Group 1 - The core viewpoint of the article highlights the financial performance of Aikang Medical (01789.HK) for the first half of 2025, showing growth in both revenue and net profit compared to the same period in 2024 [1] - The company achieved sales revenue of approximately RMB 694.2 million, representing an increase of about 5.6% year-on-year [1] - The net profit for the same period was approximately RMB 160.6 million, reflecting a year-on-year increase of about 15.3% [1] Group 2 - The growth in sales and profit is attributed to the implementation of volume-based procurement policies, which have accelerated the import substitution process [1] - There has been a continuous increase in the demand for the company's surgical products, contributing to further growth in sales of volume-based products [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights Overview](index=1&type=section&id=Financial%20Highlights%20Overview) AK Medical Holdings Limited reported unaudited interim results for the six months ended June 30, 2025, with revenue increasing by **5.6%** to **RMB 694.2 million** and profit for the period rising by **15.3%** to **RMB 160.6 million**, driven by volume-based procurement and import substitution | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 694,227 | 657,102 | 5.6% | | Gross Profit | 410,335 | 398,480 | 3.0% | | Profit for the Period | 160,611 | 139,253 | 15.3% | | Profit Attributable to Equity Holders of the Company | 160,611 | 139,253 | 15.3% | | Earnings Per Share | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic | 0.14 yuan | 0.12 yuan | | Diluted | 0.14 yuan | 0.12 yuan | - Revenue growth was primarily driven by volume-based procurement policies, accelerating import substitution, and sustained growth in demand for the company's products' surgical volume[5](index=5&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported **5.6%** revenue growth, **3.0%** gross profit growth, **9.7%** operating profit growth, and **15.3%** profit for the period, with significant increases in net other income and net finance income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 694,227 | 657,102 | | Cost of Sales | (283,892) | (258,622) | | Gross Profit | 410,335 | 398,480 | | Net Other Income | 18,263 | 2,904 | | Selling and Distribution Expenses | (117,297) | (113,007) | | General and Administrative Expenses | (77,386) | (72,308) | | Research and Development Expenses | (66,701) | (63,575) | | Operating Profit | 167,214 | 152,494 | | Net Finance Income | 19,457 | 10,030 | | Profit Before Tax | 186,671 | 162,524 | | Income Tax | (26,060) | (23,271) | | Profit for the Period | 160,611 | 139,253 | | Profit Attributable to Equity Holders of the Company | 160,611 | 139,253 | | Total Comprehensive Income | 163,259 | 140,513 | - Net other income significantly increased from **RMB 2,904 thousands** in 2024 to **RMB 18,263 thousands** in 2025[6](index=6&type=chunk) - Net finance income nearly doubled from **RMB 10,030 thousands** in 2024 to **RMB 19,457 thousands** in 2025[6](index=6&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets grew to **RMB 2,731.5 million**, driven by increased net current assets from other financial assets and fixed deposits, despite a decrease in non-current fixed deposits and an increase in current bank loans and bills payable | Metric | 2025 June 30 (RMB thousands) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 702,746 | 683,616 | | Fixed Deposits | 10,179 | 206,301 | | Total Non-current Assets | 977,109 | 1,157,343 | | **Current Assets** | | | | Inventories | 460,051 | 488,668 | | Trade Receivables | 520,662 | 494,820 | | Other Financial Assets | 759,617 | 615,235 | | Fixed Deposits | 306,639 | 64,784 | | Cash and Cash Equivalents | 375,064 | 352,173 | | Total Current Assets | 2,582,497 | 2,178,055 | | **Current Liabilities** | | | | Trade Payables | 106,599 | 122,100 | | Bills Payable | 66,579 | 30,001 | | Bank Loans | 136,094 | 60,447 | | Total Current Liabilities | 737,041 | 596,416 | | Net Current Assets | 1,845,456 | 1,581,639 | | Net Assets | 2,731,467 | 2,638,186 | - Non-current fixed deposits significantly decreased from **RMB 206,301 thousands** as of December 31, 2024, to **RMB 10,179 thousands** as of June 30, 2025[7](index=7&type=chunk) - Other financial assets and fixed deposits within current assets significantly increased from **RMB 615,235 thousands** to **RMB 759,617 thousands** and from **RMB 64,784 thousands** to **RMB 306,639 thousands**, respectively[7](index=7&type=chunk) - Bank loans and bills payable within current liabilities increased from **RMB 60,447 thousands** to **RMB 136,094 thousands** and from **RMB 30,001 thousands** to **RMB 66,579 thousands**, respectively[7](index=7&type=chunk) [Notes to the Interim Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Interim%20Consolidated%20Financial%20Statements) [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This interim financial report, prepared under HKEX Listing Rules and IAS 34, was approved for issue on August 27, 2025, with IAS 21 amendments having no material impact - The interim financial report was prepared in accordance with the HKEX Listing Rules and International Accounting Standard 34, and approved for issue on August 27, 2025[9](index=9&type=chunk) - The revised International Accounting Standard 21 was applied during the period but had no material impact on the interim report[11](index=11&type=chunk) - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[10](index=10&type=chunk) [Revenue and Segment Information](index=6&type=section&id=Revenue%20and%20Segment%20Information) The Group's core business involves orthopedic implants and surgical instruments; H1 2025 saw **14.0%** hip implant revenue growth, slight knee implant decline, **26.5%** drop in spine/trauma implants, and **6.0%** growth in the dominant China market - The Group's principal activities are the manufacture and sale of orthopedic joint implants, spine implants, trauma implants, and complete sets of surgical instruments[13](index=13&type=chunk) Major Product Categories | Major Product Categories | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Hip Replacement Implants | 409,675 | 359,357 | | Knee Replacement Implants | 194,489 | 195,804 | | Spine and Trauma Implants | 50,732 | 69,056 | | Digital Orthopedic Customized Products and Services | 18,424 | 17,725 | | Others | 20,907 | 15,160 | | **Total Revenue** | **694,227** | **657,102** | Customer Geographical Location | Customer Geographical Location | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | China | 566,019 | 533,811 | | United Kingdom | 33,095 | 27,586 | | Other Countries | 95,113 | 95,705 | | **Total Revenue** | **694,227** | **657,102** | Reportable Segments | Reportable Segments | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Orthopedic Implants - China (External Customer Revenue) | 630,327 | 597,257 | | Orthopedic Implants - UK (External Customer Revenue) | 63,900 | 59,845 | | Reportable Segment Profit (China) | 182,840 | 162,186 | | Reportable Segment Profit (UK) | 3,211 | 1,160 | [Income Tax](index=8&type=section&id=Income%20Tax) For the six months ended June 30, 2025, income tax expense increased to **RMB 26.1 million**, with Chinese subsidiaries benefiting from a **15%** preferential tax rate and UK subsidiaries taxed at **19%** Tax Category | Tax Category | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax | 23,173 | 27,066 | | Deferred Tax | 2,887 | (3,795) | | **Total Income Tax** | **26,060** | **23,271** | - The Company's Chinese subsidiaries (AK Medical Beijing, Tianyan Medical, Libel) hold High-Tech Enterprise Certificates, enjoying a **15%** preferential income tax rate[20](index=20&type=chunk) - The tax for subsidiaries in England and Wales is calculated at the statutory corporate income tax rate of **19%**[20](index=20&type=chunk) [Earnings Per Share](index=8&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share both increased to **RMB 0.14 yuan** from **RMB 0.12 yuan** in the prior period Earnings Per Share | Earnings Per Share | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic | 0.14 yuan | 0.12 yuan | | Diluted | 0.14 yuan | 0.12 yuan | - Basic earnings per share are calculated based on the profit attributable to ordinary equity holders of the Company of **RMB 160,611,000** and the weighted average number of ordinary shares outstanding of **1,116,429,570** shares[21](index=21&type=chunk) [Property, Plant and Equipment](index=9&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, total acquisitions of property, plant, and equipment decreased to **RMB 62.9 million**, with some assets pledged for bank loans and bills payable - The Group acquired property, plant and equipment items at a total cost of **RMB 62,864,000**, a decrease from **RMB 104,451,000** in the same period of 2024[25](index=25&type=chunk) - As of June 30, 2025, non-current bank loans of **RMB 5,692,000** and bills payable of **RMB 38,448,000** were secured by property, plant and equipment with a total carrying value of **RMB 83,930,000**[25](index=25&type=chunk) [Bills Receivable / Trade Receivables](index=9&type=section&id=Bills%20Receivable%20%2F%20Trade%20Receivables) As of June 30, 2025, net trade receivables increased to **RMB 520.7 million**, while bills receivable pledged for bills payable decreased Trade Receivables | Metric | 2025 June 30 (RMB thousands) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | | Bills Receivable | 78,338 | 81,858 | | Trade Receivables | 600,212 | 561,392 | | Less: Provision for Credit Losses | (79,550) | (66,572) | | **Net Trade Receivables** | **520,662** | **494,820** | - Bills receivable of approximately **RMB 5,200,000** were pledged for bills payable, a decrease from **RMB 22,907,000** as of December 31, 2024[26](index=26&type=chunk) Aging of Trade Receivables | Aging of Trade Receivables | 2025 June 30 (RMB thousands) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | | Current to Three Months | 339,875 | 315,041 | | Four to Six Months | 67,407 | 57,641 | | Seven to Twelve Months | 58,386 | 65,512 | | Over Twelve Months | 54,994 | 56,626 | | **Total** | **520,662** | **494,820** | [Trade Payables](index=10&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables decreased to **RMB 106.6 million**, with all amounts expected to be settled within one year Aging of Trade Payables | Aging of Trade Payables | 2025 June 30 (RMB thousands) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | | Within Three Months | 90,884 | 70,926 | | Four to Six Months | 8,034 | 29,527 | | Seven to Twelve Months | 2,372 | 12,990 | | One to Two Years | 1,733 | 5,490 | | Over Two Years | 3,576 | 3,167 | | **Total** | **106,599** | **122,100** | - All trade payables are expected to be settled within one year[28](index=28&type=chunk) [Bank Loans](index=10&type=section&id=Bank%20Loans) As of June 30, 2025, total bank loans reached **RMB 141.8 million**, with a significant increase in current loans, some of which are secured by pledged deposits Bank Loan Category | Bank Loan Category | 2025 June 30 (RMB thousands) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | | Current Secured Bank Loans | 33,201 | 30,707 | | Current Unsecured Bank Loans | 102,893 | 29,740 | | Non-current Secured Bank Loans | 5,692 | 17,667 | | **Total** | **141,786** | **78,114** | - Current unsecured bank loans significantly increased from **RMB 29,740 thousands** as of December 31, 2024, to **RMB 102,893 thousands** as of June 30, 2025[28](index=28&type=chunk) - Bank loans of **RMB 33,201,000** were secured by pledged deposits of approximately **RMB 199,921,000**[28](index=28&type=chunk) [Capital, Reserves and Dividends](index=11&type=section&id=Capital%2C%20Reserves%20and%20Dividends) As of June 30, 2025, issued and paid-up ordinary shares slightly increased, share capital remained stable, and dividends approved for equity holders rose to **RMB 73.7 million** Share Capital Movement | Share Capital Movement | 2025 June 30 (Number of Shares) | 2025 June 30 (RMB thousands) | 2024 Dec 31 (Number of Shares) | 2024 Dec 31 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | As at January 1 | 1,122,671,437 | 9,515 | 1,121,896,437 | 9,508 | | Shares Issued Under Share Option Scheme | 24,341 | – | 400,000 | 4 | | As at June 30 | 1,122,695,778 | 9,515 | 1,122,296,437 | 9,512 | Dividends | Dividends | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interim Dividend Per Ordinary Share | 73,717 | 46,079 | [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=12&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, AK Medical strengthened its market position through import substitution and policy alignment, launched the K3 intelligent surgical robot, enhanced its iCOS platform, expanded internationally, and opened a new industrial park for future growth - In H1 2025, the full implementation of national volume-based procurement policies for artificial joints accelerated import substitution, creating new market and customer opportunities for the Group[32](index=32&type=chunk) - The