Core Viewpoint - The company reported strong financial performance in H1 2025, with significant growth in both revenue and net profit, indicating a robust business trajectory and effective commercialization strategies [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 482 million yuan, representing a year-on-year increase of 31.7% - Net profit surged to 121 million yuan, reflecting a growth of 76.0% - The gross margin remained stable at 71.2%, with a slight decrease of 0.1 percentage points, while the net profit margin reached 25.1% [1]. Business Segments - **Neurointervention**: Revenue from neurointervention reached 304 million yuan, up 25.0%, driven by strong sales of established products and rapid adoption of newer products in hospitals [1]. - **Peripheral Intervention**: The peripheral vascular intervention segment generated approximately 176 million yuan, marking a 46.2% increase, with significant contributions from both mature and newly commercialized products [1]. Product Development and Innovation - The company has a portfolio of 73 products or candidates, with 50 already commercialized in China - New products expected to be approved in H2 2025 include large-bore peripheral thrombectomy catheters and auxiliary embolization stents [2]. - The self-expanding aneurysm embolization device is in development and is anticipated to enter the market by 2027 [2]. Market Expansion - The company has established a strong sales network covering over 3,000 hospitals in China, effectively translating R&D capabilities into commercial success - The company is leveraging centralized procurement to accelerate product adoption in hospitals [2]. - The overseas market presents significant growth potential, with current domestic market shares in neurointervention and peripheral intervention at only 15-20% and 12-15% of the global market, respectively [2]. - In H1 2025, overseas revenue reached 16 million yuan, a 36.9% increase, with 22 products commercialized in 27 countries [2]. Investment Outlook - Based on H1 2025 performance, the company is projected to achieve net profits of 195 million yuan, 279 million yuan, and 378 million yuan for 2025-2027, representing year-on-year growth rates of 95.0%, 42.7%, and 35.7% respectively - The expected earnings per share (EPS) for the same period are 0.59 yuan, 0.84 yuan, and 1.15 yuan, with corresponding price-to-earnings (PE) ratios of 36, 25, and 19 [3].

Core Viewpoint - Guichuang Tongqiao (02190.HK) continues to maintain growth in its performance after achieving its first profit last year, with significant increases in both revenue and net profit in the first half of this year [1] Financial Performance - In the first half of this year, the company achieved revenue of 482 million yuan, a year-on-year increase of 31.7% [1] - The net profit reached 121 million yuan, reflecting a year-on-year growth of 76% [1] Product Segmentation - The company's revenue primarily comes from two major product categories: neurovascular intervention and peripheral vascular intervention [1] - Sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% increase [1] Market Dynamics - The management indicated that the collection and procurement policy continues to optimize, with a mild trend of price reduction [2] - Imported brands dominate the Chinese neurovascular intervention market with an 80% share and the peripheral vascular intervention market with an 85% share, suggesting a persistent trend towards domestic substitution [2] Policy Impact - The National Medical Insurance Administration has introduced a new payment method based on disease categories, which may impact the volume of interventional surgeries [2] - The management remains optimistic about growth rates despite concerns regarding the policy's impact on surgical volumes, believing that the new pricing will allow for better treatment combinations [2] International Expansion - The company is also expanding into international markets, with international business revenue reaching 15.7 million yuan, a year-on-year increase of 36.9% [2] - The company has sold 22 products across 27 overseas countries or regions, primarily in Europe and Asia [2] Market Size - The global peripheral intervention market is approximately $10 billion, with China accounting for about 12% to 15% of this market [3] - The global neurointervention market is around $7 billion, with China representing about 15% to 20% of the global market [3] Future Outlook - The management anticipates that by 2027, overseas revenue will account for approximately 20% to 30% of total revenue [3] - The company aims to establish its commercial capabilities overseas, enhancing its reputation through high-quality products [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 30.4 HKD [2][8]. Core Insights - The company reported a significant revenue increase of 31.7% in H1 2025, achieving 482 million CNY, and a net profit growth of 76.0%, reaching 121 million CNY [2][8]. - The company is experiencing strong growth in both its neurointervention and peripheral intervention segments, with revenues of 304 million CNY (+25.0%) and 176 million CNY (+46.2%) respectively in H1 2025 [8]. - The company has a robust product pipeline with 73 products or candidates, of which 50 are already commercialized in China, and several new products are expected to be approved in the near future [8]. - The overseas market is identified as a new growth driver, with H1 2025 overseas revenue reaching 16 million CNY (+36.9%), and the company has 22 products commercialized in 27 countries [8]. Financial Summary - The company is projected to achieve total revenue of 1,044 million CNY in 2025, with a year-on-year growth rate of 33.5% [4]. - The net profit for 2025 is estimated at 195 million CNY, reflecting a substantial growth of 95.0% compared to the previous year [4]. - The earnings per share (EPS) are forecasted to be 0.59 CNY for 2025, with a corresponding price-to-earnings (P/E) ratio of 36.4 [4][8].

