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].

ZYLOX-TONBRIDO ع 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 o 0 C ● ● 年 報 ● ● ● ● 2023 ● 目錄 頁數 公司資料2 主席報告4 財務摘要6 主要風險及不確定因素7 管理層討論及分析9 董事、監事及高級管理層 28 董事會報告 35 監事會報告 66 企業管治報告 69 環境、社會及管治報告 86 獨立核數師報告 150 綜合全面收益表 155 綜合資產負債表 156 綜合權益變動表 158 綜合現金流量表 159 160 236 綜合財務報表附註 釋義 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------------------------------------- ...

浦银国际研究 公司研究 | 医药行业 归创通桥（2190.HK）：2023 年收入增 胡泽宇，CFA 速略超预期，密网支架有望年内获批 浦 医药分析师 银 ryan_hu@spdbi.com 公司2023年收入增速略超预期，并在经调整净利口径下实现首次盈利。 (852) 2808 6446 国 毛利率虽受集采降价影响略有下滑，且趋势或将持续，但我们认为集采 际 带来的规模效应将逐步体现，叠加经营效率提升，公司净利率仍可在 2025 年提升至约 14%。京津冀“3+N”集采于 3 月 19 日公示拟中标结 阳景 果，公司整体中标情况理想，核心产品取栓支架、颅内支持导管均中选， 首席医药分析师 市占率有望进一步提升。2024 年预计仍有 2 款神经介入和 3 款外周介 Jing_yang@spdbi.com 入产品获批，其中包含密网支架及外周血管缝合器 2款重点产品，后续 (852) 2808 6434 有望进一步拉动公司收入增长。维持“买入”评级及目标价 16.0 港元。 收入增速略超预期，毛利率因集采稍有下滑。2023 年收入同比+58%  2024年3月22日 至人民币 5.3 亿元（vs公司指引>5 亿 ...