new industrial park was completed, establishing a smart orthopedic interactive platform and experience center, enabling integrated full-process digital orthopedic solutions[32](index=32&type=chunk) - The K3 intelligent surgical robot received approval from the National Medical Products Administration, enhancing the iCOS digital orthopedic customized products and services platform, and establishing a comprehensive solution for pre-operative planning, intra-operative navigation, and post-operative monitoring[33](index=33&type=chunk) - As of June 30, 2025, the Group's sales revenue was approximately **RMB 694.2 million**, a **5.6%** year-on-year increase, and net profit was approximately **RMB 160.6 million**, a **15.3%** year-on-year increase[33](index=33&type=chunk) [Hip and Knee Joint Implant Business](index=13&type=section&id=Hip%20and%20Knee%20Joint%20Implant%20Business) In H1 2025, hip and knee implant revenue rose **8.8%** to **RMB 604.2 million**, driven by strategic collaborations and successful import substitution in economically developed regions - As of June 30, 2025, hip and knee joint products generated revenue of approximately **RMB 604.2 million**, an **8.8%** year-on-year increase[34](index=34&type=chunk) - The Group's products achieved large-scale clinical application in top-tier hospitals in economically developed regions like the Yangtze River Delta and Pearl River Delta, successfully breaking the long-standing dominance of imported brands[34](index=34&type=chunk) [Spine and Trauma Implant Business](index=13&type=section&id=Spine%20and%20Trauma%20Implant%20Business) In H1 2025, spine and trauma implant revenue decreased **26.5%** to **RMB 50.7 million** due to policy impacts, yet new product expansion saw **87%** growth in atlantoaxial lateral mass fusion implants and entry into 49 new hospitals - As of June 30, 2025, spine and trauma implant products generated revenue of approximately **RMB 50.7 million**, a **26.5%** year-on-year decrease[35](index=35&type=chunk) - The implantation growth rate for atlantoaxial lateral mass fusion products reached **87%**, expanding hospital coverage from over 20 to over 40[35](index=35&type=chunk) - The spine product line entered **49** new hospitals, including **4** T1-level and **16** T2-level hospitals[35](index=35&type=chunk) [Digital Orthopedic Customized Products and Services](index=14&type=section&id=Digital%20Orthopedic%20Customized%20Products%20and%20Services) In H1 2025, digital orthopedic customized products and services revenue grew **3.9%** to **RMB 18.4 million**, with the K3 intelligent surgical robot's approval enhancing the digital orthopedic ecosystem, promising future growth despite policy adjustments - As of June 30, 2025, digital orthopedic customized products and services generated revenue of approximately **RMB 18.4 million**, an increase of approximately **3.9%** compared to the same period in 2024[36](index=36&type=chunk) - AK Medical's fully self-developed robot system, the K3 intelligent surgical robot, received approval for market launch from the National Medical Products Administration on May 14, 2025[36](index=36&type=chunk) [Overseas Business](index=14&type=section&id=Overseas%20Business) In H1 2025, overseas product revenue increased **4.0%** to **RMB 128.2 million**, driven by expansion into 4 new countries and enhanced international influence through the Silk Road Health International Exchange Program - As of June 30, 2025, overseas products generated revenue of approximately **RMB 128.2 million**, an increase of approximately **4.0%** compared to the same period in 2024[37](index=37&type=chunk) - In H1 2025, the Group added registrations in **4** new countries, with **15** more countries undergoing registration, and added **5** new distributors[37](index=37&type=chunk) - Six series of Silk Road Health International Cooperation Alliance activities were held, covering three continents and four countries, with over **140** participants[37](index=37&type=chunk) [Research and Development](index=14&type=section&id=Research%20and%20Development) The Group continues to build an innovation-driven R&D system, with 3 new products entering the innovation approval channel (7 total), the K3 intelligent surgical robot's approval marking a new phase in digital orthopedic intelligent equipment, and breakthroughs in smart medical imaging and digital orthopedics - The National Medical Products Administration supports the development of innovative products such as medical surgical robots and metal additive manufacturing bone implants[38](index=38&type=chunk) - The "Magnetically Controlled Non-invasive Extendable Prosthesis System" successfully entered the special review procedure for innovative medical devices, filling a domestic technological gap[39](index=39&type=chunk) - As of June 30, 2025, the Group had **3** new products enter the innovation approval channel, bringing the cumulative total to **7** products in the national innovation channel[39](index=39&type=chunk) - The independently developed K3 intelligent surgical robot obtained its registration certificate from the National Medical Products Administration on May 14, 2025, featuring high degrees of freedom and sub-millimeter precision control[39](index=39&type=chunk) - Breakthroughs were achieved in intelligent medical imaging and digital orthopedics, with the independent development of a deep learning-based multi-modal image fusion algorithm and the innovative establishment of an "implant-bone interface dynamic mechanical matching" model[40](index=40&type=chunk) [Academic Promotion and Education](index=16&type=section&id=Academic%20Promotion%20and%20Education) AK Academy, a global education platform, established a 'technical training-product innovation-international exchange' academic promotion system in H1 2025, expanding from local to global, with multiple academic events driving **30%** CAGR for vertebral reconstruction products - AK Academy established a "technical training-product innovation-international exchange" three-in-one academic promotion system, achieving expansion from local deep cultivation to global outreach[41](index=41&type=chunk) - Multiple academic events were held, such as the AC ONE Hip Prosthesis Seminar, HAUK Unicondylar Multi-center Academic Conference, and Complex Hip and Knee Revision Technology Summit, filling domestic technological gaps[42](index=42&type=chunk) - The "Bone Warrior" series of academic activities was launched, with a compound annual growth