| | 香港中央證券登記有限公司 | | --- | --- | | 1712至1716號舖 | | | 17 樓 | | | 股份過戶登記處及其地址 | 合和中心 | | 皇后大道東183號 | | | 灣仔 | | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，執行董事為謝志永先生及王亦群先生；非執行董事為張劼博士、劉旭東先生及吳夏女士；及獨立非執行董事為張海 | | | 曉博士、樊欣先生、李志勇先生及劉安先生。 | | 第 2 頁 共 2 頁 v 1.1.1 EF003 免責聲明 | 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 | 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。 | | --- | --- | | | 股票發行人現金股息（可選擇以股 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 790.5 million, an increase of 3.8% from RMB 761.8 million in 2024[3]. - The company's gross profit for the same period was RMB 580.7 million, reflecting a growth of 4.5% compared to RMB 555.9 million in the previous year[2]. - Net profit decreased by 26.2% to RMB 183.8 million from RMB 248.9 million in 2024, primarily due to impairment losses and fair value changes of investments[3]. - Adjusted net profit, excluding non-Hong Kong Financial Reporting Standards items, increased by 6.0% to RMB 298.5 million from RMB 281.7 million in 2024[3]. - The gross profit margin improved to 73.5%, an increase of 0.5 percentage points year-on-year[10]. - The group achieved a revenue of RMB 790.5 million in 2025, representing a growth of 3.8% compared to the previous year[10]. - The operating profit decreased to RMB 317,496,000 in 2025 from RMB 326,821,000 in 2024, indicating a decline of 2.0%[74]. - The pre-tax profit for 2025 was RMB 230,980,000, a decrease from RMB 302,733,000 in 2024, reflecting a decline of about 23.7%[97]. - Basic and diluted earnings per share for 2025 were RMB 0.32, compared to RMB 0.44 in 2024, representing a decrease of 27.3%[74]. - The company reported a foreign exchange loss of RMB 22,071,000 in 2025, compared to a gain of RMB 17,802,000 in 2024, impacting overall comprehensive income[75]. Product Development and Innovation - The company is expanding into new areas such as neurosurgery and brain-computer interfaces, with innovative solutions targeting conditions like hematoma and brain tumors[9]. - The company has developed several pioneering products, including the world's first stent system for intracranial atherosclerosis and the first domestically approved flow-diverting stent for treating cerebrovascular diseases[8]. - The group launched 6 new products registered with NMPA, enhancing its product matrix in the neuro-intervention field[11]. - The company has a total of 12 hemorrhagic stroke treatment products in its pipeline, with 8 products already approved for commercialization, including embolization coils and flow-diverting stents[23]. - The company is actively developing new products, with anticipated approvals for the Tubridge® series of flow-diverting stents expected in 2024 and 2026[22]. - The company has received breakthrough medical device designation from the FDA for its atherosclerosis narrowing products, allowing for expedited development[22]. Market Expansion and Sales - The overseas business experienced strong growth, with revenue increasing by 39.4% year-on-year, contributing to sales growth across various regions including Asia-Pacific, North America, Latin America, and Europe[3]. - The company holds the largest domestic market share in China's neuro-interventional medical device sector, with 10 core products commercialized in 36 countries, and overseas revenue accounting for 13% of total revenue[8]. - International business revenue reached RMB 104.9 million, a year-on-year increase of 39.4%, accounting for 13% of total revenue[18]. - The sales team expanded to cover nearly 3,800 hospitals, including over 2,100 tertiary hospitals and all top 100 stroke centers in China[12]. - The group supported over 66,700 neuro-intervention surgeries in 2025, a growth of over 30% year-on-year[12]. Financial Position and Assets - Total assets as of December 31, 2025, were RMB 1,498,693,000, an increase from RMB 1,370,075,000 in 2024[76]. - Non-current assets increased significantly to RMB 609,227,000 in 2025 from RMB 672,461,000 in 2024, primarily due to investments in property and equipment[76]. - Trade and other receivables rose to RMB 362,002,000 in 2025, up from RMB 176,991,000 in 2024, indicating improved collection efforts[76]. - The company holds structured deposits totaling RMB 406,779,000 as of December 31, 2025, with an expected annual return rate of 1.35%–1.86%[103]. - The total non-current assets in China amounted to RMB 486,272,000 as of December 31, 2025, compared to RMB 321,719,000 in 2024, reflecting a substantial increase of approximately 51.2%[88]. Research and Development - Research and development expenses for 2025 totaled RMB 108,768,000, down from RMB 150,523,000 in 2024, a reduction of about 27.8%[94]. - The company has established a research team of 113 members, with over 65% holding doctoral or master's degrees, focusing on innovative solutions in neurointerventional medical devices[65]. - The company aims to enhance its innovation capabilities and develop a comprehensive solution ecosystem for brain diseases, focusing on both internal R&D and external collaborations[71]. Corporate Governance and Shareholder Matters - The company has complied with all applicable corporate governance codes during the reporting period[151]. - The company proposed a final dividend of HKD 0.09 per share, subject to shareholder approval at the 2025 Annual General Meeting[157]. - The company plans to issue new shares under a scrip dividend scheme, pending approval from shareholders and the stock exchange[157]. - The share transfer registration will be suspended from July 6, 2026, to July 8, 2026, to determine eligibility for the proposed final dividend[160]. - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[161].

