Financial Performance - For the fiscal year 2022, the company reported revenue of RMB 547.4 million, an increase of 43.0% compared to RMB 382.8 million in 2021[2]. - The adjusted net profit for 2022 was RMB 130.7 million, reflecting a growth of 38.9% from RMB 94.1 million in the previous year[3]. - The gross profit for 2022 was RMB 393.0 million, up 31.7% from RMB 298.4 million in 2021[2]. - The operating profit for 2022 reached RMB 121.72 million, compared to RMB 84.73 million in 2021, reflecting a growth of approximately 44%[48]. - The company reported a net loss of RMB 24,678 thousand for the year ended December 31, 2022, compared to a profit of RMB 24,170 thousand in 2021[49]. - Total comprehensive loss for the year was RMB 36,453 thousand, a significant decline from a total comprehensive income of RMB 28,426 thousand in the previous year[49]. - The company's cash and cash equivalents increased to RMB 827,929 thousand in 2022, up from RMB 593,287 thousand in 2021, representing a growth of approximately 39.6%[50]. - Current assets net increased to RMB 1,040,885 thousand in 2022, compared to RMB 609,944 thousand in 2021, reflecting a growth of approximately 70.5%[50]. - The company's total assets decreased to RMB 1,573,200 thousand in 2022 from RMB 1,166,132 thousand in 2021, indicating a decline of approximately 34.9%[50]. - The company reported a pre-tax loss of RMB 4,326,000 in 2022, compared to a profit of RMB 31,903,000 in 2021, indicating a significant decline in performance[72]. Market and Product Development - The company achieved significant growth in international (non-China) business revenue, which reached RMB 21.9 million, a staggering increase of 3,492% year-on-year[7]. - The company has launched several new products, including NUMEN® and Bridge®, contributing to revenue growth and market expansion[3]. - The revenue growth was primarily driven by the accelerated commercialization of major new products, including NUMEN® embolization coils and Bridge® vertebral artery drug-eluting stent systems, leading to rapid revenue expansion[8]. - The company has developed multiple innovative products, including the world's first stent system for treating intracranial atherosclerosis[6]. - The company is positioned as a leader in the neuro-interventional medical device industry in China, with a comprehensive product portfolio addressing various cerebrovascular diseases[6]. - The company has a diverse product portfolio with a focus on innovative solutions in neurointerventional medical devices, reflecting its strong R&D capabilities[17]. - The company launched three products in two overseas countries, including NUMEN® coils and NUMEN FR® release controllers in Brazil and Japan, enhancing its international market presence[12]. Research and Development - The company continues to focus on research and development in neuro-interventional medical devices, with no significant changes in its operational structure following the group reorganization[54]. - Research and development expenses increased to RMB 141,532,000 in 2022 from RMB 102,911,000 in 2021, a rise of 37.4%[66]. - The company has 5 commercialized products covering key treatment areas for hemorrhagic stroke, with Tubridge® stent holding over 45% market share in China as of 2022[19]. - The company holds 166 authorized patents, including 37 overseas patents, and has 262 patents pending as of the end of 2022[41]. - The company was recognized as a "National Intellectual Property Advantage Enterprise" in 2022, following its previous recognition as a Shanghai Patent Demonstration Enterprise in 2021[41]. Operational Efficiency and Strategy - The company is actively pursuing market penetration in lower-tier cities and counties, supported by government initiatives to enhance stroke treatment capabilities[5]. - The company aims to improve operational efficiency through a comprehensive overhaul of its operational system and quality control processes[46]. - The company plans to expand its global strategy by entering the top ten countries and regions for neurointerventional surgeries, enhancing its international presence[47]. - The company has a production facility in Shanghai with an annual production capacity planned to increase from 110,000 to 180,000 units, representing a nearly 40% increase, and further expansion to 350,000 units by 2025[42]. Financial Position and Liabilities - Non-current liabilities decreased significantly to RMB 87,549 thousand in 2022 from RMB 1,341,072 thousand in 2021, a reduction of approximately 93.5%[52]. - The company's equity increased to RMB 1,485,651 thousand in 2022, compared to a negative equity of RMB 174,940 thousand in 2021, indicating a substantial recovery[52]. - The company's debt-to-capital ratio decreased to 5.7% as of December 31, 2022, down from 10.3% in the previous year, indicating improved financial stability[107]. Customer and Revenue Insights - Major customers contributing over 10% of total revenue included Customer A with RMB 147,508,000 (up 33.4% from RMB 110,542,000), Customer B with RMB 137,452,000 (up 36.0% from RMB 101,120,000), and Customer C with RMB 108,067,000 (up 24.5% from RMB 86,769,000)[60]. - The revenue breakdown by product category for FY2022 includes: Hemorrhagic Stroke Products at RMB 299.6 million (up 40.0%), Atherosclerotic Stenosis Products at RMB 148.7 million (up 31.6%), and Acute Ischemic Stroke Products at RMB 5.2 million[85]. Corporate Governance and Compliance - The company aims to enhance corporate governance practices and has complied with all applicable code provisions since the listing date[112]. - The audit committee has reviewed the accounting principles and policies adopted by the company for the year ended December 31, 2022[113]. - The company plans to hold its annual general meeting on June 28, 2023[115].