rate of **30%** for vertebral reconstruction products[42](index=42&type=chunk) [Digital Orthopedics Capacity Building Project](index=17&type=section&id=Digital%20Orthopedics%20Capacity%20Building%20Project) Following its approval, one K3 intelligent surgical robot has been commercialized, successfully assisting in the world's first domestic robot-assisted knee replacement revision surgery, with smart auxiliary equipment completing over **1,700** clinical procedures by June 30, 2025 - Following its market approval, one K3 intelligent surgical robot has been commercialized[43](index=43&type=chunk) - Peking University Third Hospital successfully completed the world's first domestic robot-assisted knee replacement revision surgery with the assistance of the K3 intelligent surgical robot[43](index=43&type=chunk) - As of June 30, 2025, the Group's intelligent auxiliary equipment had cumulatively completed over **1,700** clinical surgeries[44](index=44&type=chunk) [Silk Road Health International Exchange Program](index=17&type=section&id=Silk%20Road%20Health%20International%20Exchange%20Program) As the lead for the 'Silk Road Health International Cooperation Alliance,' the Group hosted 6 events across three continents and four countries in H1 2025, promoting the international export of China's 3D printing personalized implant technology standards - In H1 2025, a total of **6** series of Silk Road Health International Cooperation Alliance activities were held, covering three continents and four countries, with over **140** participants[45](index=45&type=chunk) - A cross-continental orthopedic innovation exchange platform was successfully established, systematically exporting China's technical standards in 3D printing personalized implants[45](index=45&type=chunk) [Industrial Park Construction](index=18&type=section&id=Industrial%20Park%20Construction) AK Medical Industrial Park, officially opened on May 7, 2025, spans over **39,500 sqm**, integrates digital management, adopts green building concepts, and features three digital manufacturing systems (iCOS R&D, 3D printing, digital manufacturing) to drive full-chain digital transformation - AK Medical Industrial Park officially commenced operations on May 7, 2025, with a total construction area exceeding **39,500 square meters**, supporting future growth[46](index=46&type=chunk) - The park adopts green building concepts, including a ground-source heat pump system and a 1.5 MW rooftop photovoltaic clean energy power station, expected to reduce carbon dioxide emissions by **1,575 tons** annually[46](index=46&type=chunk) - The industrial park features three independent digital manufacturing systems: iCOS R&D and production workshop, 3D printing workshop, and digital manufacturing workshop[47](index=47&type=chunk) [Outlook](index=18&type=section&id=Outlook) The Group will actively respond to national policies, building a dual-driven development model of 'digital transformation and international market expansion,' leveraging the iCOS platform for smart interactive ecosystem development and accelerating overseas market presence through the 'AK Medical + JRI' dual-brand strategy - The Group will build a dual-driven development model of "digital transformation and international market expansion"[48](index=48&type=chunk) - Leveraging the iCOS digital orthopedic platform, the Group will advance the construction of an intelligent interactive ecosystem and explore innovative business models[48](index=48&type=chunk) - The Group will accelerate its overseas market presence through the "AK Medical + JRI" dual-brand synergistic development strategy[48](index=48&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section reviews the Group's financial performance for the six months ended June 30, 2025, covering revenue, costs, expenses, liquidity, and capital structure, noting revenue growth driven by volume-based procurement, a slight decrease in gross margin, robust financial health, ample cash, and ongoing capital expenditures for future development | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 694,227 | 657,102 | 5.6% | | Gross Profit | 410,335 | 398,480 | 3.0% | | Profit for the Period | 160,611 | 139,253 | 15.3% | - Revenue growth was primarily due to the promotion of sales of hip and knee replacement implant products within the scope of national joint implant volume-based procurement policies[55](index=55&type=chunk) [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) Total Group revenue increased **5.6%** year-on-year, with hip replacement implants up **14.0%**, knee implants down **0.7%**, spine and trauma implants down **26.5%**, digital orthopedic customized products and services up **3.9%**, domestic sales up **6.0%**, and overseas sales up **4.0%** Product Categories | Product Categories | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Hip Replacement Implants | 409,675 | 359,357 | 14.0% | | Knee Replacement Implants | 194,489 | 195,804 | -0.7% | | Spine and Trauma Implants | 50,732 | 69,056 | -26.5% | | Digital Orthopedic Customized Products and Services | 18,424 | 17,725 | 3.9% | | Others | 20,907 | 15,160 | 37.9% | | **Total** | **694,227** | **657,102** | **5.6%** | - Revenue from knee replacement implants slightly decreased, mainly due to a decline in sales prices of unicondylar implant products outside the volume-based procurement scope[56](index=56&type=chunk) - Revenue from spine and trauma implants decreased by **26.5%**, primarily affected by policies, but the implantation volume of 3D printing technology products significantly increased[58](index=58&type=chunk) Sales Region | Sales Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | China | 566,019 | 533,811 | 6.0% | | Other Countries | 128,208 | 123,291 | 4.0% | | **Total** | **694,227** | **657,102** | **5.6%** | [Cost of Sales, Gross Profit and Gross Margin](index=23&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) Cost of sales increased **9.8%** to **RMB 283.9 million** due to higher sales volume; gross profit rose **3.0%** to **RMB 410.3 million**, but gross margin declined **1.5 percentage points** to **59.1%**, mainly due to a lower proportion of spine and trauma implant revenue - Cost of sales was approximately **RMB 283.9 million**, an increase of **9.8%** compared to the same period in 2024, mainly due to an increase in product sales volume[61](index=61&type=chunk) - Gross profit was approximately **RMB 410.3 million**, an increase of **3.0%** compared to the same period in 2024[62](index=62&type=chunk) - The