智通财经APP获悉，5月6日，归创通桥医疗科技股份有限公司(02190)(以下简称"归创通桥"、"公司")宣 布，公司已获得香港联交所批准，将于5月9日起正式将"B"标记从股份代码中移除。 归创通桥成为港股首家成功"摘B"的18A高值耗材医疗器械公司，不仅标志着公司在市值和收入等方面 达到了更高标准，是公司发展历程中的又一里程碑;也意味着公司持续增长及规模化盈利的能力获得资 本市场认可，有利于进一步提升资本市场影响力。 2024年，归创通桥实现营业收入7.8亿元，同比增长48.3%;净利润突破1亿元，首度实现全年盈利。近 期，公司宣布拟实施上市后首次现金分红，预计派发现金红利总额为人民币3247万元(含税)，同时继续 推进H股回购计划，并将回购股份的最高金额提升至港币6.5亿元。 自2021年上市以来，归创通桥加快产品管线布局及商业化拓展，并积极把握集采机遇，推动营收规模增 长及运营效率提升，实现规模化盈利。截至目前，公司已建立66款产品管线，其中47款产品已获得 NMPA批准上市，同时营销网络已覆盖国内超过3000家医院。在2024年举行的多轮省级及国家集采中， 公司通桥银蛇™颅内支持导管、ZYLOX Pe ...

如公司截至2024年12月31日止年度的年度业绩公告所载，公司于截至2024年12月31日止年度(即经审核 的最近一个财政年度)的总收益约为人民币7.825亿元(相当于约8.423亿港元)，高于上市规则第8.05(3)条 规定的5亿港元。因此，公司符合条件根据上市规则第8.05(3)条上市，故联交所批准相关规则不适用于 公司的申请。 公司为一间领先的介入医疗器械公司，根据上市规则第18A章，其普通股于2021年7月5日在联交所主板 上市。 公司现已符合上市规则第8.05(3)条的市值╱收益测试。具体而言，公司具备不少于三个财政年度的营业 记录、至少前三个财政年度的管理层维持不变且至少经审核的最近一个财政年度的拥有权和控制权维持 不变。公司截至2025年5月6日的市值约为63亿港元，高于上市规则第8.05(3)条规定的40亿港元。 归创通桥-B(02190)发布公告，就根据香港联合交易所有限公司证券上市规则第18A.12条向香港联合交 易所有限公司所作出的申请，联交所已授出批准上市规则第18A.09至第18A.11条(相关规则)不适用于公 司的申请。 由于相关规则不适用，公司的中英文简称自2025年5月9日起将 ...

Financial Performance - In 2024, the company achieved a sales revenue of RMB 782.5 million, representing a significant growth of 48.3% compared to 2023[9]. - The company recorded a net profit of RMB 100.3 million for the first time, marking a milestone in revenue growth and operational efficiency[9]. - The gross profit for 2024 was RMB 559,895,000, up from RMB 384,988,000 in 2023, indicating a significant improvement in profitability[18]. - The company reported a pre-tax profit of RMB 100,256,000 in 2024, compared to a loss of RMB 78,734,000 in 2023, marking its first year of profitability[18]. - The company achieved revenue of RMB 782.5 million for the reporting period, a 48.3% increase from RMB 527.8 million in 2023[88]. - Revenue from neurovascular intervention products accounted for 67.7% of total revenue, while peripheral vascular intervention products contributed 32.3%[88]. - The company reported a non-IFRS adjusted net profit of RMB 124.0 million for 2024, with a net profit attributable to equity holders of RMB 100.3 million[29]. - The company achieved a revenue of RMB 782,476,000, representing a 48% increase from RMB 527,754,000 in 2023[18]. - The company has established a comprehensive product portfolio with 66 products and candidates, including 47 commercialized in China[41]. Product Development and Innovation - In 2024, the company launched ten new products, enhancing patient care and expanding market share[10]. - Upcoming innovative products include a plaque excision device for peripheral vascular disease and an intracranial stent aimed at reducing stroke risk[12]. - The company launched ten high-quality products in 2024, showcasing its commitment to innovation in the vascular care sector[16]. - The company is committed to continuous product innovation, having launched 40 medical device products in China since early 2021, averaging five new products every six months[37]. - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[124]. - The company has launched six products in the field of intracranial ischemic stroke treatment, including the Dragon CRD and Silver Snake BGC, promoting the BADDASS thrombectomy technique[51]. Market Expansion and Strategy - The company is expanding into strategic regions such as Southeast Asia, South America, and North Asia, aiming to enhance its global product portfolio[15]. - The company is actively seeking partnerships with established firms in Europe to accelerate its market expansion efforts[15]. - The company aims to diversify its product line to reduce reliance on a limited number of commercialized products, enhancing business resilience[25]. - The company is focused on expanding its distribution network and increasing hospital penetration to drive future growth[89]. - The company plans