股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Sisram Medical Ltd 復銳醫療科技有限公司* 呈交日期: 2025年9月3日 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01696 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 468,343,092 | | 0 | | 468,343,092 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 468,343,092 | | 0 | | 468,343,092 | ...

Core Viewpoint - The company reported its 1H25 performance, which met expectations despite a slight decline in overall revenue, with specific growth in non-North American markets [1][2]. Revenue Performance - Total revenue for 1H25 was $165 million, a year-on-year decrease of 1.9% [1]. - Revenue by region showed robust growth outside North America, with Asia-Pacific revenue at $65.82 million (YoY +17.6%), North America at $56.60 million (YoY -15.6%), Europe at $23.83 million (YoY -0.8%), Middle East and Africa at $13.91 million (YoY -9.7%), and Latin America at $5.32 million (YoY -15.8%) [1]. Business Segments - Medical aesthetics revenue for 1H25 was $138 million, down 7.8%, primarily due to economic challenges in North America and the Middle East and Africa [2]. - Injection filler revenue surged to $14.38 million, reflecting a 218.1% increase, driven by expanded sales regions and direct sales networks [2]. - Service and other revenue decreased to $13.40 million, down 9.9% [2]. Product Pipeline and Commercialization - The company is expanding its product pipeline, with expectations for the commercialization of DaxibotulinumtoxinA (long-acting botulinum) in mainland China in the second half of the year [2]. - The company launched Universkin by Alma, the world's first AI-assisted personalized skincare system, which has seen rapid uptake in the U.S. market [2]. Profit Forecast and Valuation - Due to revenue pressures in certain overseas markets, the company has revised its adjusted net profit forecasts for 2025 and 2026 down by 24.3% and 19.8% to $36.05 million and $41.49 million, respectively [2]. - The current stock price corresponds to adjusted P/E ratios of 9.6x and 8.3x for 2025 and 2026, with a target price maintained at HKD 6.00, implying a potential upside of 5.3% [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][9][17] Core Views - The company's performance is temporarily under pressure due to external factors, particularly in North America, but there is optimism for recovery as the innovation pipeline progresses [3][16] - Revenue for H1 2025 was reported at $165 million, a slight decrease of 1.93% year-on-year, with adjusted net profit down 28.13% to $11.97 million [12][13] - The company is expected to see revenue growth from $395 million in 2025 to $530 million by 2027, with corresponding net profits increasing from $31.5 million to $57.39 million [3][11][17] Summary by Sections Financial Performance - H1 2025 revenue breakdown: - Asia-Pacific: $66 million (+17.64%), contributing 39.78% of total revenue - North America: $57 million (-15.56%), contributing 34.20% - Europe: $24 million (-0.84%), contributing 14.40% - Middle East & Africa: $14 million (-9.72%), contributing 8.41% - Latin America: $5 million (-15.83%), contributing 3.21% [2][13] - Medical aesthetics revenue was $138 million (-7.79%), while injection filling revenue surged to $14 million (+218.15%) [2][13] Cost and Profitability - The company's gross margin for H1 2025 was 60.04%, down 2.38 percentage points, with adjusted net profit margin at 7.23% [15] - Management expenses increased, leading to a slight rise in expense ratios, with total expenses at $11.97 million [14][15] Future Outlook - The energy source equipment business is expected to stabilize and grow as external conditions improve, with new product launches planned for H2 2025 [16][17] - The long-acting botulinum toxin product is anticipated to launch by the end of 2025, which could significantly enhance market recognition and sales [3][17]

Core Viewpoint - Furuya Medical Technology (01696) has launched the PixelPeel safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short-recovery skin renewal procedures [1] Group 1: Product Launch - The PixelPeel treatment has been introduced in North America and is planned for gradual global rollout [1] - PixelPeel utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync technology to ensure a safe, uniform, and controllable treatment process [1] Group 2: Target Audience and Benefits - The treatment is suitable for both first-time users and individuals seeking long-term skin maintenance [1] - PixelPeel offers effective clinical results with a short recovery period and is applicable to various skin types [1] Group 3: Market Impact - The company believes that PixelPeel will provide advanced treatment options that meet current market demands, offering a more convenient and efficient skin care experience [1] - The comprehensive application of PixelPeel in Alma Pixel and Alma Hybrid devices aims to expand market coverage and enhance the purchase and usage rates of these devices [1]

Core Viewpoint - The company has launched the PixelPeel™ safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short-recovery skin renewal procedures, initially debuting in North America with plans for global expansion [1] Group 1: Product Details - PixelPeel™ utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync™ technology to ensure a safe, uniform, and controllable treatment process [1] - The treatment effectively improves skin texture, tone, and brightness, making it suitable for both first-time users and those seeking long-term skin maintenance [1] - The solution offers high clinical efficacy with a short recovery period and is applicable to various skin types [1] Group 2: Market Impact - The company believes that PixelPeel™ will provide advanced treatment options that align with current market demands, offering a more convenient and efficient skin care experience for medical institutions and consumers [1] - The comprehensive application of PixelPeel™ in Alma Pixel™ and Alma Hybrid devices aims to expand the market coverage of existing equipment systems, thereby increasing procurement and usage rates [1]