Core Viewpoint - The announcement of two innovative interventional devices receiving Breakthrough Device Designation from the FDA is a significant signal in the context of medical device regulation and industry trends, highlighting the potential for accelerated market entry and addressing unmet clinical needs [2][3]. Group 1: FDA Breakthrough Device Designation - The selection rate for the FDA's Breakthrough Device program is extremely low, with less than 1% of recognized products being from Chinese interventional device companies since its establishment in 2015. Achieving two selections within a short timeframe is rare both domestically and globally [3]. - Products that receive this designation enter an "accelerated pathway," which shortens the time to market by providing three key supports during the R&D and registration phases. However, designation does not equate to market approval, as further clinical trials and pre-market approval applications are still required [4][5]. Group 2: Innovative Device Details - Hector® is designed for fully endovascular treatment of aortic arch multi-branch lesions, addressing a significant clinical gap as there are currently no commercial products available for this indication globally. The device aims to reconstruct the aorta and three major branch arteries in a single endovascular procedure [4][8]. - APOLLO Dream® is the first FDA-recognized drug-eluting stent for treating intracranial atherosclerotic disease (ICAD), which is a major cause of stroke, particularly in East Asian populations. The device is designed for patients with severe stenosis who do not respond to optimal medical therapy [9]. Group 3: Clinical Needs and Market Potential - Both devices target serious or disabling diseases with long-standing unmet clinical needs, as existing treatment options have significant limitations [4][9]. - The clinical demand for these devices is underscored by the high risk of stroke recurrence in patients with severe intracranial artery stenosis, where the risk can exceed 20% within a year despite treatment [9]. Group 4: Company Strategy and Globalization - The dual recognition of these devices reflects the ongoing evolution of multi-track technology platforms within the companies involved, indicating a robust development pipeline in their respective fields [11]. - The micro-invasive group's overseas business has been growing rapidly, with significant revenue increases reported in various international markets, showcasing the potential for scale effects in commercialization [12][15]. Group 5: Innovation and Regulatory Strategy - The micro-invasive group emphasizes continuous technological innovation, with a focus on establishing a global presence through compliance with both Chinese and U.S. regulatory frameworks. This approach enhances the company's R&D capabilities and clinical research proficiency [16][18].

