫療科技深耕醫學 美容行業二十餘年，始終以求美者和客戶的需求作為出發點，追求技術突破，把握市場脈動，開創復銳醫療科技特色 的創新之道。在創新發展的進程中，我們始終堅持長期思維，採取果敢謹慎、穩步進取的策略，以時間的積累換取發 展空間的拓展，為公司成長打造堅實基礎，同時挖掘更大的成長潛力。多年來，我們致力於打造多元和醫療級品質的 美麗健康解決方案，不斷豐富美麗健康生態系統，全面提升客戶生活品質，秉持「直銷擴張」和「業態多 ...

证券研究报告 医疗器械 2024年09月10日 复锐医疗科技（1696.HK）深度报告：能量源医美龙头， 构建大医美生态平台 评级：买入(首次覆盖) 马川琪(证券分析师) 廖小慧(证券分析师) S0350523050001 S0350524080002 macq@ghzq.com.cn liaoxh@ghzq.com.cn 最近一年走势 -62% -48% -34% -19% -5% 9% 2023/09/11 2023/12/10 2024/03/09 2024/06/07 2024/09/05 复锐医疗科技 恒生指数 | --- | --- | |------------------------|------------| | 市场数据 | 2024/09/09 | | 当前价格（港元） | 3.19 | | 52周价格区间（港元） | 2.75-7.74 | | 总市值（百万港元） | 1,494.01 | | 流通市值（百万港元） | 1,494.01 | | 总股本（万股） | 46,834.31 | | 流通股本（万股） | 46,834.31 | | 日均成交额（百万港元） | 0.94 | | ...