gross margin was **59.1%**, a decrease of **1.5 percentage points** from **60.6%** in the same period of 2024, primarily attributed to a decrease in the revenue contribution from spine and trauma implant products[62](index=62&type=chunk) [Net Other Income](index=23&type=section&id=Net%20Other%20Income) Net other income significantly increased by **RMB 15.4 million** to **RMB 18.3 million**, primarily from government subsidies and R&D project grants - Net other income was approximately **RMB 18.3 million**, an increase of **RMB 15.4 million** compared to the same period in 2024[63](index=63&type=chunk) - This increase primarily stemmed from government subsidies and R&D project grants[63](index=63&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased **3.8%** to **RMB 117.3 million**, primarily due to increased domestic and international market activities - Selling and distribution expenses were approximately **RMB 117.3 million**, an increase of **3.8%** compared to the same period in 2024[64](index=64&type=chunk) - The increase was mainly due to increased domestic and international market activities undertaken during the current year[64](index=64&type=chunk) [General and Administrative Expenses](index=23&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased **7.1%** to **RMB 77.4 million**, mainly due to one-off relocation costs and credit loss provisions in the first half - General and administrative expenses were approximately **RMB 77.4 million**, an increase of **7.1%** compared to the same period in 2024[65](index=65&type=chunk) - The increase primarily resulted from one-off expenses incurred due to the Group's relocation in the first half of the year and credit loss provisions based on the aging and balances of trade receivables[65](index=65&type=chunk) [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) R&D expenses increased **4.9%** to **RMB 66.7 million**, primarily linked to the progress of the company's R&D projects, with the Group committed to continued investment - Research and development expenses were approximately **RMB 66.7 million**, an increase of **4.9%** compared to the same period in 2024[66](index=66&type=chunk) - The increase was mainly related to the progress schedule of the company's R&D projects, and the Group will continue to actively invest in R&D[66](index=66&type=chunk) [Net Finance Income](index=24&type=section&id=Net%20Finance%20Income) Net finance income significantly increased by **RMB 9.5 million** to **RMB 19.5 million**, driven by higher interest income and foreign exchange gains from currency fluctuations - Net finance income was approximately **RMB 19.5 million**, an increase of approximately **RMB 9.5 million** compared to the same period in 2024[67](index=67&type=chunk) - The increase was primarily influenced by higher interest income and foreign exchange gains resulting from currency fluctuations[67](index=67&type=chunk) [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense) Income tax expense increased **12.0%** to **RMB 26.1 million**, primarily due to higher profits - Income tax expense was approximately **RMB 26.1 million**, an increase of **12.0%** compared to the same period in 2024[68](index=68&type=chunk) - The increase was primarily due to higher profits[68](index=68&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents, structured deposits, fixed deposits, and restricted deposits totaled **RMB 1,436.5 million**, an increase from December 31, 2024, with net current assets rising by **RMB 263.9 million** to **RMB 1,845.5 million** - As of June 30, 2025, cash and cash equivalents, structured deposits, fixed deposits exceeding three months, and restricted deposits totaled approximately **RMB 1,436.5 million**, an increase from **RMB 1,027.7 million** as of December 31, 2024[69](index=69&type=chunk) - Net current assets were approximately **RMB 1,845.5 million**, an increase of approximately **RMB 263.9 million** from December 31, 2024, primarily derived from operations[70](index=70&type=chunk) - The Group generated net exchange gains of approximately **RMB 5.3 million** for the six months ended June 30, 2025, compared to exchange losses of approximately **RMB 0.9 million** in the same period of 2024[71](index=71&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, total capital expenditure was **RMB 76.6 million**, primarily for plant construction, patent acquisition, and production equipment, instrument, and software purchases - Total capital expenditure was approximately **RMB 76.6 million**, primarily used for plant construction, patent acquisition, and the purchase of equipment, instruments, and software for production[72](index=72&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain bank loans and bills payable were secured by property, plant and equipment, bills receivable, and restricted deposits, totaling approximately **RMB 312.0 million**, an increase from December 31, 2024 - As of June 30, 2025, bank loans and bills payable were secured by property, plant and equipment of approximately **RMB 83.9 million**, bills receivable of approximately **RMB 5.2 million**, and restricted deposits of approximately **RMB 222.9 million**, totaling approximately **RMB 312.0 million**[73](index=73&type=chunk) [Borrowings and Gearing Ratio](index=25&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's short-term bank loans totaled **RMB 136.1 million** and long-term borrowings **RMB 5.7 million**, with the gearing ratio increasing to **5.2%** from **3.0%** at December 31, 2024 - As of June 30, 2025, the outstanding balance of short-term bank loans was approximately **RMB 136.1 million**, and the outstanding balance of long-term borrowings was approximately **RMB 5.7 million**[74](index=74&type=chunk) - The gearing ratio was approximately **5.2%**, an increase from **3.0%** as of December 31, 2024[74](index=74&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[75](index=75&type=chunk) [Significant Investments and Acquisitions/Disposals](index=25&type=section&id=Significant%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no significant equity investments in other companies and made no material acquisitions or disposals of subsidiaries, associates, or joint ventures - As of June 30, 2025, the Group held no significant equity investments in any other companies[76](index=76&type=chunk) - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[77](index=77&type=chunk) [Future Material Investments and Capital Asset