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。 MicroPort NeuroScientic Corporation 微創腦科學有限公司 與傳統藥物支架相比，APOLLO Dream®支架系統能夠更加精準地控制藥物釋放 劑量，在保證療效的同時顯著降低進入人體的總藥物負荷。其藥物塗層採用可 降解材料，在完成藥物釋放後逐步降解，有助於降低遠期血栓形成風險。 – 1 – 突破性醫療器械認定旨在授予針對嚴重威脅生命或導致不可逆功能損害之疾 病而開發，且具有潛在顯著臨床優勢的創新醫療技術。APOLLO Dream®支架系 統是全球首個獲得該項認定的神經介入領域球囊擴張、快速交換式藥物洗脫 支架，該認定標誌著： 未來，本集團將持續推進APOLLO Dream®支架系統的全球臨床研究及註冊進程， 進一步拓展本公司在神經介入創新治療領域的國際影響力，並為全球患者提 供更加先進的治療選擇。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： ...

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry, focusing on brain-machine interface technologies and companies like Microinvasive Brain Science, Xiangyu Medical, and Aipeng Medical [1]. Core Insights - The report highlights significant advancements in the brain-machine interface sector, particularly the approval of the first product, which marks a pivotal moment for the industry. This approval is expected to facilitate further commercialization and development within the sector [18][24]. - The report ranks sub-industries in the following order of attractiveness: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies. It emphasizes high elasticity in innovative drugs, especially in small nucleic acid therapies, and high dividend yields in traditional Chinese medicine and pharmacies [3][11]. Summary by Sections Industry Trends - The A-share pharmaceutical index has shown a slight decline of -0.22% this week and -0.13% year-to-date, underperforming the CSI 300 index by -0.41% and -0.97% respectively. The Hang Seng Biotechnology Index has also decreased by -4.00% this week [11]. - Notable stock performances include Yingke Medical (+35.18%), Zhonghong Medical (+25.26%), and *ST Jingfeng (+15.64%) for gains, while Yifang Biological (-11.59%) and Huakang Clean (-10.79%) faced significant losses [11]. R&D Progress and Company Dynamics - The report details the approval of several innovative drugs, including HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enoglutide, which has received approval in China [2][3]. - Companies to watch include: - From the PD1 PLUS perspective: Sanofi Biopharma, Kangfang Biopharma, and others - From the ADC perspective: Ying'en Biopharma and others - From the small nucleic acid perspective: Frontier Biopharma and others - From the CXO and upstream research services perspective: WuXi AppTec and others [3][14]. Brain-Machine Interface Developments - The report emphasizes the approval of the NEO brain-machine interface by the National Medical Products Administration, which is the first of its kind globally. This product is designed for patients with cervical spinal cord injuries and offers a minimally invasive solution with high signal quality and low tissue damage [18][20]. - The approval is seen as a breakthrough that sets a standard for future products in the brain-machine interface space, supported by government policies and funding initiatives aimed at fostering industry growth [24][25].

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。 董事會會議召開日期 微創腦科學有限公司（「本公司」與其子公司合稱「本集團」）董事會（「董事會」） 兹通告，本公司謹定於2026年3月25日（星期三）舉行董事會會議，藉以（其中包 括）考慮及通過本集團截至2025年12月31日止的年度全年業績及發佈，並考慮 派發末期股息（如有），以及處理其他事項。 承董事會命 微創腦科學有限公司 MicroPort NeuroScientic Corporation 微創腦科學有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2172） 香港，2026年3月13日 於本公告日期，董事會成員包括執行董事謝志永先生及王亦群先生；非執行董事張劼博士、 劉旭東先生及吳夏女士；以及獨立非執行董事張海曉博士、樊欣先生、李志勇先生及劉安先生。 主席兼非執行董事 張劼博士 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 微創腦科學有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 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) | 02172 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總額： ...

