Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, predicting EPS for 2025-2027 to be 0.70/0.89/1.14 CNY, and setting a target price of 33.5 CNY/36.4 HKD based on a 48X PE for 2025 [1] Group 1: Product and Market Positioning - The company focuses on peripheral and neurovascular interventional medical devices, establishing a comprehensive product pipeline with 73 products and R&D projects as of August 2025, of which 51 have received NMPA approval and 8 have EU CE certification [1] - The company has effectively capitalized on centralized procurement opportunities, leading to rapid revenue growth due to its deep platform layout [1] Group 2: Commercialization and Sales Growth - 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, with significant sales growth in neurovascular and peripheral vascular interventions [1] - 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% increase [1] Group 3: International 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, with a focus on penetrating markets in France, Germany, and Italy, as well as expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have enabled the company to cover channels in 52 countries and regions globally [2]

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]

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 Tongqiao Feilong™ intracranial aneurysm embolization assist stent by the National Medical Products Administration (NMPA) [1] Company Developments - The Tongqiao Feilong™ stent is designed for the treatment of intracranial neurovascular diseases and offers a new efficient solution for clinical diagnosis and treatment [1] - Compared to similar products on the market, the Tongqiao Feilong™ stent provides better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] - The stent's comprehensive range of models meets the treatment needs of various clinical conditions, further strengthening the company's product pipeline in the neurointerventional field [1] Market Implications - CITIC Securities indicates that the approval of the embolization assist stent is expected to enhance the company's overall neurointerventional solutions, contributing to an increase in market share and maintaining rapid growth in performance [1]

内容概要：神经血管疾病介入治疗医用耗材是神经介入医生手中的"利器"，直接决定了手术的成败，是 医疗器械领域中技术壁垒最高、创新最活跃的板块之一，也是心脑血管高值耗材中增长最快的领域之 一。2024年我国神经血管疾病介入治疗医用耗材市场规模增长至132.56亿元，其中，出血类介入治疗医 用耗材规模71.36亿元，占53.83%；缺血类介入治疗医用耗材规模35.04亿元，占26.43%；通路类介入治 疗医用耗材规模26.16亿元，占19.73%。预计2025年我国神经血管疾病介入治疗医用耗材市场规模有望 达到197.22亿元。其中，出血类介入治疗医用耗材规模109.95亿元，占55.75%；缺血类介入治疗医用耗 材规模48.79亿元，占24.74%；通路类介入治疗医用耗材规模38.48亿元，占19.51%。 上市企业：波士顿科学[BSX]、强生[JNJ]、微创脑科学[02172.HK]、归创通桥[02190]、沛嘉医疗- B[09996]、心玮医疗-B[06609] 相关企业：上海建发致新医疗科技集团股份有限公司、北京华脉泰科医疗器械股份有限公司 关键词：神经血管疾病介入治疗医用耗材市场规模、神经血管疾病介入治疗 ...

Core Insights - The endovascular neurointervention for cerebral infarction has experienced explosive growth in China, driven by an aging population and lifestyle changes, leading to a continuous rise in the incidence of cerebral infarction [1][4][12] - The number of endovascular neurointervention procedures is projected to increase significantly, reaching 182,500 in 2024 and 266,600 in 2025 [1][5][4] Industry Definition and Barriers - Cerebral infarction, or acute ischemic stroke (AIS), accounts for approximately 80% of all strokes, primarily affecting individuals aged 45 to 70, with an increasing proportion of younger patients [2][4] - The industry has significant talent and brand barriers, as it requires specialized medical knowledge and substantial funding for product development and market entry [3][4] Current Industry Development - The endovascular neurointervention market has seen a rise from 24,100 procedures in 2017 to 182,500 in 2024, with expectations to reach 266,600 by 2025 [4][5] - The breakdown of procedures in 2024 includes intracranial stent retrieval (84,400 procedures, 46.25%), intracranial thrombectomy (66,500 procedures, 36.44%), and other procedures (31,600 procedures, 17.32%) [5] Industry Chain Structure - The industry chain includes upstream raw materials, production and diagnostic equipment, and professional support services, which influence the overall operation of the midstream device manufacturing and downstream clinical treatment [4][6] Major Companies - Key players in the market include Weikang Medical, Xinyi Medical, and Guichuang Tongqiao, among others, with increasing competition as demand grows [8][9] - Microinvasive Brain Science has established a comprehensive product line for stroke intervention, achieving significant revenue growth from 80 million yuan in 2019 to 402 million yuan in 2024 [9] - Guichuang Tongqiao reported a revenue of 780 million yuan in 2024, a 48.3% increase year-on-year, with a gross profit of 560 million yuan [9][10] Industry Development Trends - The market is expected to grow due to rising economic levels, lifestyle changes, and an aging population, with significant opportunities for domestic device manufacturers [12][13] - The industry is expanding its application range, moving beyond ischemic and hemorrhagic strokes to include complex lesions and combinations with other treatment methods [12][13]