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） （股份代號：2190） 截至2023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2023年12月31日止年度的經審核綜合業績，連同截 至2022年12月31日止年度的經審核比較數字。 | --- | --- | --- | --- | --- | |-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 230.1 million, representing a 50.7% increase from RMB 152.7 million in the same period of 2022[6]. - Gross profit for the same period was RMB 170.6 million, up 47.8% from RMB 115.5 million year-on-year, with a gross margin of 74.2%[6]. - The company reported a loss of RMB 35.5 million for the period, a 39.2% increase compared to a loss of RMB 25.5 million in 2022[6]. - The adjusted net loss, excluding share-based compensation, was RMB 5.5 million, compared to a profit of RMB 8.6 million in the previous year[6]. - Revenue from neurovascular intervention products accounted for 72.1% of total revenue, while peripheral vascular intervention products contributed 27.9%[8]. - Revenue from international markets reached RMB 6.2 million in the first half of 2023, a 128.7% increase compared to the same period in 2022[13]. - The company reported a total revenue from external customers for the six months ended June 30, 2023, was RMB 230,131,000, compared to RMB 152,743,000 for the same period in 2022, indicating an overall growth[125]. Market and Industry Insights - The Chinese neuro and peripheral vascular interventional device market is still in its early development stage, with an estimated treatment penetration rate of only 0.2% compared to 5.4% in the U.S.[7]. - The government is actively supporting the development of the neuro and peripheral vascular interventional device market, with over 603 advanced stroke centers established nationwide[7]. - The estimated number of large vessel occlusion AIS-EVT cases in China could reach approximately 300,000, assuming a treatment suitability rate similar to that of the U.S.[7]. - The market for neuro and peripheral vascular interventional devices continues to show significant growth potential due to an aging population and increasing disease prevalence[7]. - The company anticipates that multiple policies will enable leading domestic enterprises with comprehensive product portfolios to gain more market share[7]. Product Development and Innovation - The company has developed a total of 57 products and candidates, including 28 approved in China and 8 in Europe[15]. - The company expects to have an additional 13 neurovascular intervention products approved by the National Medical Products Administration by the end of 2025[18]. - The company has successfully launched the Jiao Long® intracranial thrombectomy stent (CRD), intracranial support catheter, and balloon guiding catheter as a complete solution for treating intracranial ischemic stroke[19]. - The company plans to launch the second-generation intracranial aneurysm embolization coil in 2023, offering more specifications and sizes[23]. - The company is actively promoting the BADDASS thrombectomy technique, which combines multiple devices for enhanced treatment[19]. Research and Development - Research and development expenses rose by 39.1% to RMB 1,308 million from RMB 940 million for the six months ended June 30, 2022, driven by increased testing and clinical trial costs[42]. - The company plans to utilize RMB 941.3 million (40% of the net proceeds) for further upgrading R&D facilities and office expansions by 2025[71]. - The company aims to increase market share through differentiated product positioning and commercialization capabilities in the neurovascular and peripheral vascular interventional device sectors[64]. Financial Position and Cash Flow - As of June 30, 2023, the company's cash and cash equivalents amounted to RMB 1,306.9 million, an increase of 8.4% from RMB 1,205.3 million as of December 31, 2022[53]. - The company's net current assets as of June 30, 2023, were RMB 1,696.1 million, a decrease of 11.2% from RMB 1,910.5 million as of December 31, 2022[56]. - The company reported a net cash used in operating activities for the six months ended June 30, 2023, was RMB (18,523) thousand, an improvement compared to RMB (50,166) thousand for the same period in 2022[106]. - The net cash generated from investing activities was RMB 111,010 thousand for the six months ended June 30, 2023, compared to a net cash used of RMB (290,476) thousand in the same period of 2022, indicating a significant turnaround[106]. Shareholder Structure and Governance - The company has confirmed compliance with the "Standard Code" during the reporting period by all directors and supervisors[68]. - The company has established a governance structure where shareholders act in concert to control decision-making and management[5]. - The company is actively managing its shareholder agreements to ensure alignment in strategic decisions[83]. - The overall ownership percentages suggest a concentrated control structure, which may impact future corporate strategies and decisions[83]. Employee Incentives and Stock Options - The total number of shares available for grant under the employee incentive plans decreased from 2,522,813 shares on January 1, 2023, to 892,529 shares as of June 30, 2023[8]. - The company has granted stock options to key personnel, including Dr. Zhao Zhong with a maximum of 718,282 domestic shares and Dr. Pan Ning with a maximum of 586,597 domestic shares, subject to vesting conditions[8]. - The company aims to achieve specific revenue targets over the next three years as part of its employee incentive plans[90]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[183]. - Future guidance estimates revenue growth of 20-25% for the second half of 2023, driven by new product launches[183]. - The company is exploring potential acquisitions to strengthen its product portfolio and market position[183].