Core Viewpoint - The company is expected to see significant growth in adjusted profits due to the expansion of its neuro/peripheral products and effective cost management, leading to an upward revision of profit forecasts for 2025 and 2026 [1][2] Financial Performance - In 1H25, the company reported revenue of 482 million, a year-on-year increase of 31.7%, and an adjusted net profit of 131 million, up 68.1% year-on-year, exceeding expectations due to accelerated domestic substitution in its neuro/peripheral business lines and effective cost control [2] Business Growth Drivers - The neuro/peripheral business saw revenue growth of 25% and 46% respectively in 1H25, driven by increased hospital penetration of existing products and strong sales of new products such as mesh stents and vascular sutures, indicating a solid market position and potential for further growth [3] Profitability and Management Confidence - The adjusted net profit margin reached 27.3% in 1H25, with the company initiating cash dividends for the first time in 2024 at a payout ratio of 32%, alongside ongoing share buybacks and a new equity incentive plan, reflecting management's confidence in future growth [4] International Expansion Potential - The global market for peripheral and neuro intervention is projected to reach 10 billion and 7 billion respectively by 2024, with China currently accounting for only 12-15% and 15-20% of these markets, indicating significant international growth opportunities [5]

| 股票名称 | 回购数 | 回购额 | 年累计回购数量(股) | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | | 股本 | | 腾讯控股(00700) | 92.80 万 | 5.51 亿 | 4119.50 万 | 0.448% | | 中国宏桥(01378) | 146.95 万 | 3516.03 万 | 5411.10 万 | 0.580% | | 创科实业(00669) | 25.00 万 | 2508.49 万 | 100.00 万 | 0.055% | | 恒生银行(00011) | 20.00 万 | 2249.35 万 | 300.00 万 | 0.159% | | 北森控股(09669) | 45.00 万 | 356.53 万 | 734.50 万 | 1.046% | | 元征科技(02488) | 17.40 万 | 196.76 万 | 236.45 万 | 1.464% | | 康宁医院(02120) | 12.09 万 | 127.75 万 | 46.31 万 | 0.640% | | 归创通桥-B(02190) | ...

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant revenue and profit growth driven by its neurovascular and peripheral vascular intervention products [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 482 million yuan, an increase of 31.7% year-on-year [1] - Gross profit reached 343 million yuan, up 31.5%, with a gross margin of 71.2%, slightly down by 0.1 percentage points [1] - Unadjusted profit was 121 million yuan, a 76.0% increase, while adjusted profit was 131 million yuan, up 68.1% [1] - Cash on hand amounted to 2.53 billion yuan [1] Group 2: Product Performance - Neurovascular intervention products generated revenue of 305 million yuan, accounting for 63.3% of total revenue, with a growth of 25.0% [1] - Peripheral vascular intervention products saw revenue of 177 million yuan, a 46.2% increase, raising their revenue share to 36.6% [1] Group 3: Cost Management - The company improved operational efficiency, with sales and distribution expense ratio at 17.7%, down 4.2 percentage points [1] - Research and development expense ratio was 25.2%, down 2.5 percentage points [1] - Administrative expense ratio stood at 11.6%, down 0.3 percentage points [1] Group 4: Market Opportunities - The company has seen significant success in centralized procurement, with notable wins in various product categories [2] - The global neurointerventional market is valued at approximately 7 billion USD, with China accounting for 15%-20% [2] - The global peripheral intervention market is around 10 billion USD, with China representing 12%-15% [2] - The company has a diverse product matrix, with 73 products approved or in development, and 22 products commercialized in 27 countries [2] Group 5: International Expansion - The company is expanding its international business, particularly in Europe and emerging markets like Brazil, India, and South Africa [2] - Overseas sales revenue reached 15.72 million yuan, a year-on-year increase of 36.8% [2]

机构：中金公司 研究员：高远/俞波/张琎 1H25 业绩超出我们预期 公司公布1H25 业绩：收入4.82 亿元，同比+31.7%；经调整净利润1.31亿元，同比+68.1%。由于神经/外 周两条业务线国产替代加速，以及公司费用管控得力，上半年收入利润均超出我们的预期。 发展趋势 神经/外周双轮驱动，国产龙头地位逐渐确立。1H25 神经/外周业务收入同比+25%/46%。其中存量产品 进一步增加医院渗透率和市场份额，而新产品例如密网支架、髂静脉支架、血管缝合器和外周弹簧圈在 外部集采驱动+公司自身销售努力之下也有良好放量趋势。考虑后续反内卷等积极因素的推动，作为已 经建立完整产品管线和强劲营销团队的优质企业，我们判断公司在血管介入领域的国产领军地位日益确 立，后续或可在逐渐趋稳的价格体系下引领中国市场的国产替代和渗透率提升浪潮。 盈利能力提升，回购/分红/股权激励彰显管理层信心。1H25 公司经调整净利润1.31 亿元，经调整净利 率达27.3%。公司2024 年度首次完成现金分红（派息率32%），我们预计后续或将维持该比例。公司亦 持续开展回购。 国际化和平台化将为公司打开新的天花板。根据公司公告援引Mar ...

Group 1 - The company, Guichuang Tongqiao (02190), announced a share buyback on August 21, 2025, spending HKD 1.1835 million to repurchase 50,000 shares [1]

归创通桥(02190)发布公告，于2025年8月21日，该公司斥资118.35万股回购5万股。 ...

格隆汇8月21日丨归创通桥(02190.HK)公告，8月21日耗资118万港元回购5万股。 ...