Financial Performance - For the year ending December 31, 2025, the company reported a net loss of approximately RMB 68.4 million, a decrease of 26.7% compared to a net loss of RMB 93.3 million in 2024[4] - The basic and diluted loss per share for 2025 was RMB 0.29, compared to RMB 0.36 in 2024[4] - The net loss before tax for the group was RMB 96,003,000 in 2025, compared to RMB 93,324,000 in 2024, indicating a slight increase in losses[28] - The net loss for 2025 was RMB 68.4 million, a decrease from RMB 93.3 million in 2024, indicating an improvement in financial performance[65] Revenue and Sales - The company recorded revenue of RMB 44.9 million for the year, attributed to the launch of the Iberis® RDN system, which was approved for use in treating resistant hypertension[4] - Total revenue for 2025 reached RMB 44,932 thousand, with customer contract revenue from medical product sales contributing RMB 44,076 thousand[19] - Major customer A contributed RMB 42,472 thousand to the revenue in 2025, representing over 10% of total revenue[17] - The company reported revenue of RMB 44.9 million for 2025, a significant increase from RMB 0 in 2024, primarily driven by the commercialization of RDN products[54] Research and Development - Research and development expenses for the year were approximately RMB 61.9 million, an increase of 49.9% from RMB 41.3 million in 2024[4] - R&D expenses increased to RMB 61.9 million in 2025 from RMB 41.3 million in 2024, driven by higher third-party contract costs related to DCB and RDN product development[59] - The company is focused on research and development of its core product, Bioheart®, and related technologies[104] Assets and Liabilities - Total assets less current liabilities amounted to RMB 807.4 million as of December 31, 2025, compared to RMB 714.1 million in 2024[6] - The company’s total liabilities increased to RMB 25.0 million in 2025 from RMB 19.6 million in 2024[6] - The company’s non-current assets totaled RMB 450.6 million as of December 31, 2025, compared to RMB 434.7 million in 2024[6] - The company reported a significant increase in non-current liabilities, totaling RMB 195,348 thousand in 2025 compared to RMB 33,594 thousand in 2024[7] Cash Flow and Expenditures - Cash and cash equivalents as of December 31, 2025, were approximately RMB 92.3 million, a decrease of 54.4% from RMB 202.4 million as of December 31, 2024[4] - The net cash used in operating activities for the year ended December 31, 2025, was RMB 67.7 million, primarily due to R&D and administrative expenses[66] - The net cash used in investment activities was RMB 196.0 million, mainly due to the purchase of RMB 230.0 million in time deposits[67] - The company's capital expenditures significantly dropped from RMB 47.1 million in 2024 to RMB 7.6 million in 2025, primarily due to the completion of previous production facility purchases[68] Corporate Governance - The board recognizes the importance of good corporate governance and has adopted the corporate governance code as its own[95] - The audit committee, composed of three independent non-executive directors, is responsible for reviewing and supervising the company's financial reporting procedures and internal controls[99] - The annual performance of the group has been reviewed and deemed compliant with applicable accounting standards and regulations[100] Market and Product Development - The Iberis® RDN system completed its first commercial procedure in Europe in February 2025[4] - The company has successfully obtained market access for the Iberis® second-generation RDN system in multiple countries, including China, France, Germany, and Italy[51] - The Bioheart® BRS system is in the registration phase in China, with expected approval from the National Medical Products Administration in Q3 2026[45] - The company is focused on addressing unmet medical needs in coronary artery disease and resistant hypertension through innovative interventional cardiovascular devices[42] Employee and Operational Costs - Employee costs, excluding directors and key management personnel, increased to RMB 12,910,000 in 2025 from RMB 11,136,000 in 2024, reflecting a rise of 15.9%[23] - The company's total employee benefits expenses for the reporting period amounted to approximately RMB 129.1 million[76] - The company employed 65 full-time employees as of December 31, 2025, all based in China[76] Strategic Plans and Future Outlook - The company aims to become a globally recognized chronic disease management medical device platform, with a focus on advancing its core products and expanding its market presence[52] - The company plans to establish a new production facility in Jiaxing, Zhejiang Province, expected to be operational by 2026[50] - The company is actively seeking external collaborations, strategic investments, and acquisition opportunities to facilitate future expansion[58] Other Financial Information - The group reported a total of RMB 18,707,000 in other expenses for 2025, down from RMB 33,913,000 in 2024, reflecting a decrease of 44.7%[24] - Financial costs rose to RMB 8,742,000 in 2025 from RMB 64,000 in 2024, marking a substantial increase due to interest on redeemable liabilities[25] - The group has unrecognized deferred tax assets amounting to RMB 785,223,000 as of December 31, 2025, down from RMB 826,103,000 in 2024[29] - The company recorded a tax credit of RMB 27.6 million for the year 2025, compared to none in 2024[64]

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 不會就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。 安通與柏盛就Iberis® RDN系 統 的 商 業 化 達 成 戰 略 夥 伴 關 係，相 關 合 作 涵 蓋 多 個 地 區，包 括 但 不 限 於 歐 盟 國 家、亞 太 地 區 及 拉 丁 美 洲(LATAM)地 區。 截 至 本 公 告 日 期，Iberis® RDN系統是全球唯一獲准使用經橈動脈方法 （「TRA」）和 經 股 動 脈 入 路 方 法（「TFA」）的 腎 神 經 阻 斷（「RDN」）產 品。TRA 使RDN更 安 全、更 有 效、更 便 宜。我 們 的 最 終 目 標 是 為 全 球 患 者 提 供 門 診 RDN手 術。安 通 已 於2016年於歐洲取得Iberis® RDN系統的CE標 誌。 Shanghai Bio-heart Biological Technology Co., Ltd. 上海百心安生物 ...

