Core Viewpoint - The stocks of the MicroPort group have collectively risen, driven by the announcement of a restructuring in the cardiac rhythm management business, which aims to alleviate pressure related to meeting listing standards [1] Group 1: Stock Performance - MicroPort Medical (00853) increased by 8.47%, reaching HKD 14.21 [1] - HeartLink Medical-B (02160) rose by 4.55%, reaching HKD 1.38 [1] - MicroPort Robotics-B (02252) saw a 4.28% increase, reaching HKD 28.26 [1] - MicroPort Neuroscience (02172) grew by 2.88%, reaching HKD 12.52 [1] Group 2: Business Restructuring - MicroPort Medical announced the restructuring of its cardiac rhythm management business, with a subsidiary, MicroPort HeartLink, planning to merge with CRM Cayman [1] - Post-merger, CRM Cayman will become a wholly-owned subsidiary of MicroPort HeartLink, focusing on solutions for arrhythmia management, with a pre-transaction equity value of USD 680 million [1] - MicroPort Medical currently holds a 46.12% stake in HeartLink Medical and a 50.13% stake in CRM Cayman [1] Group 3: Strategic Intent - The restructuring is seen as a strategy to mitigate the pressure of meeting the "qualified listing" requirements for the cardiac rhythm management business [1] - In July 2021, Hillhouse Capital, along with CPE and Springhill, invested USD 300 million in MicroPort's cardiac rhythm management subsidiary, acquiring a 26.3% stake [1] - An agreement was made that if CRM does not achieve a qualified listing and a market value of at least USD 1.5 billion by July 17, 2025, MicroPort must repurchase all shares at an annualized return of 8% [1]

Investment Rating - The industry rating is "Overweight" [4] Core Insights - The Chinese neurointerventional medical device market is expected to grow from CNY 4.9 billion in 2019 to CNY 37.1 billion by 2030, with a compound annual growth rate (CAGR) of 20.2% from 2019 to 2030 [16][22] - The number of ischemic stroke treatment surgeries in China is projected to increase from 45,800 in 2019 to 881,300 by 2030, representing a CAGR of 30.8% [22] - The market for neurointerventional devices in China is growing at a faster rate compared to the U.S., with a surgical penetration rate of only 9.1% in 2020, compared to 62.3% in the U.S. [22][24] Summary by Sections 1. Market Outlook for Vascular Diseases - Neurovascular diseases are a leading cause of death in China, accounting for over 20% of total deaths in 2019, and the prevalence of peripheral vascular diseases is increasing due to aging [14] - The interventional treatment market is in an emerging stage in China, driven by increased health awareness, rising cardiovascular disease rates, and supportive government policies [14] 1.1 Neurovascular Disease Market Outlook - The neurointerventional medical device market in China is projected to grow significantly, with a market size increase from CNY 2.6 billion in 2015 to CNY 4.9 billion in 2019, and expected to reach CNY 37.1 billion by 2030 [16] - The number of neurointerventional surgeries is expected to rise from 46,200 in 2015 to 740,500 by 2026, with a CAGR of 28.9% [17] 1.1.1 Neurointerventional Market Outlook - The market for neurointerventional devices is expected to grow significantly, with a projected CAGR of 20.2% from 2019 to 2030 [16] 1.1.2 Ischemic Neurovascular Disease Market Outlook - The number of ischemic stroke cases in China is expected to rise from 2.8 million in 2015 to 5.8 million by 2030, with a CAGR of 5.0% [22] 1.1.3 Hemorrhagic Neurovascular Disease Market Outlook - The penetration rate for hemorrhagic stroke neurointerventional surgeries in China is expected to increase from 9.1% in 2020 to 31.7% by 2026 [24] 1.2 Peripheral Vascular Disease Surgery Market Outlook - The number of peripheral artery disease patients in China is projected to grow from 53.05 million in 2022 to 62.92 million by 2030 [30] - The number of peripheral vascular interventions is expected to increase from 178,000 in 2022 to 623,000 by 2030, with a CAGR of 13.7% from 2026 to 2030 [31] 1.2.1 Peripheral Artery Disease Market Outlook - The prevalence of peripheral artery disease is increasing, with a projected growth in patient numbers due to aging [29] 1.2.2 Peripheral Venous Market Outlook - The market for peripheral venous intervention devices in China is expected to grow from CNY 1.01 billion in 2021 to CNY 4.99 billion by 2030, with a CAGR of 19.5% [35] 2. Companies Related to Neurovascular Diseases - MicroPort NeuroScience (02172.HK) is a leading company in neurointerventional consumables in China [2] - Guichuang Tongqiao (02190.HK) focuses on peripheral and neurovascular intervention devices [2] - Sino Medical (688108.SH) covers key areas in cardiovascular and neurovascular interventions [2] - Xinwei Medical (06609.HK) provides comprehensive solutions for stroke treatment and prevention [2]

