内容概要：脑血管介入器械为脑血管介入手术中所需的医用耗材。脑血管疾病是中国居民疾病死亡率排 名前三的疾病，脑卒中已成为中国国民的首要死因。随着我国工业化、城镇化、人口老龄化进程不断加 快，居民的生活方式、生态环境、饮食习惯及食品安全状况等对健康的影响逐步显现，脑血管疾病发病 率持续上升，脑卒中患者的治疗需求逐渐增加。因此相关介入医疗器械行业的市场需求也随之增加。 2024年我国脑梗死血管内神经介入治疗医用耗材规模35.04亿元，其中，颅内取栓支架15.84亿元，颅内 血栓抽吸导管2.72亿元，颅内支架、球囊、保护伞等16.48亿元；预计2025年我国脑梗死血管内神经介入 治疗医用耗材规模48.79亿元，其中，颅内取栓支架21.94亿元，颅内血栓抽吸导管6.22亿元，颅内支 架、球囊、保护伞等20.63亿元。 上市企业：归创通桥(02190)、微创脑科学(02172)、沛嘉医疗 (09996)、赛诺医疗(688108)、心玮医疗 (06609) 相关企业：威高集团有限公司、昆明铂锐金属材料有限公司、普埃金属材料（上海）有限公司、美敦 力、强生、史塞克、 关键词：脑血管介入器械行业特征、脑血管介入器械行业发展历程 ...

– 1 – 歸創通橋醫療科技股份有限公司 公司章程 2025年12月 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨及範圍 | 5 | | 第三章 | 股份和註冊資本 | 6 | | 第四章 | 減資和購回股份 | 14 | | 第五章 | 購買公司股份的財務資助 | 16 | | 第六章 | 股票和股東名冊 | 17 | | 第七章 | 股東的權利和義務 | 22 | | 第八章 | 股東大會 | 26 | | 第九章 | 董事會 | 36 | | 第十章 | 董事會秘書 | 43 | | 第十一章 | 總經理 | 44 | | 第十二章 | 監事會 | 45 | | 第十三章 | 公司董事、監事、高級管理人員的資格和義務 | 47 | | 第十四章 | 財務會計制度與利潤分配 | 54 | | 第十五章 | 會計師事務所的聘任 | 57 | | 第十六章 | 公司的合併、分立、解散和清算 | 60 | | 第十七章 | 公司解散和清算 | 62 | | 第十八章 | 公司章程的修訂程序 | 65 | | 第十九章 | 通知和公告 | 65 | | 第二十 ...

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 因倚賴該等內容而引致的任何損失承擔任何責任。 Zylox-Tonbridge Medical Technology Co., Ltd. 歸創通橋醫療科技股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 註：具體以工商登記機關核准結果為準。 （股份代號：2190） 修訂公司章程 茲提述本公司日期為2025年8月19日及2025年10月24日的公告，以及本公司日期 為2025年10月8日的通函（「通函」），內容有關（其中包括）授權（「授權」）董事會 及╱或管理委員會辦理股份激勵計劃相關事宜。除另有界定外，所用詞彙與通 函所披露者具有相同涵義。本公告乃由本公司根據上市規則第13.51(1)條作出。 鑒於根據2025年股份激勵計劃授出的獎勵所涉及的1,395萬股H股已於2025年11 月7日發行及上市流通，本公司的註冊資本已由人民幣330,182,001元變更為人民 幣344,132,001元，總股本已由33 ...

备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 归创通桥 | 珠海通桥投资 | 好仓 | 9039.27 万股 | 8839.27 万股 | 26.28%(最新) | | B(02190) | 中心（有限合 | | | | 26.87%(前次) | | | 伙） | | | | | | 归创通桥 | 珠海归创投资 | 好仓 | 9039.27 万股 | 8839.27 万股 | 26.28%(最新) | | B(02190) | 中心（有限合 | | | | 26.87%(前次) | | | 伙） | | | | | | 归创通桥 | 杭州涪江投资 | 好仓 | 9039.27 万股 | 8839.27 万股 | 26.28%(最新) | | B(02190) | 合伙企业（有 | | | | 26.87%(前次) | | | 限合伙） | | | | | | 归创通桥 | 杭州归桥企业 | 好仓 | 9039. ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 歸創通橋醫療科技股份有限公司 呈交日期: 2025年12月2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) | 02190 | 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 | | | 322,400,744 | RMB | | 1 RMB | | 322,400,744 | | 增加 / 減少 (-) | | | 13,950,000 | | | RMB | | 13,950,000 | | 本月底結存 | | | 336,350,744 | RMB | | 1 RMB | | 336,350,744 | | 2. 股份 ...

Core Viewpoint - The company is a leader in domestic neuro and peripheral interventional medical devices, with strong commercialization capabilities and rapid sales growth driven by the gradual implementation of domestic centralized procurement [1][2] Group 1: Investment Highlights - The company is covered for the first time with a "Buy" rating, forecasting EPS of 0.70/0.89/1.14 RMB for 2025-2027, and assigning a target price of 33.5 RMB/36.4 HKD for 2025 based on a 48X PE ratio [1] - The company has established a comprehensive product pipeline with 73 products and in-development combinations as of August 2025, including 51 products approved by NMPA and 8 products certified by EU CE [1] Group 2: Domestic Market Performance - Since the launch of a major product at the end of 2020, the company has built a wide distribution network covering over 3,000 hospitals, leading to rapid sales growth in neurovascular and peripheral vascular interventions [2] - In the first half of 2025, sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% year-on-year increase [2] Group 3: International Market Expansion - The company's international business grew by 36.9% year-on-year in the first half of 2025, primarily driven by markets in Europe and Asia [2] - The company has established sales of 22 products across 27 overseas countries/regions and is deepening its presence in key European markets while expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have been formed, covering a total of 52 countries and regions globally [2]