to continue expanding in both domestic and international markets, leveraging internal development and acquisitions[120]. Operational Efficiency - The company is focused on optimizing supply chains and streamlining production to reduce unit costs while maintaining rigorous R&D methods[13]. - The continuous revenue growth and efficiency improvements are believed to mark the beginning of long-term profitability for the company[14]. - The gross margin remained stable at 71.6% in 2024, attributed to continuous optimization of production and supply chain[40]. - Sales and distribution expenses as a percentage of total revenue decreased from 31.0% in 2023 to 22.3% in 2024[40]. - Administrative expenses decreased from RMB 114.1 million in 2023 to RMB 91.0 million in 2024 due to improved operational efficiency[40]. Leadership and Governance - The company has a strong leadership team with extensive experience in the medical device industry, including previous roles at major firms like Medtronic and Goldman Sachs[131][132]. - The board of directors includes 3 executive directors, 3 non-executive directors, and 4 independent non-executive directors, ensuring a diverse governance structure[157]. - The leadership team includes independent directors with significant academic and industry experience, contributing to corporate governance and strategic decision-making[134][137]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[137]. - The board retains full discretion over the management of the employee incentive plan[191]. Shareholder Structure and Incentives - As of December 31, 2024, the total issued H shares is 322,400,744, with 7,781,257 domestic shares[174]. - The employee incentive plans aim to enhance competitiveness in the labor market and attract future senior management[187]. - The employee incentive plans include core employees and senior management as eligible participants[192]. - The total number of shares granted to the top five highest-paid individuals is 140,785, with 126,707 being H shares and 14,078 being domestic shares[195]. - The company has established action agreements among major shareholders to unify decision-making processes[176]. Risks and Challenges - The company has faced significant risks and uncertainties, which are discussed in the management discussion and analysis section of the report[153]. - There is uncertainty regarding the successful development and commercialization of the peripheral point stent system and the balloon-expandable stent system[82][86].

2024年，医疗大健康行业遭遇了来自内外部环境的诸多不确定因素的严峻考验。然而，在这瞬息万变、充满变局的时代，总有一些杰出企业能够挺身而出， 勇破困局。 例如，在医改深水区的环境下，血管介入领域的归创通桥以净利润破亿元，首年扭亏为盈的成绩单，成功穿越行业周期。 资本市场的反应印证了这份成绩的含金量。今年以来截至3月28日，公司累计涨幅已经超过37.52%，大幅跑赢恒生综指。 从昔日埋头技术攻坚的"创新医械企业"，到如今的"血管介入龙头"，归创通桥凭什么？ 图表一：公司股价走势图 数据来源： WIND ，格隆汇整理 数据截止 2025 年 3 月 28 日 血管介入高值耗材：新生态正在形成 伴随着医改迈入深水区，集采进入常态化，国内高值耗材带量采购品类逐渐覆盖，市场竞争格局也正在改写。 图表二：我国医疗器械子行业规模以及增速 | | 市场规模(亿元) | 同比增速 | | | --- | --- | --- | --- | | 血管介入 | 558.6 | 13.77% | | | 骨科植入 | 237 | -22.04% | | | 眼科 | 144.95 | 12.36% | | | ロ腔科 | 161.6 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 782.5 million, a 48.3% increase from RMB 527.8 million in 2023[4] - Gross profit for the same period was RMB 559.9 million, up 45.4% from RMB 385.0 million in the previous year, with a gross margin of 71.6%[4] - The company achieved a net profit of RMB 100.3 million, a significant turnaround from a loss of RMB 78.7 million in 2023, representing a 227.3% increase[4] - The company’s non-IFRS adjusted net profit reached RMB 124.0 million, reflecting a substantial increase of 1,663.0% from RMB 7.0 million in the previous year[4] - The company reported a profit before tax of RMB 100,256,000 for the year ended December 31, 2024, compared to a loss of RMB 78,734,000 in 2023[46] - The net profit attributable to equity holders