经营范围含企业管理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）自主展示（特 色）项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。 企业名称昭闻（上海）企业管理有限公司法定代表人马长安注册资本5000万人民币国标行业租赁和商务 服务业>商务服务业>综合管理服务地址中国（上海）自由贸易试验区富特北路399号1幢2层2Q室企业类 型有限责任公司（外商投资企业法人独资）营业期限2025-11-24至无固定期限登记机关自由贸易试验区 市场监管局 来源：市场资讯 天眼查显示，近日，昭闻（上海）企业管理有限公司成立，法定代表人为马长安，注册资本5000万人民 币，由归创通桥医疗科技股份有限公司全资持股。 序号股东名称持股比例1归创通桥医疗科技股份有限公司100% ...

Core Viewpoint - The company is a leading player in the domestic and international neurointervention and peripheral intervention sectors, with a rich product pipeline and several innovative products expected to be approved soon, benefiting from accelerated procurement and import substitution, leading to rapid growth in its internal business. The company is projected to turn profitable for the first time in 2024, with continuous improvement in management efficiency and sales scale expected to enhance profitability [1][4]. Event - Recently, the company's intracranial aneurysm embolization assist stent received approval for market launch from the National Medical Products Administration (NMPA) [1]. Summary of Product Developments - The approval of the embolization assist stent strengthens the company's neurointervention product pipeline, providing a new efficient solution for treating intracranial vascular diseases. The stent utilizes DFT material weaving technology for enhanced visibility and safety during procedures, with a comprehensive range of models to meet various clinical needs [1][3]. Growth Outlook - By 2026, both the neurointervention and peripheral intervention businesses are expected to maintain rapid growth, driven by increased procurement, import substitution, and new product launches. The overseas market is also projected to see significant growth, with an average annual compound growth rate of 87% from 2021 to 2024, continuing into 2025 and 2026 [2][4]. Financial Position - As of the first half of 2025, the company has substantial cash reserves of 2.53 billion yuan, which will support increased investment in product research and academic promotion, as well as potential mergers and acquisitions to solidify its leading position in the industry [2][4]. Product Pipeline - As of August 2025, the company has established a product pipeline of 73 items, with 50 approved by NMPA and several others receiving certifications in various countries. Key products expected to be commercialized soon include a large lumen peripheral thrombectomy catheter and an OCT-guided peripheral plaque directional cutting system [3][4]. Market Dynamics - The neurointervention and peripheral intervention markets have significant growth potential due to low domestic penetration rates and opportunities for import substitution. The company is well-positioned to leverage its experience in centralized procurement to accelerate domestic replacement and maintain rapid growth in its internal business [4][5].

Group 1 - GL Capital Management GP Limited increased its stake in Guichuang Tongqiao (02190) by acquiring 4.4 million shares at an average price of 24 HKD per share, totaling 105.6 million HKD [1] - Following the acquisition, GL Capital Management GP Limited's total shareholding in Guichuang Tongqiao reached 20.5 million shares, representing a 6.09% ownership stake [1]

Core Insights - GL Capital Management GP Limited increased its stake in Ginkgo Bioworks (02190) by acquiring 4.4 million shares at an average price of HKD 24, totaling HKD 105.6 million [1] - Following this acquisition, GL Capital Management GP Limited's total shareholding in Ginkgo Bioworks reached 20.5 million shares, representing a 6.09% ownership [1] - The shareholder base of Ginkgo Bioworks includes specialized investment firms such as Orbimed, Lake Bleu, and AIHC Capital, indicating strong confidence in the company's operational stability and growth potential [1] Company Developments - Ginkgo Bioworks has been actively advancing its innovative product pipeline and expanding its core products' market coverage both domestically and internationally [1] - The company is committed to enhancing its global operational capabilities and aims to continue its investment in research and development within the medical technology sector [1] - Ginkgo Bioworks emphasizes its mission of "Innovating for Life" and aims to provide high-quality and affordable medical device products and solutions for patients worldwide [1]