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Viewpoints - The company is a leader in the domestic neuro and peripheral interventional medical device market, with strong commercialization capabilities and rapid sales growth driven by the gradual implementation of domestic centralized procurement [2][10]. - The company has a comprehensive product pipeline with 73 products, of which 51 have received NMPA approval and 8 have obtained EU CE certification, positioning it well for future growth [10][14]. - The company has established a wide distribution network covering over 3,000 hospitals, leading to significant revenue growth in both neurovascular and peripheral vascular interventions [10][18]. - The international business has shown robust growth, with a 36.9% increase in revenue from overseas markets in the first half of 2025, indicating strong potential for long-term international market expansion [10][22]. Summary by Sections 1. Neuro and Peripheral Intervention Dual Development - The company focuses on neuro and peripheral vascular interventional medical devices, having developed a range of products with independent intellectual property rights that meet domestic and international standards [14][15]. - The sales revenue for neurovascular intervention products increased by 25.0% and for peripheral vascular intervention products by 46.2% in the first half of 2025 compared to the same period in 2024 [18][19]. 2. Market Growth Potential - The domestic neuro intervention surgery penetration rate is expected to increase, with significant growth in the market size anticipated [32][40]. - The number of neuro intervention surgeries in China is projected to grow from approximately 161,400 in 2020 to about 740,500 by 2026, reflecting a compound annual growth rate of 28.9% [38][40]. 3. Financial Projections - The company forecasts total revenue of RMB 782 million for 2024, increasing to RMB 1,773 million by 2027, representing a compound annual growth rate of 29.1% [4][10]. - The net profit is expected to grow from RMB 100 million in 2024 to RMB 393 million in 2027, with a significant increase in profit margins [4][10]. 4. International Market Expansion - The company has successfully penetrated 27 overseas markets, with a focus on Europe and emerging markets such as Brazil, India, and South Africa [22][23]. - The international business is expected to continue its rapid growth, supported by strategic partnerships with over 60 local partners [23][24]. 5. Profitability and Cost Management - The company maintains a stable gross margin of approximately 71.2% while optimizing production and supply chain processes [27][28]. - Research and development expenditures increased by 19.7% in the first half of 2025, reflecting the company's commitment to innovation and product development [30].

国泰海通发布研报称，首次覆盖归创通桥(02190)，给予"增持"评级。预测2025-2027年EPS为 0.70/0.89/1.14元，参考可比公司，考虑公司产品布局完善，业绩保持较快增长，给予公司2025年 48XPE，对应目标价33.5元/36.4港元(汇率为1港元=0.92人民币)。 国泰海通主要观点如下： 自2020年底的一款主要产品上市以来，在五年不到的时间内，公司建立了广泛的分销网络，覆盖超过 3000家医院。伴随公司产品市场准入的逐步扩大，集采后国产产品加速放量，公司神经血管和外周血管 介入销售额均高速增长。25H1，公司神经血管介入产品销售收入同比+25.0%;外周血管介入产品销售收 入同比+46.2%。 持续海外深耕，布局国际市场的长期增长 25H1公司国际业务同比增长36.9%，主要来自欧洲和亚洲地区。目前公司外周和神经的产品均已经覆盖 7个全球TOP10市场。截至25H1，公司已在27个海外国家/地区合计销售22款产品，持续深耕欧洲市场， 在法国、德国、意大利等市场进一步渗透;开拓巴西、印度、南非等新兴市场，取得较快增长。公司已 与超过60家当地伙伴建立战略合作，渠道覆盖全球52个国家及 ...

Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, projecting EPS for 2025-2027 at 0.70/0.89/1.14 RMB, and setting a target price of 33.5 RMB / 36.4 HKD based on a 48X PE for 2025 [1] Group 1: Business Overview - Guichuang Tongqiao, established in 2012, focuses on peripheral and neurovascular interventional medical devices, with a comprehensive product pipeline of 73 products as of August 2025, including 51 approved by NMPA and 8 with EU CE certification [2] - The company has effectively leveraged its platform-based layout to capture procurement opportunities, resulting in rapid performance growth [2] Group 2: Commercialization and Market Expansion - Since the launch of a major product at the end of 2020, the company has built a distribution network covering over 3,000 hospitals, leading to significant sales growth in neurovascular and peripheral vascular interventions, with sales revenue increasing by 25.0% and 46.2% year-on-year respectively in H1 2025 [3] - The international business grew by 36.9% year-on-year in H1 2025, primarily driven by markets in Europe and Asia, with products covering 7 of the top 10 global markets [4] - The company has established strategic partnerships with over 60 local partners, expanding its reach to 52 countries and regions globally, while deepening its presence in key European markets and emerging markets like Brazil, India, and South Africa [4]

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its intracranial aneurysm embolization assistive stent by the National Medical Products Administration (NMPA) [1] Group 1: Product Approval and Features - The Tongqiao Feilong intracranial aneurysm embolization assistive stent has received NMPA approval for market launch [1] - This stent is designed to be used in conjunction with embolization coils, specifically targeting the treatment of intracranial neurovascular diseases, providing a new and efficient clinical solution [1] - Compared to similar products on the market, the Tongqiao Feilong stent offers better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] Group 2: Market Impact and Company Strategy - CITIC Securities (601066) highlights that the stent utilizes DFT material weaving technology, which allows for clear visibility throughout the procedure, aiding doctors in precise operational control [1] - The approval of the embolization assistive stent is expected to strengthen the company's product pipeline in the neurointerventional field, enhancing its overall solution offerings [1] - This development is anticipated to help the company increase its market share and maintain rapid growth in performance [1]