Financial Performance - The company achieved a revenue of RMB 206.0 million in the first half of 2022, representing a year-on-year growth of 22.9%[13] - The company's revenue for the six months ended June 30, 2022, was RMB 205,993,000, representing a 22.8% increase from RMB 167,624,000 in the same period of 2021[21] - Gross profit for the same period was RMB 141,547,000, up from RMB 129,710,000, indicating a growth of 9.1%[21] - The company reported a net loss of RMB 93,729,000 for the period, compared to a profit of RMB 43,751,000 in 2021[21] - The adjusted net profit, excluding non-HKFRS items, was RMB 15,406,000, down from RMB 50,119,000 in the previous year[21] - The operating profit decreased significantly to RMB 13,582,000 from RMB 63,461,000, reflecting a decline of 78.6%[150] - Basic and diluted loss per share was RMB 0.20, compared to earnings of RMB 0.09 per share in the previous year[150] - The company reported a loss attributable to equity shareholders of RMB 92,352,000 for the six months ended June 30, 2022, compared to a profit of RMB 43,751,000 for the same period in 2021[187] Revenue Sources - Revenue from hemorrhagic stroke products reached RMB 117,505,000, a 21.2% increase from RMB 96,911,000 in 2021[22] - The company achieved revenue of RMB 206.0 million, representing a 22.9% increase compared to the same period last year, with international business contributing RMB 11.8 million in revenue[29] - Revenue from medical device sales for the six months ended June 30, 2022, was RMB 205,189,000, an increase of 22.7% compared to RMB 167,265,000 for the same period in 2021[178] Product Development and Innovation - The company launched several innovative products, including the NUMEN® embolization coil and the Bridge® stent system, which contributed to revenue growth[13] - The company launched several innovative products, including the Diveer® intracranial balloon dilation catheter and Neurohawk® intracranial thrombectomy stent, which received regulatory approval[17] - The APOLLO™ intracranial artery stent system was developed as the world's first treatment for intracranial atherosclerotic disease, filling a gap in ischemic stroke intervention[15] - The NUMEN® embolization spring coil has been commercialized in six countries, with significant sales growth driven by its recognition among clinical doctors in the U.S. market[32] - The company has established a diverse portfolio of 30 neurointerventional products, including 10 commercialized therapeutic products and 17 products in various stages of development[38] Market Expansion - The company is executing a global strategy effectively, expanding its market coverage in the neurointerventional industry[13] - The company has expanded its international market presence, establishing regional sales headquarters in North America, South America, Europe, and the Asia-Pacific region[17] - The company’s international business achieved breakthrough progress, entering several top ten countries for neurointerventional procedures, including the U.S., Japan, and South Korea[31] - The company plans to establish overseas R&D and production centers to enhance global brand recognition and attract talent in the neurointervention field[31] Research and Development - The company has a total of 141 R&D personnel, with approximately 50% holding a master's degree or higher, and has established a mature project evaluation system to track industry trends and assess market demand[70] - R&D expenses increased by 28.3% from RMB 38.3 million for the six months ended June 30, 2021, to RMB 49.2 million for the six months ended June 30, 2022, due to team expansion for ongoing and new projects[86] - The company’s product pipeline includes various devices for treating intracranial aneurysms, with several products expected to receive regulatory approval in the coming years[40] Operational Efficiency - The company aims to enhance operational efficiency and continue its focus on innovative research and development to provide affordable solutions for cerebrovascular diseases globally[19] - The company plans to improve operational efficiency through a comprehensive overhaul of its operating system, optimizing quality control, and expanding production facilities and teams[78] Financial Position - The company recorded a net cash inflow from operating activities of RMB 45.1 million, increasing cash and cash equivalents from RMB 593.3 million as of December 31, 2021, to RMB 640.0 million as of June 30, 2022[112] - The company's capital-to-debt ratio decreased to 8.8% as of June 30, 2022, from 10.3% as of December 31, 2021, with total borrowings remaining at zero[113] - Net current assets increased to RMB 644.3 million as of June 30, 2022, from RMB 609.9 million as of December 31, 2021, primarily due to operating profit during the reporting period[114] - The total liabilities increased to RMB 1,488,487,000 from RMB 1,341,072,000, indicating a rise of 11%[158] Shareholder Information - Major shareholders include MP Scientific with a 53.35% stake, and China Micro-Investment Management holding 10.39%[123] - The net proceeds from the global offering amounted to approximately HKD 278.1 million after deducting underwriting fees and related costs[126] - 30% of the net proceeds, amounting to HKD 83.4 million, is allocated for R&D of hemorrhagic stroke and related products[127] - 20% of the net proceeds, totaling HKD 55.6 million, is designated for commercialization of stroke products[127] Governance and Compliance - The audit committee consists of three independent non-executive directors who reviewed the financial statements for the six months ending June 30, 2022[139] - The company has adopted a corporate governance code to ensure high standards of governance and protect shareholder interests[132]