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 ...

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。 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 ） （股份代號：2190） 截至2024年12月31日止年度的 年度業績公告 董事會欣然宣佈本集團截至2024年12月31日止年度的經審核綜合業績，連同截 至2023年12月31日止年度的經審核比較數字。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至2024年 | 截至2023年 | | | | 12月31日 | 12月31日 | | | | 止年度 | 止年度 | 同比變動 | | | 人民幣千元 | 人民幣千元 | | | | （經審核） | （經審核） | | | 收入 | 782,476 | 527,754 | 48.3% | | 毛利 | 559, ...

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 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 365.99 million, a 59.0% increase compared to RMB 230.13 million in the same period of 2023[2] - Gross profit for the first half of 2024 was RMB 260.91 million, up 52.9% from RMB 170.65 million year-on-year[2] - The company reported a net profit of RMB 68.87 million, a significant turnaround from a loss of RMB 35.51 million in the first half of 2023, representing a 293.9% increase[2] - The company achieved an adjusted net profit of RMB 78.17 million, a substantial increase of 1,515.6% compared to a loss of RMB 5.52 million in the previous year[2] - Operating profit for the first half of 2024 was RMB 36.6 million, a significant improvement from an operating loss of RMB 74.13 million in the same period of 2023[8] - The company reported a profit attributable to equity holders of RMB 68,865 thousand for the six months ended June 30, 2024, compared to a loss of RMB 35,514 thousand in the same period of 2023[23] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.2125, a significant improvement from a loss per share of RMB 0.1077 in the prior year[24] Revenue Breakdown - Sales from neurovascular intervention products increased by 46.7% year-on-year, driven by the growth of key products such as the Silver Snake intracranial support catheter and the Dragon CRD[3] - Sales from peripheral vascular intervention products surged by 88.2% year-on-year, attributed to the rapid growth of products like the UltraFree drug-eluting PTA balloon catheter[3] - Revenue from neurovascular intervention devices was RMB 243,510 thousand, up from RMB 166,038 thousand, reflecting a growth of 46.5% year-over-year[16] - Revenue from peripheral vascular intervention devices reached RMB 120,635 thousand, compared to RMB 64,093 thousand in the previous year, marking an increase of 88.3%[16] - Revenue from neurovascular intervention products accounted for 66.9% of total sales, increasing by 46.7% year-on-year, driven by key products like the Silver Snake intracranial support catheter and the Phoenix intracranial PTA balloon dilation catheter[73] - Revenue from peripheral vascular intervention products surged by 88.2% year-on-year, contributing 33.1% to total sales, attributed to the rapid growth of products like the UltraFree drug-eluting PTA balloon[73] International Business - International business revenue reached RMB 11.5 million, marking an 84.2% increase compared to the same period in 2023, primarily from Europe and Asia[5] - The company is actively expanding its international presence, with dedicated resources for international expansion in R&D, regulatory affairs, and production[5] - The company has received approvals for its products in overseas markets, including the Jiao Long thrombectomy stent and intracranial thrombectomy catheter in regions such as the EU, UK, Turkey, South Africa, Argentina, and Russia[44] Product Development and Launches - The company has launched 44 products in the Chinese market, solidifying its leading position in the neurovascular and peripheral vascular intervention medical device industry[4] - The company launched 37 medical device products in the Chinese market since early 2021, averaging five new products every six months[6] - The company has a total of 63 products and candidates strategically positioned, with 44 products commercialized in China and eight products receiving CE marking in the European Economic Area[41] - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[98] Research and Development - R&D expenses decreased by 22.4% to RMB 101.5 million in the first half of 2024 compared to the same period in 2023[7] - The company is actively engaged in research and development to enhance its product offerings[111] - The company is focused on enhancing operational efficiency while organically increasing revenue[36] Operational Efficiency - The gross margin remained stable at 71.3% in the first half of 2024, attributed to continuous optimization of production and supply chain[7] - Sales and distribution expenses as a percentage of total revenue decreased from 32.6% in the first half of 2023 to 21.9% in the first half of 2024[7] - Administrative expenses decreased by 13.4% to RMB 43.6 million, with the percentage of total revenue dropping significantly from 21.9% to 11.9%[80] Corporate Governance and Shareholder Information - The company is committed to maintaining high standards of corporate governance and has adopted practices in line with the Corporate Governance Code[102] - The board has been authorized to repurchase up to 32,461,974 H shares, representing 10% of the total issued H shares as of June 6, 2023, with 108,000 shares repurchased during the reporting period[100] - The total cost for the repurchased shares amounted to HKD 971,090, with a maximum price of HKD 9.5 per share[101] - The company does not plan to declare any interim dividends for the reporting period[106] Market Trends and Future Outlook - The company anticipates that the revenue from unfulfilled contracts will be recognized within one year, indicating a positive outlook for future earnings[17] - The company plans to continue expanding its market share in the neurovascular and peripheral vascular interventional device industry, leveraging its strong commercialization and distribution capabilities[96] - Significant progress has been made in international markets, with ongoing efforts to enhance sales outside of China and strengthen partnerships with local doctors and distributors[97]

| --- | --- | --- | |-------|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 即时点评 | 神经、外周介入龙头，业绩持续快速增长 | | | 归创通桥-B（2190.HK） | 2024-07-30 星期二 | | | | 事件： | | | | 公司盈利预告： 2024 上半年营业收入不少于 3.6 亿，与 2023 年同期 | | | | 相比，收入从人民币 2.3 亿元增加了不少于 56.5%。公司净利润不少 | | | | 于人民币 50.0 百万元。 | | | | 点评观点： | | | | ➢ 业绩快速增长 | | | 相关报告 | 公司是国内在神经和外周血管介入医疗器械领域的领导者，集研产销 ...

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [1]. Core Insights - The company is positioned in two high-potential sectors: neurointervention and peripheral intervention, entering a product harvest phase with a comprehensive product ecosystem [1]. - The neurointervention market is expected to exceed 30 billion yuan in five years, with the company actively increasing its market share through competitive pricing strategies [1]. - The company has achieved significant revenue growth, with a projected revenue of 7.57 billion yuan in 2024, reflecting a year-on-year increase of 43.4% [1][3]. Summary by Sections Company Overview - The company, established in 2012, is a leader in the domestic neuro and peripheral vascular intervention medical device sector, offering a comprehensive range of products [7]. - It has developed a robust product pipeline with 43 products approved by NMPA and 8 by CE, with plans to enter the US market [7][20]. Financial Performance - The company reported revenues of 528 million yuan in 2023, a 58% increase year-on-year, and is expected to turn profitable in 2024 [13][3]. - The adjusted net profit for 2023 was 7.03 million yuan, marking the first profitable year [13]. Market Position and Strategy - The company has a complete product ecosystem in neurointervention, with a focus on innovative products that have gained market recognition [20]. - It is expanding its market presence through strategic partnerships and product approvals, including recent approvals for new peripheral intervention products [21]. Growth Projections - Revenue is projected to grow significantly, with estimates of 7.57 billion yuan in 2024, 10.19 billion yuan in 2025, and 13.51 billion yuan in 2026, indicating a strong growth trajectory [3]. - The company aims to maintain a high gross margin above 70%, with continuous improvements in operational efficiency [17].