报名：首届全球心血管大会 | 最新议程 合作伙伴征集：2025全球手术机器人大会 心未来 2025年5月6日， 归创通桥医疗科技股份有限公司 (简称" 归创通桥 ")宣布其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 ， 成为港股首家成功"摘B"的18A高值耗材医疗器械公 司。 资料显示， 2018年4月，香港联合交易所在《主板上市规则》中新增第18A章，允许未有收入、未有利润 的生物科技公司提交上市申请。 "港股18A" 的概念由此而来。 这一规则的推出，极大地拓宽了生物科技 公司的融资渠道，使得众多创新型企业得以在港股市场崭露头角。 此次归创通桥"摘B"不仅意味着归创通桥在市值和收入等方面达到了香港联交所设定的更高标准，更是公 司持续增长及规模化盈利能力获得资本市场认可的有力证明，将进一步提升公司在资本市场的影响力。 归创通桥董事长兼首席执行官 赵中博士 表示："此次成功'摘B'对公司具有里程碑意义。我们将继续秉 持"为生命 恒创新"的理念，充分发挥产品创新和高效运营方面的综合竞争优势，在行业重塑阶段实现长 期稳健发展，为更多患者带来高质量且可负担的创新医疗器械产品和解决方案， ...

Core Insights - Guichuang Tongqiao Medical Technology Co., Ltd. has received approval from the Hong Kong Stock Exchange to remove the "B" designation from its stock code, marking it as the first 18A high-value consumable medical device company to achieve this milestone in the Hong Kong market [1][2] - The removal of the "B" designation signifies the company's recognition by the capital market for its sustained growth and scalable profitability, enhancing its influence in the capital market [1] - In 2024, the company achieved a revenue of 780 million yuan, representing a year-on-year growth of 48.3%, and net profit exceeded 100 million yuan, marking its first annual profit [1] Revenue and Profitability - The company announced its first cash dividend post-listing, with a total cash dividend of 32.47 million yuan (before tax), while also increasing the maximum amount for its H-share repurchase plan to 650 million HKD [1] - Since its listing in 2021, the company has accelerated its product pipeline and commercialization efforts, establishing 66 product lines, with 47 products approved for market by NMPA [2] - The company has successfully participated in multiple rounds of provincial and national centralized procurement in 2024, with key products winning bids [2] Global Expansion - The company's overseas business has shown rapid growth, achieving revenue of 22.58 million yuan in 2024, with a compound annual growth rate of 87% over the past four years [2] - Currently, 20 products have been commercialized in 24 countries and regions, including Germany, Italy, Argentina, Brazil, and the UAE [2] Leadership Vision - The Chairman and CEO, Dr. Zhao Zhong, emphasized that the successful removal of the "B" designation is a milestone for the company, which will continue to innovate and leverage its competitive advantages in product innovation and operational efficiency [2]

Group 1 - The company, Guichuang Tongqiao-B (02190), has received approval from the Hong Kong Stock Exchange to exempt from certain listing rules, effective from May 9, 2025 [1] - The company's English and Chinese stock names will change to "ZYLOXTB" and "归创通桥" respectively, while the stock code will remain "2190" [1] - As of May 6, 2025, the company's market capitalization is approximately HKD 6.3 billion, exceeding the HKD 4 billion requirement set by the listing rules [1] Group 2 - For the fiscal year ending December 31, 2024, the company's total revenue is approximately RMB 782.5 million (around HKD 842.3 million), surpassing the HKD 500 million threshold required by the listing rules [2] - The company meets the criteria for listing under rule 8.05(3) due to its financial performance and operational history [2]

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].