for 2024 was RMB 100.3 million, compared to a loss of RMB 78.7 million in 2023[51] - The basic earnings per share for 2024 was RMB 0.3101, a significant improvement from a loss of RMB 0.24 per share in 2023[51] - The company recorded a net loss of RMB 43.6 million for the reporting period, compared to a net loss of RMB 15.8 million for the year ended December 31, 2023, primarily due to fair value changes of investments[148] Revenue Breakdown - Revenue from neurovascular intervention products accounted for 67.7% of total revenue, with a 38.4% increase in sales compared to 2023, driven by key products like the Silver Snake intracranial support catheter[5] - Revenue from peripheral vascular intervention products surged by 74.5%, attributed to expanded market access and increased hospital penetration[6] - The geographical revenue breakdown shows that revenue from China was RMB 759,899,000, a 48.1% increase from RMB 513,482,000 in 2023[39] - Revenue from neurovascular intervention devices reached RMB 528,511,000, up 38.6% from RMB 381,799,000 in 2023[33] - Revenue from peripheral vascular intervention devices increased by 74.8% to RMB 252,419,000 from RMB 144,653,000 in 2023[33] Product Development and Launches - The company launched 47 products in the Chinese market, establishing a distribution network covering over 3,000 hospitals and clinical use of over 800,000 medical devices[8] - The company introduced several key products in 2024, including the ZYLOX Penguin venous stent system and the ZYLOX Unicorn vascular suturing device[17] - The company launched 40 medical device products in the Chinese market since early 2021, averaging five new products every six months[14] - The company has a comprehensive product portfolio with 66 products and candidates strategically positioned, of which 47 are commercially available in China[83] - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[173] Research and Development - R&D expenses decreased by 10.6% to RMB 233.2 million in 2024, compared to RMB 261.0 million in 2023, due to more products entering the market[18] - Research and development expenses decreased by 10.6% from RMB 261.0 million for the year ended December 31, 2023, to RMB 233.2 million for the year ended December 31, 2024, primarily due to a reduction in employee benefits expenses[140] - The company anticipates additional six neurovascular intervention products to be approved by the National Medical Products Administration by the end of 2027[89] - The company is actively promoting the BADDASS thrombectomy technique, which stands for Balloon guide with large bore Distal access catheter with Dual Aspiration with Stent-retriever as Standard approach[91] Operational Efficiency - Sales and distribution expenses as a percentage of total revenue decreased from 31.0% in 2023 to 22.3% in 2024[18] - Administrative expenses decreased from RMB 114.1 million in 2023 to RMB 91.0 million in 2024, indicating improved operational efficiency[82] - The company continues to focus on enhancing operational efficiency while driving organic revenue growth[70] - The company aims to enhance operational efficiency and profitability in response to industry dynamics, including volume-based procurement and diagnosis-related group payment standards[174] International Business - International business revenue reached RMB 22.6 million, a 58.2% increase from the previous year, primarily from Europe and Asia[12] - The company is committed to long-term international growth by allocating resources to R&D, regulatory affairs, and production, and establishing logistics facilities in Europe[13] - The company is actively participating in international academic conferences to enhance brand recognition and showcase its quality products[12] - The company's international business generated