Plans](index=25&type=section&id=Future%20Material%20Investments%20and%20Capital%20Asset%20Plans) As of June 30, 2025, the Group's ongoing construction project is a new plant in Changzhou Xitaihu Park, expected to be funded by internal and/or external sources, with no other material investment or capital asset plans - As of June 30, 2025, the Group had one ongoing construction project, a new plant in Changzhou Xitaihu Park[78](index=78&type=chunk) - This project is expected to be funded through internal and/or external sources[78](index=78&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) [Employees and Remuneration](index=26&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group had **1,003** employees, with total staff remuneration expenses of **RMB 131.8 million**, primarily due to an increase in headcount - As of June 30, 2025, the Group had **1,003** employees (December 31, 2024: **954** employees)[79](index=79&type=chunk) - Total staff remuneration expenses were approximately **RMB 131.8 million**, primarily due to an increase in the number of employees[79](index=79&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement - No significant events affecting the Group have occurred from June 30, 2025, up to the date of this announcement[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held at period-end - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) - As of June 30, 2025, the Company held no treasury shares[81](index=81&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) For the six months ended June 30, 2025, the Company complied with Appendix C1 of the Listing Rules' Corporate Governance Code, except for provision C.2.1 regarding the separation of Chairman and CEO roles, both held by Mr. Li Zhijiang - For the six months ended June 30, 2025, the Company complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, except for code provision C.2.1[82](index=82&type=chunk) - The roles of Chairman and Chief Executive Officer are both held by Mr. Li Zhijiang, and the Board believes this structure does not undermine the balance of power and authority[82](index=82&type=chunk) - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and has established written guidelines for employees, with no non-compliance found during the period[83](index=83&type=chunk) [Audit Committee Review and Independent Review by Auditor](index=27&type=section&id=Audit%20Committee%20Review%20and%20Independent%20Review%20by%20Auditor) The Audit Committee reviewed the Group's interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards; the unaudited interim financial results were independently reviewed by KPMG - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is satisfied that they were prepared in accordance with applicable accounting standards[84](index=84&type=chunk) - The interim financial results are unaudited but have been independently reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[85](index=85&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend declaring any interim dividend for the six months ended June 30, 2025 - The Board does not recommend declaring any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[86](index=86&type=chunk)

Summary of Aikang Medical Conference Call Company Overview - **Company**: Aikang Medical - **Industry**: Orthopedic implants and medical devices Key Points and Arguments 1. **Collective Procurement and Revenue Growth**: Aikang Medical's collective procurement winning volume has improved overall, with increased winning prices for hip and knee joints, leading to steady product volume growth and driving revenue and profit growth [2][3] 2. **3D Printing and Custom Products**: The proportion of surgeries utilizing 3D printing is expected to increase, with customized products anticipated to enhance long-term profit margins due to their higher profitability [2][3] 3. **Robotic Surgery Synergy**: The collaboration between joint surgery robots and implants is expected to generate long-term revenue and profit growth, with the VTS joint robot and implants creating a synergistic effect [2][3] 4. **International Expansion**: The company is accelerating its overseas expansion through a dual-brand strategy (Aikang and Gri), with overseas revenue projected to grow by 21% in 2024, increasing its share to 20% [2][14] 5. **Market Potential**: The Chinese joint implant market is expected to grow at a compound annual growth rate (CAGR) of 10% from 2024 to 2030, driven by an aging population and stable pricing due to reduced price declines in collective procurement [2][7] 6. **Concerns about Price Trends**: Market concerns focus on potential price declines post-2024 collective procurement and doubts regarding the long-term profit growth from overseas expansion and new products [4][5] 7. **Growth Drivers**: Key growth drivers include traditional hip and knee joint replacements, innovative technologies like 3D printing and surgical robots, and expanding international market share [9] 8. **Valuation and Future Potential**: Aikang Medical's current valuation is low, with a projected PE of 29 times for 2025, indicating a 32% valuation upside. The company is rated as a buy due to its growth potential [10][11][17] 9. **3D Printing and Digital Product Developments**: Significant progress has been made in 3D printing and digital products, with a complete digital orthopedic layout established, including the launch of the VTS visual intelligent navigation system [12] 10. **Overseas Market Strategy**: The company is leveraging its dual-brand strategy to penetrate international markets, with Gri focusing on high-end markets in Europe and Aikang targeting high-growth domestic markets [13][14] 11. **Revenue and Profit Forecasts**: Revenue is expected to grow from 1.62 billion RMB in 2025 to 2.32 billion RMB in 2027, with a CAGR of approximately 20%. Net profit is projected to grow from 330 million RMB to 480 million RMB in the same period [15] Additional Important Insights - **Historical Development Stages**: Aikang Medical's development can be categorized into three stages: technology breakthrough (2003-2016), full product line and globalization (2017-2021), and innovation-driven digital product enhancement (2022-present) [6] - **Competitive Landscape**: Domestic companies are gaining market share against international giants due to better cost-performance ratios and localized service capabilities [8]

格隆汇8月1日丨爱康医疗(01789.HK)公告，公司将于2025年8月27日(星期三)在中国北京市昌平区文安 街5号院爱康医疗产业园A栋4层全球通会议室举行董事会会议，藉以(其中包括)考虑及批准集团截至 2025年6月30日止6个月的中期业绩及派发中期股息(如有)以及处理任何其他事务。 ...