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 神经+外周介入双引擎驱动，受益集采，布局海外。 公司在神经介入、外周介入产品线布局全面，截止2025/3/20，公司共战略布局66款产品及候选产 品，已在国内商业化产品共计47款。公司抓住集采机遇，推动产品放量，实现收入的强劲增长，2021-2024年收入CAGR达到131%，并在2024年实现扭 亏为盈，全年净利润为1亿元，截至2024年底，账上资金总额达到25亿元，充裕现金流为产品管线自研/并购、商业化拓展提供支持。2024年海外收入 2258万元，同比增长58.2%，海外拓展已初具规模，有望为公司贡献长期业绩增量。 神经 介入：渗透率、国产化率双 低赛道，公司以丰富产品组合拥抱集采 。 1）行业：渗透率、国产化率双低的高潜力赛道。 国内神介手术受众群体大，近些年手术渗透率快速提升，神经介入耗材市场规模同步快速增长，20 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 神经+外周介入双引擎驱动，受益集采，布局海外。 公司在神经介入、外周介入产品线布局全面，截止2025/3/20，公司共战略布局66款产品及候选产 品，已在国内商业化产品共计47款。公司抓住集采机遇，推动产品放量，实现收入的强劲增长，2021-2024年收入CAGR达到131%，并在2024年实现扭 亏为盈，全年净利润为1亿元，截至2024年底，账上资金总额达到25亿元，充裕现金流为产品管线自研/并购、商业化拓展提供支持。2024年海外收入 2258万元，同比增长58.2%，海外拓展已初具规模，有望为公司贡献长期业绩增量。 神经 介入：渗透率、国产化率双 低赛道，公司以丰富产品组合拥抱集采 。 1）行业：渗透率、国产化率双低的高潜力赛道。 国内神介手术受众群体大，近些年手术渗透率快速提升，神经介入耗材市场规模同步快速增长， 2 ...

Core Viewpoint - The medical health industry faces significant uncertainties in 2024, yet outstanding companies like Guichuang Tongqiao have emerged successfully, achieving over 100 million yuan in net profit and turning profitable for the first time, demonstrating resilience in a challenging environment [1][24]. Company Performance - Guichuang Tongqiao reported a revenue of 782 million yuan in 2024, a substantial increase of 48.3% year-on-year, with a compound annual growth rate (CAGR) of 64% from 2021 to 2024 [9][12]. - The company achieved a net profit of 100.3 million yuan in 2024, marking its first annual profit, with a significant year-on-year growth of 1,663% when adjusted for non-IFRS measures [12][13]. - The revenue from neurovascular intervention products reached 529 million yuan, accounting for 67.7% of total revenue, with a year-on-year growth of 38.4% [9][12]. - The revenue from peripheral vascular intervention products surged by 74.5% to 252 million yuan, representing 32.3% of total revenue [9][12]. Market Dynamics - The high-value medical consumables market in China has grown from 104.6 billion yuan in 2018 to 156.1 billion yuan in 2023, with vascular intervention being the largest segment at 55.9 billion yuan in 2023, showing a year-on-year growth of 13.77% [4][5]. - The penetration rate of vascular intervention products in China remains low compared to developed countries, indicating significant growth potential in this segment [7][20]. Competitive Landscape - Guichuang Tongqiao has successfully navigated the challenges posed by centralized procurement policies, achieving rapid growth through effective product quality and sales capabilities [15][20]. - The company has participated in multiple rounds of centralized procurement, with 36 out of 47 approved products successfully selected [15][16]. - The competitive landscape is shifting towards a focus on innovation and operational efficiency, with leading players needing to excel in procurement, operational excellence, and continuous innovation [7][24]. International Expansion - Guichuang Tongqiao has expanded its overseas business, generating 22.58 million yuan in 2024, a year-on-year increase of 58.2%, with a CAGR of 87% over the past four years [20][21]. - The company plans to introduce 14 new products in 2025, targeting 11 countries and regions, with expectations of doubling overseas revenue by 2025 [21][22]. Future Outlook - The company is positioned for sustainable growth with a robust product pipeline, having received approvals for over 40 products since 2021, and plans for 17 additional products to be launched between 2025 and 2027 [22][23]. - Guichuang Tongqiao's valuation is expected to recover significantly, with potential inclusion in major stock indices, which could attract substantial capital inflows [25][26].

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]

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]