revenue of RMB 226 million in 2024, representing a 58.2% increase compared to the same period in 2023, primarily from Europe and Asia[76] Financial Position - The company’s cash and cash equivalents decreased to RMB 418.1 million in 2024 from RMB 1,086.6 million in 2023[21] - The total assets increased to RMB 3,452.6 million in 2024 from RMB 3,375.7 million in 2023[22] - The company’s total equity increased to RMB 3,101.0 million in 2024 from RMB 3,047.4 million in 2023[22] - The total available financial resources decreased from RMB 2,577.1 million as of December 31, 2023, to RMB 2,509.6 million as of December 31, 2024, with cash and cash equivalents dropping by 61.5%[155] - The company's borrowings amounted to RMB 87.0 million, an increase from RMB 50.0 million as of December 31, 2023[158] Market Trends and Future Outlook - The company is expanding its product offerings in the peripheral vascular intervention market with new drug-coated balloon catheters expected to be launched in the coming years[86] - The company anticipates that the auxiliary embolization stent will be launched by 2025, with positive feedback from clinical trials[99] - The company has eight products that have received CE marking in the European Economic Area[83] - The company has five products approved in the UAE region, with multiple products also approved in countries including Germany and the UK[83] Corporate Governance - The company has adopted corporate governance practices in accordance with the Corporate Governance Code, ensuring compliance with applicable rules and principles[180] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual financial performance for the year ending December 31, 2024, confirming compliance with relevant accounting standards[184] - The auditor, PwC, has confirmed that the figures in the announcement align with the audited consolidated financial statements for the year ending December 31, 2024[185]

归创通桥-B（2190.HK） 2024-12-31 星期二 | --- | --- | |---------------------|----------------------------| | | | | 日期 2024-12-31 | | | 收盘价（港元） | 11.78 | | 总股本（亿股） | 3.30 | | 总市值（亿港元） | 39 | | 净资产（亿元） | 31 | | 总资产（亿元） | 34.87 | | 52 周高低（港元） | 14/8.62 | | 每股净资产（元） | 9.36 | | 数据来源： Wind | 、国元证券经纪(香港 ) 整理 | | --- | --- | |------------|--------------| | | | | 目标价： | 16.8 港元 | | 现 价： | 11.78 港元 | | 预计升幅 : | 42.61% | 赵中（11.3%） OAP IV (HK) Limited (7.62%) 主要股东 深度报告：归创通桥-B-20230419 点评报告：归创通桥-B-20240730 相关报告 | --- | --- | |-- ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 17.78 per share based on a 5x PS valuation for 2025 [1][20] Core Views - The company's future blockbuster products are expected to become new growth engines [1] - The company has achieved significant cost reduction measures, with sales expense ratio dropping to 21.9% (YoY -10.7pp), management expense ratio to 11.9% (YoY -10.0pp), and R&D expense ratio to 28.2% (YoY -28.7pp) [1][20] - The company's neurovascular and peripheral vascular interventional products are expected to drive rapid revenue growth, with projected revenues of RMB 782 million, RMB 1.092 billion, and RMB 1.529 billion for 2024-2026, representing growth rates of 48%, 40%, and 40% respectively [20][107][110] Company Overview - The company is a leader in neurovascular and peripheral vascular interventional devices, with a rich product portfolio and continuous new product launches [59][64] - The company has 44 products in the domestic market, covering over 3,000 hospitals, with more than 600,000 devices used clinically [64] - The company has strategically positioned 63 products and candidates, gradually enriching its interventional product portfolio [64] Neurovascular Interventional Products - The company has 23 approved neurovascular interventional products in China, covering five major clinical areas [65] - Key products include