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。 Shanghai Bio-heart Biological Technology Co., Ltd. 上海百心安生物技術股份有限公司 董事會會議召開日期 上 海 百 心 安 生 物 技 術 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2026年3月26日（星 期 四）舉 行 董 事 會 會 議，藉 以（其 中 包 括） 審議及批准本公司及其附屬公司截至2025年12月31日止年度之年度業績 及 其 發 佈，以 及 考 慮 建 議 派 付 末 期 股 息（如 有）。 承董事會命 上海百心安生物技術股份有限公司 董事長兼執行董事 中 華 人 民 共 和 國 上 海，2026年3月16日 於 本 公 告 日 期，董 事 會 成 員 包 括 董 事 長 兼 執 行 董 事 汪 立 先 生；執 行 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

致：香港交易及結算所有限公司 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 公司名稱: 上海百心安生物技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02185 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 235,703,422 | RMB | | 1 RMB | | 235,703,422 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 235,703,422 | RMB | | 1 RMB | | 235,703,422 | | 2. 股 ...

Group 1 - The core viewpoint of the report is that Huaxin Securities recognizes Baixinan-B (02185.HK) as a noteworthy stock in the high-value consumables export sector of the medical device industry, indicating its potential for overseas market expansion [1][2] - The report highlights that the pharmaceutical industry is focusing on changes in raw material supply, collaborations in the GLP-1 weight loss sector, and breakthroughs in small nucleic acid technology, suggesting that Baixinan-B may indirectly benefit from these industry innovations [1][2] Group 2 - Recent stock performance shows that Baixinan-B's share price decreased by 3.20% over the past week (February 16 to February 20, 2026), with closing prices of 5.50 HKD on February 16 (down 2.14%) and 5.44 HKD on February 20 (down 1.09%) [3] - Technical indicators as of February 20 indicate that the stock price is below the 5-day, 10-day, and 20-day moving averages, with a negative MACD histogram suggesting short-term weakness; however, the lower Bollinger Band (5.256 HKD) provides some support, and the KDJ indicator shows the J line at 29.5, nearing the oversold region [3] - On February 20, retail funds saw a net inflow of 80,403 HKD, while there was no significant activity from institutional investors, and the turnover rate was only 0.02%, indicating a lack of market activity [3]

Group 1: Core Insights - The stock price of Baixinan-B (02185.HK) experienced a significant decline of 9.24%, closing at HKD 5.40, underperforming against the Hang Seng Index and the medical device sector amid a general downturn in the Hong Kong stock market on February 12, 2026 [1] Group 2: Industry Sector Situation - The overall performance of medical stocks in Hong Kong was weak, with Baixinan-B and GUANZE MEDICAL among the top decliners, indicating market caution towards the medical sector potentially influenced by changes in industry policy expectations or capital flows [1] Group 3: Financial and Technical Analysis - Despite a positive MACD histogram suggesting short-term momentum improvement, the stock price remains below key moving averages (5-day, 20-day), and the narrowing Bollinger Bands indicate reduced volatility, leading some investors to take profits or avoid short-term risks; the trading volume was 516,400 shares with a turnover rate of 0.22%, reflecting low liquidity that may amplify price fluctuations [2] Group 4: Industry Policy and Environment - The National Healthcare Security Administration announced on February 10, 2026, that a new round of high-value medical consumables procurement will take place, which, while not directly affecting Baixinan-B's core products, raises concerns about long-term price pressures on cardiovascular interventional consumables, potentially impacting market sentiment; recent price adjustments in Fujian and Shandong provinces may also contribute to uncertainty in industry policies, prompting cautious capital behavior [3]

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1月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 公司名稱: 上海百心安生物技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02185 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 235,703,422 | RMB | | 1 RMB | | 235,703,422 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 235,703,422 | RMB | ...

Core Viewpoint - The announcement highlights the registration of the Iberis RDN system in Indonesia, marking a significant milestone for the company and its strategic partnership with 柏盛国际集团有限公司 (Bosheng) for commercialization across multiple regions [1] Group 1: Product Development and Registration - The Iberis RDN system, developed by the company's subsidiary 上海安通医疗科技有限公司 (Antong), is the only renal denervation (RDN) product globally approved for both transradial access (TRA) and transfemoral access (TFA) methods [1] - The TRA method enhances the safety, efficacy, and cost-effectiveness of RDN procedures [1] Group 2: Strategic Partnerships - Antong has established a strategic partnership with Bosheng to support the commercialization of the Iberis RDN system, covering regions including but not limited to EU countries, the Asia-Pacific region, and Latin America (LATAM) [1] Group 3: Regulatory Milestones - The Iberis RDN system received its CE mark in Europe in 2016, indicating its compliance with health, safety, and environmental protection standards [1]

Core Viewpoint - The announcement highlights the registration of the Iberis RDN system in Indonesia, marking a significant step in the commercialization of this unique renal denervation product [1] Group 1: Product Development - The Iberis RDN system, developed by Shanghai Antong Medical Technology Co., Ltd., is the only renal denervation product globally approved for both transradial access (TRA) and transfemoral access (TFA) methods [1] - TRA enhances the safety, efficacy, and cost-effectiveness of renal denervation procedures [1] Group 2: Strategic Partnerships - Antong has formed a strategic partnership with Borson International Group Ltd. to commercialize the Iberis RDN system across multiple regions, including but not limited to EU countries, the Asia-Pacific region, and Latin America [1] Group 3: Regulatory Milestones - The Iberis RDN system received CE marking in Europe in 2016, indicating its compliance with health, safety, and environmental protection standards [1]