Financial Performance - The company reported a revenue of RMB 365.99 million for the first half of 2024, representing a 59.0% increase compared to RMB 230.13 million in the same period of 2023[21]. - Gross profit for the same period was RMB 260.91 million, with a gross margin of 71.3%, down from 74.2% in 2023[21]. - The net profit for the period was RMB 68.87 million, a significant turnaround from a loss of RMB 35.51 million in the previous year, marking a 293.9% increase[21]. - The company achieved a non-IFRS adjusted net profit of RMB 78.17 million, reflecting a 1,515.6% increase from a loss of RMB 5.52 million in the previous year[21]. - The company achieved revenue of RMB 366.0 million during the reporting period, with a 58.2% increase compared to the first half of 2023[70]. - The gross profit increased by 52.9% to RMB 260.9 million, while the gross margin slightly decreased from 74.2% to 71.3% due to strategic price reductions in anticipation of volume-based procurement[76]. - The net profit for the first half of 2024 was RMB 68.9 million, despite ongoing investments in R&D and talent[30]. - The company reported a net cash flow from operating activities of RMB 104,032 thousand for the six months ended June 30, 2024, compared to a negative cash flow of RMB 18,523 thousand for the same period in 2023[175]. Revenue Breakdown - Revenue from interventional products accounted for RMB 364.1 million, a 58.2% increase year-on-year, with 66.9% from neurovascular products and 33.1% from peripheral vascular products[24]. - Sales of neurovascular interventional products increased by 46.7% due to growth in key products and improved hospital penetration[24]. - Peripheral vascular interventional product sales surged by 88.2%, driven by the rapid growth of UltraFree DCB and other new product launches[24]. - Revenue from neurovascular intervention products increased by 46.7%, driven by the growth of key products such as the Silver Snake intracranial support catheter and the Phoenix intracranial aneurysm embolization coil[70]. - Revenue from peripheral vascular intervention products surged by 88.2%, attributed to the rapid sales growth of products like the UltraFree drug-eluting PTA balloon[70]. - The international business generated revenue of RMB 11.5 million in the first half of 2024, representing an 84.2% increase compared to the same period in 2023[27]. Product Development and Launches - New product launches, such as the Qilin blood flow guiding device, contributed additional revenue during the reporting period[24]. - The company launched 37 medical device products in the Chinese market since early 2021, averaging five new products every six months[28]. - The company has a comprehensive product portfolio with 44 products commercialized in China and eight products with CE marking in the European Economic Area[31]. - The company has a comprehensive product portfolio covering five categories in neurovascular intervention, including intracranial ischemic stroke and intracranial hemorrhagic stroke[39]. - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[106]. - The company is focused on expanding its market presence through new product launches and enhancing its existing product offerings[36]. Research and Development - R&D expenditure for the first half of 2024 was RMB 101.5 million, a decrease of 22.4% compared to the same period in 2023[30]. - Research and development expenses for the six months were RMB 101,542 thousand, down from RMB 130,806 thousand in the same period last year, suggesting a focus on cost management[169]. - The company is developing an auxiliary embolization stent, expected to launch by 2025, which aims to improve embolization success rates and reduce recurrence rates in complex intracranial aneurysm surgeries[46]. - The drug-eluting self-expanding intracranial stent is currently in clinical trials, with a projected launch by 2026, addressing a significant clinical need as there are no commercialized products in this category in China[49]. Operational Efficiency - The company is focused on enhancing operational efficiency while organically increasing revenue[24]. - 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[30]. - Administrative expenses decreased from RMB 50.4 million in the first half of 2023 to RMB 43.6 million in the first half of 2024 due to improved operational efficiency[30]. - The gross margin remained stable at 71.3% in the first half of 2024, attributed to optimized production and supply chain management[30]. Market Expansion - The company is actively expanding its international presence, currently selling products in 22 countries/regions, including Germany, France, and Italy[27]. - The company aims to improve market access and expand its distribution network to enhance product penetration in hospitals[24]. - The company plans to continue expanding in both domestic and international markets, utilizing internal development and acquisitions to maximize shareholder value[103]. Shareholder and Governance - The company has adopted corporate governance practices in line with the Listing Rules and has confirmed compliance during the reporting period[111]. - The company is governed by a unified action agreement among major shareholders to control decision-making and management[127]. - The company has established various partnerships and investment agreements to enhance its operational capabilities and market presence[127]. - The company has a significant concentration of ownership, with several shareholders holding over 20% of H shares, indicating potential influence over corporate decisions[130]. Financial Position - As of June 30, 2024, cash and cash equivalents were RMB 532.6 million, a decrease of 51.0% from RMB 1,086.6 million as of December 31, 2023[93]. - Total borrowings increased by 50.0% to RMB 75.0 million, with an asset-liability ratio of 2.61%, up 42.5% from 1.83%[95]. - The net current asset value decreased by 27.0% to RMB 1,021.2 million compared to RMB 1,399.4 million as of December 31, 2023[96]. - The total equity as of June 30, 2024, was RMB 3,109,638 thousand, slightly down from RMB 3,094,153 thousand as of June 30, 2023, indicating a decrease of about 0.5%[173]. Employee Incentives - The employee incentive plans have established four platforms holding a total of 3,637,058 domestic shares and 32,733,529 H-shares as of June 30, 2024[10]. - The total number of shares granted under the incentive plan includes 894,528 H shares and 99,393 domestic shares, with 46,459 H shares and 5,162 domestic shares forfeited during the reporting period[140]. - The performance targets for the incentive plan include achieving revenue goals and entering clinical trial phases for products by December 31, 2024[140].