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 2025 中期報告 (Incorporated in the Cayman Islands with limited liability) Stock Code：2172 MicroPort NeuroScientic Corporation 微創腦科學有限公司 INTERIM REPORT MicroPort NeuroScientic Corporation 2025 微創腦科學有限公司 INTERIM REPORT 2025 中期報告 目錄 | | | 5 公司資料 7 總裁致辭 9 財務摘要 10 管理層討論及分析 34 企業管治及其他資料 43 獨立核數師報告 44 綜合損益表 45 綜合損益及其他全面收益表 46 綜合財務狀況表 48 綜合權益變動表 51 簡明綜合現金流量表 52 未經審核中期財務報告附註 釋義 於本中期報告內，除文義另有所指外，下列詞彙具有以下涵義。 | 「審核委員會」 | 指 | 董事會審核委員會 | | --- | --- | - ...

Core Insights - MicroPort NeuroTech reported a revenue of 383 million yuan, a decrease of 6.20%, and a net profit of 93 million yuan, down 33.80% year-on-year [1] - The company faced increased distribution costs due to sales pressure from centralized procurement, while R&D costs were optimized [1] Financial Performance - Gross margin was 73.39%, an increase of 1.12 percentage points [1] - Distribution cost ratio was 20.81%, up 7.06 percentage points, with an absolute value of 80 million yuan, reflecting a 41.98% increase [1] - Administrative expense ratio was 8.28%, up 1.24 percentage points, with an absolute value of 32 million yuan, a 10.25% increase [1] - R&D cost ratio was 9.67%, down 2.17 percentage points, with an absolute value of 37 million yuan, a decrease of 23.38% [1] - Net profit margin was 24.22%, down 10.10 percentage points, while adjusted net profit margin was 39.05%, up 0.04 percentage points [1] Product Performance - Hemorrhagic stroke product revenue was 234 million yuan, down 5.51%, primarily due to centralized procurement affecting the mesh stent [2] - Narrowing products revenue was 115 million yuan, down 11.52%, mainly due to the cessation of cooperation with agents and centralized procurement [2] - Ischemic stroke product revenue was 29 million yuan, up 0.84%, with rapid growth in thrombectomy and aspiration catheters [2] - Overseas business revenue was 47 million yuan, an increase of 67.39%, with 8 products commercialized in 34 countries/regions [2] Product Development - The Numen Nest detachable coil received NMPA approval, and the Tubridge mesh stent is approved for small aneurysms [3] - The NeuroHawk Medibox thrombectomy stent received NMPA approval, and the NeuroHawk thrombectomy stent obtained CE registration [3] Investment Outlook - The company is a leading player in China's neurointervention market, with a product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic narrowing [4] - Revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, with net profits of 238 million, 275 million, and 322 million yuan respectively [4] - The company is rated as a "buy" based on its market position and potential for innovative product contributions [4]

Investment Rating - The report assigns a "Buy" rating to the company [5][7]. Core Insights - The company experienced a revenue decline of 6.20% year-on-year, totaling 383 million yuan, while net profit decreased by 33.80% to 93 million yuan. Adjusted net profit was 150 million yuan, down 6.10% [1][2]. - The gross margin improved to 73.39%, an increase of 1.12 percentage points, despite rising distribution costs due to intensified sales activities domestically and internationally [2]. - The company is a leading player in China's neuro-interventional market, with a diverse product portfolio covering hemorrhagic stroke, ischemic stroke, and atherosclerotic stenosis, and is expected to benefit from the commercialization of several innovative products [5]. Financial Performance Summary - Revenue for the first half of 2025 was 383 million yuan, with a net profit of 93 million yuan. The adjusted net profit was 150 million yuan [1]. - The gross margin was 73.39%, while the profit margin was 24.22%, reflecting a decrease of 10.10 percentage points [2]. - The company’s revenue projections for 2025-2027 are 730 million, 758 million, and 868 million yuan, respectively, with net profits of 238 million, 275 million, and 322 million yuan [5][6]. Product Development and Market Expansion - The company has made significant progress in product approvals and registrations, including the Numen Nest detachable coil and NeuroHawk Medibox thrombectomy stent, which received NMPA approval [4]. - The overseas business showed strong growth, with revenue increasing by 67.39% to 47 million yuan, and the company has commercialized eight products in 34 countries/regions [3][4].