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依 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 愛康醫療控股有限公司 主席 李志疆 香港，2025年8月1日 於本公告日期，董事會包括執行董事李志疆先生、張斌女士、張朝陽先生及趙曉 紅女士；非執行董事王國瑋博士；以及獨立非執行董事江智武先生、李澍榮博士 及高偉博士。 （於開曼群島註冊成立的有限責任公司） (股份代號：1789) 董事會會議日期 愛康醫療控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司將於2025年8月27日（星期三）在中國北京市昌平區文安 街5號院愛康醫療產業園A棟4層全球通會議室舉行董事會會議，藉以（其中包括） 考慮及批准本集團截至2025年6月30日止六個月的中期業績及派發中期股息（如 有）以及處理任何其他事務。 ...

Group 1: Market Performance - The Hong Kong stock market saw all three major indices decline in the morning session, with the Hang Seng Tech Index dropping 1.57%, marking a five-day losing streak [1] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by 0.43% [1] - Internet healthcare stocks performed strongly, with Ping An Good Doctor surging 9% to reach a new high [1] Group 2: ETF Performance - The Hang Seng Medical ETF (513060) experienced significant fluctuations, rising over 3% during the session with a trading volume nearing 2.5 billion yuan and a turnover rate exceeding 30% [1] - Most constituent stocks within the ETF saw gains, including Ping An Good Doctor up over 11%, MicroPort Medical up over 8%, and several others with gains exceeding 4% [1] Group 3: Policy Developments - The National Healthcare Security Administration (NHSA) held four seminars in July 2025 to discuss a comprehensive policy support system for innovative drugs and medical devices [2][3] - The first seminar focused on establishing a scientific value evaluation system for innovative products, which is expected to enhance the efficiency of healthcare resource allocation [2] - Subsequent seminars addressed collaborative innovation among various stakeholders, the empowerment of research and development through healthcare data, and the identification of pain points in drug development [3] Group 4: Policy Implementation - Recent procurement policy optimizations by the NHSA have improved market access for innovative drugs and medical devices, allowing medical institutions to report quantities by brand and ensuring fair competition [4] - A new pricing mechanism for newly listed drugs has been established, allowing innovative drugs with breakthrough efficacy to secure reasonable premium pricing [4] Group 5: Industry Trends - The policy changes are reshaping the pharmaceutical industry's innovation logic, encouraging differentiation in innovation and directing capital towards unmet clinical needs [5] - The internationalization of Chinese innovative drugs is accelerating, with significant increases in licensing transactions and overseas revenue for companies like BeiGene and Innovent Biologics [5] - The ability to leverage healthcare data for post-market research is becoming a competitive advantage for companies [5] Group 6: High-End Medical Equipment - The government is supporting the development of high-end medical devices, setting a target for 70% of county-level hospitals to use domestically produced equipment by 2025 [6] - The new medical infrastructure is expected to drive over 200 billion yuan in equipment procurement demand [6] Group 7: Investment Opportunities - The Hang Seng Medical ETF (513060) is positioned to benefit from the policy dividends and industry upgrades, focusing on innovative drug and medical device companies [7] - The ETF's constituent companies are expected to experience significant growth as the government supports high-end medical equipment and innovative drug development [7][8]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1%, ending a five-day winning streak, closing at 25,388.35 points, down 1.09% or 278.83 points, with a total turnover of 281.77 billion HKD [1] - Despite the decline, the Hang Seng Index saw a weekly increase of 2.27%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 1.83% and 2.51% respectively [1] Blue Chip Performance - WuXi Biologics (02269) led the blue-chip stocks, rising 5.53% to 31.5 HKD, contributing 9.65 points to the Hang Seng Index, following a profit warning indicating a projected 16% revenue growth in the first half of 2025 [2] - Other notable blue-chip performances included SMIC (00981) up 4.98%, Nongfu Spring (09633) up 3.56%, while New Oriental (09901) and Shenzhou International (02313) saw declines of 3.36% and 2.94% respectively [2] Sector Highlights - Large tech stocks generally declined, with Alibaba down nearly 2% and Tencent over 1% [3] - Semiconductor stocks saw a rally, with Hua Hong Semiconductor rising 9% and SMIC up nearly 5% [3] - The pharmaceutical sector experienced gains, driven by a shift towards value assessment in drug procurement, with notable increases in stocks like Kanglong Chemical (03759) up 7.71% and Zhaoyan New Drug (06127) up 7.02% [4] - Airline stocks were active, with China Eastern Airlines (00670) up 3.69% and Air China (00753) up 3.68%, supported by strong summer travel demand [6][7] Regulatory Developments - The National Healthcare Security Administration announced changes to the 11th batch of centralized procurement, moving away from a simple lowest price reference, which is expected to curb vicious price competition and promote a shift towards value-based competition in the pharmaceutical industry [5] - The introduction of new policies aimed at supporting innovative drugs and medical devices was discussed in a recent meeting, indicating a focus on enhancing the clinical application of high-level technological innovations [5] Notable Stock Movements - Valiant Biopharma (09887) saw a significant increase of 91.71% on its debut, closing at 67.1 HKD, following a successful IPO [9] - Jihong Holdings (02603) rose 15.31% after announcing a projected net profit increase of 97.25% to 108.21% for the first half of 2025 [10] - COSCO Shipping Ports (01199) reached a new high, up 9.31%, amid reports of potential acquisitions of port assets [11] - Kintor Pharmaceutical (00148) announced a profit warning, leading to an 8.29% increase in stock price, with expected profits rising over 70% [12] - Lingbao Gold (03330) also saw gains, up 5.89%, with projected revenue growth of 75% to 85% for the first half of 2025 [13]