the JiaoLong Intracranial Thrombectomy Stent, YinShe Intracranial Support Catheter, and DaYu Balloon Guide Catheter, which provide a complete three-piece solution [172] - The company is promoting the BADDASS thrombectomy technique and R-DAS transradial access technology to enhance the clinical application of its products [196][198] Peripheral Vascular Interventional Products - The company has 21 approved peripheral vascular interventional products in China, covering arterial, venous, dialysis access, and peripheral embolization [66] - Key products include the UltraFree® Drug-Eluting PTA Balloon Catheter and ZENFLOW® PTA Balloon Catheter, which have achieved significant market penetration [20] - The company has partnered with Avinger to develop OCT-guided peripheral vascular plaque excision products, expected to launch in 2025 [66][105] Financial Performance - The company achieved revenue of RMB 366.0 million in H1 2024, a YoY increase of 58.2%, with net profit of RMB 68.9 million, turning profitable [20] - Neurovascular interventional products contributed RMB 243.5 million in revenue (YoY +46.7%), while peripheral vascular interventional products contributed RMB 120.6 million (YoY +88.2%) [20] - The company's gross margin was 71.3% in H1 2024, slightly down by 2.9pp YoY due to product price reductions from centralized procurement [143] Market Outlook - The number of neurointerventional procedures in China is expected to grow from 161,400 in 2020 to 740,500 in 2026, with a CAGR of 28.9% [166] - The market size for acute ischemic stroke neurointerventional devices in China is projected to grow from RMB 4.75 billion in 2020 to RMB 34.61 billion in 2026, with a CAGR of 39.2% [168][195] - The intracranial aneurysm market in China is expected to reach RMB 8.4 billion by 2026, with a CAGR of 14.2% from 2020 [172] Competitive Landscape - The company has participated in multiple centralized procurement programs, rapidly expanding its hospital coverage [178] - In the Guangdong neurointerventional coil procurement, the company's market share increased to 4.1%, up from 1.9% in previous rounds [178][179] - The company's coil products accounted for approximately 10% of the domestic market in 2023 [178]

V F F TE THE THE FEAT THE STATE THE FORMER OF THE CHANDER FREE FOR THE CHANDER FREE FOR THE FORMER FOR THE FORMER OF THE CHANDER FREE FOR TH ZYLOX-TONBRIDGE 歸 創 通 橋 醫 療 科 技 股 份 有 限 公 司 ZYLOX-TONBRIDGE MEDICAL TECHNOLOGY CO., LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號：2190 0 中期報告 2024 目錄 頁數 公司資料2 財務及業務摘要4 管理層討論及分析5 企業管治及其他資料 29 中期財務資料的審閱報告 46 中期簡明綜合全面收益表 47 中期簡明綜合資產負債表 48 中期簡明綜合權益變動表 50 中期簡明綜合現金流量表 51 中期簡明綜合財務資料附註 52 釋義 87 公司資料 | --- | --- | |----------------------------------------------------------------------------- ...

24H1 增速亮眼，Avinger 强化产品矩阵 | --- | --- | --- | |-----------------------------------------|----------------|--------------------------------------------------------------------| | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： | 2024-08-27 | ⚫[Table 事件：_Summary] | | [Table_BaseData] 收盘价（港元） | 11.20 | 2024 年 8 月 20 日，公司发布 2024 年半年度报告。报告期内，公司实 | | 近 12 个月最高/最低（港元） | 14.66/7.20 | 现营业收入 3.66 亿元（+59.0%），其中国内收入 3.55 亿元（+58.3%）， | | 总股本（百万股） | 330 | 海外收入 0.11 亿元（+84.2%）；未经调整盈利 0.69 亿元，经调整盈利 | | 流通股本（百万股） | 322 | 0.78 亿 ...

浦银国际研究 公司研究 | 医药行业 浦银国际 公司研究 10. 5 11. 5 12. 5 13. 5 14. 5 15. 5 16. 5 归创通桥 （2190.HK） 归创通桥（2190.HK）：1H24 业绩亮眼， 首次实现 IFRS 及经调整口径全面盈利 公司 1H24 收入继续维持高增长，并同时在 IFRS 及经调整口径下首次实 现盈利，整体业绩表现亮眼。毛利率受集采降价影响有所下滑，预计毛 利率随着集采扩围继续承压，但集采带来的规模效应将逐步体现，叠加 经营效率提升，我们预计公司核心营业利润率将由 1H24 的 6%提升至 2026 年 15%。维持"买入"评级，略升目标价至 16.4 港元。 1H24 业绩亮眼，首次实现 IFRS 及经调整口径全面盈利。1H24 年收入 同比+59%至人民币 3.7 亿元（vs 业绩预告：>3.6 亿元）；毛利率-2.9pcts 至 71.3%，主要受到集采降价以及公司主动对未集采产品调价以获得 更大市场份额的影响；归母净利同比扭亏为盈至 6,887 万元（vs 业绩 预告：>5,000 万元）；经调整净利 7,817 万元（vs 1H23：亏损 552 万 元 ...