截至月份: 2025年8月31日 狀態: 重新提交 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 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 | 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： USD 50,000 FF301 呈交日期: 2025 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 重新提交 公司名稱： 微創腦科學有限公司 呈交日期： 2025年9月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 02172 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | ...

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: 微創腦科學有限公司 呈交日期: 2025年9月4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 ...

Summary of MicroPort NeuroScience Conference Call Company Overview - **Company**: MicroPort NeuroScience - **Industry**: Neurointervention Key Financial Performance - **Revenue**: 383 million RMB in H1 2025, with overseas revenue of 47.07 million RMB, a year-on-year increase of 67.4%, accounting for 12% of total revenue [2][14] - **Product Contribution**: Hemorrhagic products contributed 61% of revenue, stenosis products 30%, and acute ischemia products 8% [2][14] - **Gross Margin**: 73.4%, an increase of 1.1 percentage points year-on-year [14] - **Adjusted Net Profit Margin**: 39%, consistent with the previous year [14] - **Operating Expenses**: Total operating expenses of 148 million RMB, an increase of 11.4% [14] Market Expansion and Product Development - **Domestic Market**: Coverage expanded to approximately 3,600 hospitals, including 2,000 tertiary hospitals and all top 100 stroke centers in China [2][6] - **International Market**: Eight products commercialized in 34 countries, with significant growth in Europe, the Middle East, and Africa [2][4] - **Product Pipeline**: 26 commercialized products, with four approved in H1 2025 and 13 in research [3][14] Strategic Initiatives - **Cost Optimization**: Continuous efforts in domestic production and cost reduction, with a focus on increasing the localization rate of key materials [9][10] - **Dividend and Share Buyback**: Three rounds of dividends totaling approximately 160 million HKD and a buyback of 3.218 million shares for about 32.11 million HKD [9] - **Innovation Focus**: Emphasis on R&D with 53.54 million RMB invested, accounting for 13.8% of revenue [14] Future Outlook - **Revenue Growth Expectation**: Anticipated overall revenue growth of about 5% for 2025, with overseas revenue expected to exceed 100 million RMB, a growth of over 60% [15][16] - **Product Growth Projections**: Stenosis products expected to grow by 10%, and thrombectomy products by 40% in 2025 [17] - **Profitability Strategy**: Maintaining a gross margin above 70% despite pricing pressures from centralized procurement [18] Competitive Landscape - **Market Position**: Company remains the only profitable and dividend-paying entity in the domestic neurointervention sector [2][9] - **Market Share**: Currently holds over 10% market share in the Jing-Jin-Ji region for spring coils, with expectations to maintain this level [23] - **Challenges**: Increased competition with over 50 brands in the neurointervention market, necessitating continuous innovation and market adaptation [35] International Strategy - **Market Penetration**: Focus on establishing a presence in high-potential markets such as the U.S., Brazil, and Japan, with a projected compound annual growth rate of 30% to 50% for overseas business [31][37] - **Sales Strategy**: Direct sales model with flexible pricing strategies tailored to local economic conditions [40] Additional Insights - **Regulatory Environment**: Adapting to stricter registration requirements for new products, which may impact timelines for product launches [22] - **Emerging Markets**: Successful entry into new markets like Turkey and Egypt, with ongoing efforts to expand product offerings [5][31] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, market strategies, product development, and future outlook in the neurointervention industry.

Group 1 - The company, MicroPort Scientific Corporation (02172), announced a decision to grant stock options to 63 eligible participants under a share scheme adopted on July 12, 2023 [1] - The total number of stock options granted amounts to a maximum of 402,300 shares of the company's common stock, each with a par value of $0.00002 [1] - The grant of stock options is subject to acceptance by the grantees before it becomes effective [1]