Core Viewpoint - Foryou Medical Technology (01696) has launched the PixelPeel safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short-recovery skin renewal procedures, utilizing the next-generation Alma Pixel and Alma Hybrid device systems [1] Group 1: Product Launch - The PixelPeel treatment has been first introduced in North America and is planned for gradual global rollout [1] - PixelPeel employs clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync technology to ensure a safe, uniform, and controllable treatment process [1] Group 2: Target Audience and Benefits - The treatment is suitable for both first-time users and individuals seeking long-term skin maintenance [1] - PixelPeel offers effective clinical results with a short recovery period and is applicable to various skin types [1] Group 3: Market Impact - The company believes that PixelPeel will provide advanced treatment options that meet current market demands, offering a more convenient and efficient skin care experience [1] - The comprehensive application of PixelPeel in Alma Pixel and Alma Hybrid devices aims to expand market coverage and enhance the procurement and usage rates of these devices [1]

Core Viewpoint - The company has launched the PixelPeel™ safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short recovery skin renewal procedures, initially introduced in North America with plans for global expansion [1] Group 1: Product Details - PixelPeel™ utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync™ technology to ensure a safe, uniform, and controllable treatment process [1] - The treatment effectively improves skin texture, tone, and brightness, making it suitable for both first-time users and those seeking long-term skin maintenance [1] - The solution offers high clinical efficacy with a short recovery period and is applicable to various skin types [1] Group 2: Market Impact - The company believes that PixelPeel™ will provide advanced treatment options that align with current market demands, offering a more convenient and efficient skin care experience for medical institutions and consumers [1] - The comprehensive application of PixelPeel™ in Alma Pixel™ and Alma Hybrid devices aims to create a new treatment solution, further expanding the market coverage of existing device systems and enhancing their purchase and usage rates [1]

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依 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） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 本公司欣然宣佈推出PixelPeel™安全激光煥膚治療方案（「該方案」），旨在滿足對 安全、有效且恢復期短的皮膚煥新療程日益增長的需求，並全面運用在新一代 Alma Pixel™及Alma Hybrid設備系統中。該方案已於北美首發，並計劃逐步推向 全球市場。 於本公告日期，本公司董事會成員包括執行董事劉毅先生及Lior Moshe DAYAN 先生及李家宏先生；非執行董事吳以芳先生及馮蓉麗女士；獨立非執行董事方香 生先生、陳志峰先生、陳怡芳女士及廖啟宇先生。 PixelPeel™運用臨床公認的黃金標準激光能量，結合像素級精準度，並搭載Alma 專利MotionSync™技術，確保治療過程安全、 ...

Group 1 - The core viewpoint of the article highlights the significant decline in the stock price of Furuya Medical Technology, which dropped nearly 5% after a more than 13% plunge the previous day, reflecting market concerns over its financial performance [1] - Furuya Medical Technology reported a revenue of $165 million for the first half of 2025, representing a year-on-year decrease of 1.9%, while the profit attributable to the parent company was $6.426 million, down 41.3% year-on-year [1] - The decline in revenue is primarily attributed to challenging market conditions in North America, including high interest rates and weak consumer spending, along with delays in revenue recognition due to regional tensions affecting transportation [1] Group 2 - Excluding the adverse factors in the North American market, Furuya Medical Technology achieved a 7.1% growth in international markets compared to the same period in 2024 [1] - According to Shenwan Hongyuan, the company's performance in North America was significantly impacted by high interest rates and weak consumer demand, which dragged down overall results; however, the international market benefited from a direct sales office layout [1] - The company is positioned as a leading player in the energy source medical aesthetic equipment sector, leveraging its direct sales network to strengthen its advantages in the Asia-Pacific region, with the injection filling business opening a second growth curve [1]

Group 1 - The core viewpoint of the article highlights the significant decline in the stock price of Furu Medical Technology (01696), which dropped nearly 5% after a previous decline of over 13% [1] - Furu Medical Technology reported a revenue of $165 million for the first half of 2025, representing a year-on-year decrease of 1.9% [1] - The net profit attributable to the parent company was $6.426 million, down 41.3% year-on-year, primarily due to challenging market conditions in North America, including high interest rates and weak consumer demand [1] Group 2 - The company indicated that revenue recognition was slightly delayed due to transportation restrictions caused by regional tensions in June [1] - Excluding the adverse factors in the North American market, Furu Medical Technology achieved a 7.1% growth in international markets compared to the same period in 2024 [1] - According to Shenwan Hongyuan, the decline in revenue in the North American market significantly impacted overall performance, while the international market benefited from a direct sales office layout [1] Group 3 - The company is recognized as a leading player in the energy source medical aesthetic device sector, leveraging its direct sales network to strengthen its advantages in the Asia-Pacific region [1] - The injection filler business is expected to open a second growth curve for the company [1] - Despite short-term challenges in North America, the long-term growth logic remains intact, with expectations for a rebound in performance in the second half of the year driven by the launch of Daxifei and the expansion of the combined treatment ecosystem [1]