Group 1: Pharmaceutical and Biotechnology Sector - Four Seasons Pharmaceutical (00460) saw a stock increase of 3.7% after receiving approval from the NMPA for its innovative drug, Pyrocilin Tablets, for treating HR+/HER2- advanced breast cancer [1] - Hengrui Medicine (01276) rose over 5% following the approval of a clinical trial for HRS-1780 Tablets aimed at treating primary hyperaldosteronism [3] - Mirxes-B (02629) experienced a stock surge of 10.86% after announcing a strategic partnership with Apollo Health to develop advanced cancer early detection solutions in India [3] - Cornerstone Pharmaceuticals-B (02616) increased by 12.37% after receiving FDA approval for its IND application for CS2009, a tri-specific antibody for advanced solid tumors [4] - Deciphera Pharmaceuticals-B (06996) rose 16.77% after signing an agreement with U.S. Biotech for the global development and commercialization of ATG-201, a dual-specific T-cell engager [5] Group 2: Automotive Sector - Automotive stocks showed a collective rebound, with XPeng Motors-W (09868) up 3.14% and NIO-SW (09866) up 3.43%, driven by news of BYD's upcoming launch of its second-generation blade battery and fast-charging technology [2] Group 3: Technology and Communication Sector - Optical communication stocks rallied, with Cambridge Technology (06166) up 8.7% after NVIDIA announced a $40 billion investment in optical technology through partnerships with Lumentum and Coherent [1] - Brain-computer interface stocks surged, with Nanjing Panda Electronics (00553) increasing by 24.64% following government reports emphasizing the development of future industries, including brain-computer interfaces [2] Group 4: Cryptocurrency Sector - Cryptocurrency-related stocks rebounded, with Okex Cloud Chain (01499) rising 15.89% as Bitcoin surpassed $72,000, driven by short-covering amid geopolitical concerns [5][6]

Group 1 - The core viewpoint of the articles highlights the emerging opportunities in the brain-computer interface (BCI) sector, driven by national strategies, local policies, and global competition, indicating a potential golden development period for the industry [1][2] - The Chinese brain-computer interface market is projected to reach a scale of 5.58 billion yuan by 2027, and the overall market size is expected to exceed 120 billion yuan by 2040, reflecting significant growth potential [2] - The industry is witnessing increased capital activity, with notable financing rounds such as Neuralink's recent $650 million funding, bringing its total to over $1.3 billion, and domestic companies like Qiangnao Technology securing approximately 2 billion yuan in funding [1] Group 2 - The policy environment is supportive, with the government implementing measures across various critical areas, including innovation device approval processes, medical insurance pricing standards, ethical guidelines, and industry standard projects [1] - Companies like MicroPort NeuroTech are strategically positioning themselves in the market, having established the Chaos Brain-Computer Interface Research Institute to focus on cutting-edge research and technology reserves in the medical field [2] - Experts and institutions, including CITIC Securities, anticipate that the commercialization process of brain-computer interfaces will accelerate, transitioning from "neural rehabilitation" to "cognitive enhancement" and "brain-machine integration" [2]

Group 1 - The core viewpoint of the news is the acceleration of the industrialization and commercialization of brain-computer interface (BCI) technology in China, supported by a joint policy from multiple government departments [1][2] - The policy emphasizes upgrading smart terminals and supporting breakthroughs in edge models and application toolchains, focusing on AI-enabled devices such as smartphones, computers, tablets, and smart home products [1] - The global BCI industry is experiencing rapid development, with a competitive landscape where the U.S. leads in invasive technologies while China excels in non-invasive approaches [2] Group 2 - Recent announcements from companies like Neuralink indicate plans for large-scale production of BCI devices by 2026, highlighting advancements in fully automated surgical processes [1] - The BCI industry encompasses a wide range of sectors, including materials, chips, surgery, and medical rehabilitation, with significant policy support and healthcare pricing measures in place to facilitate commercialization in China [1][2] - Key competitive factors in the BCI industry include electrodes, chips, and algorithms, with a focus on non-invasive commercialization in the short term and a shift towards flexible electrodes and high-throughput low-power chips in the long term [2]