Group 1: Market Overview - The Hang Seng Index fell by 1.11%, down 284 points, closing at 25,383 points, while the Hang Seng Tech Index dropped by 1.69% [1] - The early trading volume in Hong Kong stocks reached 151 billion HKD [1] Group 2: Medical Sector - Medical device stocks rose in early trading, with the national drug procurement policy indicating a move away from internal competition, leading institutions to view this as a turning point for the industry [1] - Aikang Medical (01789) increased by 7.93%, and Weigao Group (01066) rose by 4.37% [1] - Yongsheng Medical (01612) saw a surge of over 27% following a profit warning, with sales orders increasing and expected mid-term net profit growth exceeding 50% year-on-year [2] - CRO concept stocks continued to rise, with Citigroup noting that the CXO sector is gaining market attention ahead of earnings season [2] - Kanglong Chemical (300759) (03759) rose by 8.4%, while Zhaoyan New Drug (603127) (06127) increased by 5.7%, and WuXi Biologics (02269) rose by 4.5% [2] Group 3: Consumer Sector - Nongfu Spring (09633) increased by over 3.56%, reaching a three-and-a-half-year high, with institutions expecting the company's first-half revenue growth to exceed market expectations [3] Group 4: Other Notable Stocks - Jihong Co., Ltd. (002803) (02603) rose by 16%, with two main business segments performing well, and expected first-half net profit growth of up to 65% [4] - China Merchants Port (01199) increased by over 4%, following reports that China Merchants Group plans to acquire assets from Cheung Kong Ports [5] - Guichuang Tongqiao (02190) rose by 2.6%, with expected mid-term net profit growth of 66.9%, as the company embraces procurement and actively expands overseas [6] Group 5: Lithium and Duty-Free Sector - News of supply disruptions in the lithium market led to Tianqi Lithium (002466) (09696) rising by 3.6% [7] - China Duty Free Group (601888) (01880) fell by over 6%, with pending details on Hainan's duty-free policies, and institutions noting that the closure operations have a dual impact on offshore duty-free business [7] Group 6: Technology Sector - Qianxun Technology (01640) fell by over 3%, having retreated 23% from its previous high, with recent comments from Yu Weiwen emphasizing the need to avoid excessive speculation on stablecoins [8]

Industry Overview - The artificial joint industry in China is experiencing growth due to the increasing number of joint disease patients driven by an aging population. The market size is projected to reach 15.9 billion yuan in 2024, with a year-on-year growth of 11.19% [1][13] - Advanced technologies such as 3D printing, biomaterials, and robotic-assisted surgeries are widely applied in the artificial joint field, enhancing surgical precision, safety, and patient outcomes [1][13] Industry Development History - The development of the artificial joint industry in China has gone through four stages: initial stage (before 1983), foundational stage (1983-1999), scale and planning stage (2000-2012), and innovation and internationalization stage (2012-present) [4][5][6] - Significant advancements in materials science and manufacturing processes have been made, with notable innovations such as 3D printing for customized prosthetics and improved wear resistance of materials [6] Market Size - The market for artificial joints is expected to grow significantly due to the rising demand for joint replacement surgeries among the elderly population, which is projected to reach 310 million people aged 60 and above by 2024 [11][13] - The import of artificial joints decreased by 20.76% in quantity and 26.01% in value in the first five months of 2025, while exports increased by 11.91% in quantity and 10.53% in value [15] Key Companies - Leading companies in the artificial joint market include Weigao Orthopedics, Chuangli Medical, and Aikang Medical, which have established significant market shares through innovation and competitive pricing [19][20][22] - Aikang Medical reported a revenue of 1.346 billion yuan in 2024, reflecting a year-on-year growth of 23.03% [20] Industry Trends - The industry is witnessing a shift from "import substitution" to "technological overtaking," with domestic companies increasing their market share and focusing on high-end product development [24] - Digitalization and personalized customization are reshaping the industry, with AI and 3D printing technologies enhancing surgical planning and execution [25][26] - Chinese companies are expanding globally, targeting emerging markets in Southeast Asia, the Middle East, and Latin America, while facing competition from international giants [27]

Group 1 - Aikang Medical Holdings Limited, established in 2003, is an international orthopedic industry group specializing in cutting-edge orthopedic technology research, innovative product development, large-scale manufacturing, and specialized marketing [2] - The company was one of the first globally to commercialize additive manufacturing technology (3D printing) for applications in joint replacement, spinal, and trauma repair implants [2] - Aikang Medical is a leading enterprise in the artificial joint sector in China, holding the largest market share domestically and ranking among the top ten in the global hip joint market [2] Group 2 - The company's products are widely used in over 7,500 medical institutions across more than 40 countries and regions, including China, the UK, Japan, South Korea, Spain, and South Africa [2] - Aikang Medical has established research and development centers in Beijing, Shanghai, and the UK, with manufacturing bases in Changping, Beijing, Changzhou, Jiangsu, and Sheffield, UK, serving global customers [2] - On average, one Aikang prosthesis is implanted every two minutes [2]