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2023年6月30日止六個月的 中期業績公告 歸創通橋醫療科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然 宣佈本公司及其附屬公司（統稱為「本集團」）截至2023年6月30日止六個月的未 經審核簡明綜合中期業績，連同截至2022年6月30日止六個月的比較數字。 | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - In 2022, the company recorded revenue of RMB 334.1 million, an increase of 87.8% compared to 2021[7]. - The adjusted net loss for 2022 significantly decreased to RMB 25.9 million from RMB 100.7 million in 2021[7]. - The gross profit for 2022 was RMB 252.7 million, up from RMB 131.9 million in 2021[13]. - The pre-tax loss for 2022 was RMB 113.6 million, compared to RMB 199.7 million in 2021[13]. - The total assets as of December 31, 2022, amounted to RMB 3,253.7 million, with non-current assets at RMB 1,191.1 million and current assets at RMB 2,062.6 million[14]. - The total liabilities were RMB 159.5 million, with current liabilities at RMB 152.1 million and non-current liabilities at RMB 7.5 million[14]. - The total equity as of December 31, 2022, was RMB 3,094.2 million, a slight decrease from RMB 3,144.7 million in 2021[14]. - The gross margin improved from 74.1% in 2021 to 75.6% in 2022[31]. - The net loss decreased from RMB 199.7 million in 2021 to RMB 113.6 million in 2022[31]. - The company recorded a net cash outflow from operating activities during the reporting period, indicating potential future financing needs[20]. - The company reported a comprehensive loss for the year ended December 31, 2022, with detailed financial status available on pages 138 to 210 of the financial statements[159]. Product Development and Launches - The company launched a total of 25 products in the Chinese market, with an expectation to obtain over ten additional approvals from the National Medical Products Administration each year for the next three years[8]. - The company launched five new products in 2022, contributing over 1.9% to total revenue for the year[24]. - A total of 25 products have been approved by the National Medical Products Administration, with 8 products receiving CE marking[29]. - The company has strategically developed a total of 57 products and candidates, including 25 approved in China and 8 in Europe[32]. - The company has several products in the pipeline, including the drug-eluting peripheral vascular stent system expected to be launched in 2025 and the peripheral PTA balloon dilation catheter expected to be launched in 2024[37]. - The company has successfully introduced the CRD intracranial thrombectomy stent and is promoting a complete three-piece solution to enhance the success rate and reduce complications in procedures[43]. - The second-generation intracranial aneurysm embolization coil is expected to be launched in 2023, offering more specifications and sizes for treating different sizes of aneurysms[48]. - The company has completed patient enrollment for two clinical trials of its blood flow guiding device in China, despite the negative impact of COVID-19, demonstrating strong R&D and clinical trial execution capabilities[50]. Market Expansion and International Business - The international business contributed revenue of RMB 7.8 million in 2022, a growth of 125.2% from RMB 3.5 million in 2021[9]. - Sales revenue from regions outside of China increased by 125.2% compared to 2021[28]. - The company established a local team in Europe in September 2022 to build long-term partnerships with local doctors and hospitals[9]. - The company aims to enhance local partnerships with doctors through the establishment of its own overseas sales network[28]. - The company is looking to expand its European team and establish a logistics center to improve distribution efficiency in local markets[122]. - Market expansion plans include entering three new international markets by the end of 2023, aiming for a 10% market share in each[141]. Research and Development - The company continues to invest in R&D to expand its product offerings despite the challenges posed by the COVID-19 pandemic[29]. - Research and development expenses for the year were RMB 233.5 million, a 38.9% increase from RMB 168.1 million in the previous year[82]. - The company has established a top-tier independent R&D technology platform to facilitate continuous innovation and technological breakthroughs[68]. - The company is investing heavily in R&D, with a budget allocation of 150 million for the development of innovative medical technologies in 2023[141]. Strategic Goals and Future Outlook - The company aims to become a leading medical device company in China, focusing on providing high-quality and affordable medical products[11]. - The company is committed to enhancing its capabilities and accelerating growth to outperform market trends over the next three to five years[11]. - The company plans to enhance its commercialization capabilities and expand its market share by launching 25 products in China[118]. - The company anticipates leveraging strategic partnerships to drive inorganic growth by acquiring advanced technologies and products[121]. - The company has provided guidance for 2023, projecting revenue growth of 20% to 1.8 billion[141]. Governance and Management - The company was founded in November 2012 by Dr. Zhao, who has 25 years of experience in the pharmaceutical and medical device industry[126]. - The management team includes professionals with advanced degrees in biomedical engineering, management, and finance, contributing to the company's strategic direction[130][136]. - The board includes a mix of executive and independent non-executive directors, ensuring governance and oversight[164]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[171]. - The company has arranged appropriate directors' liability insurance for its board members during the reporting period[173]. Shareholder Structure and Ownership - The company has a significant concentration of ownership, with Dr. Zhao controlling voting rights in various employee incentive platforms[183]. - Major shareholders include Dr. Zhong Shengping with 13,476,617 H-shares (4.15%) and 75,143,614 H-shares jointly held (23.15%)[187]. - The company has a diverse shareholder base, including investment management firms and private equity funds[190]. - The employee incentive plan aims to enhance the company's competitiveness in the labor market and attract future senior management[195]. - The company has established four employee incentive platforms, holding a total of 3,637,058 domestic shares and 32,733,529 H-shares as of December 31, 2022[192].

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2022年12月31日止年度的 年度業績公告 歸創通橋醫療科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然 宣佈本公司及其附屬公司（統稱為「本集團」或「我們」）截至2022年12月31日止年 度（「報告期」）的經審核綜合業績，連同截至2021年12月31日止年度的經審核比 較數字。 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------- ...