Financial Performance - The company reported revenue of RMB 152.7 million for the six months ended June 30, 2022, representing a 113.7% increase compared to RMB 71.5 million in the same period of 2021[6]. - Gross profit for the same period was RMB 115.5 million, up 121.5% from RMB 52.1 million in 2021, with a gross margin of 75.6% compared to 72.9% in the previous year[6][8]. - The net loss before income tax decreased to RMB 25.5 million from RMB 69.7 million in the first half of 2021, a reduction of 63.4%[6][8]. - The company achieved a non-IFRS adjusted profit of RMB 8.6 million in the first half of 2022, compared to a non-IFRS adjusted loss of RMB 21.4 million in the same period of 2021[6][8]. - The adjusted net profit for the first half of 2022 was RMB 8.6 million, compared to an adjusted net loss of RMB 21.4 million in the first half of 2021[10]. - Sales revenue for neurovascular intervention products increased by 160.1% compared to the same period in 2021, driven by market penetration and recovery from COVID-19[32]. - Sales revenue for peripheral vascular intervention products rose by 43.9% compared to the same period in 2021, due to efforts in market access and distribution network expansion[33]. Product Development and Regulatory Approvals - The company received approval for two products from the National Medical Products Administration during the reporting period and completed patient enrollment for two clinical trials[7]. - As of the report date, the company had a total of 17 products approved by the National Medical Products Administration and eight products with CE marking, establishing it as a leading company in China's vascular intervention medical device industry[7]. - The product pipeline includes 55 products and candidates, with 17 approved in China and 8 approved in Europe[11]. - The company has launched several products, including the intracranial aneurysm embolization coil and carotid balloon dilation catheter, contributing to its expanding product portfolio[10]. - New products expected to be commercialized include the full-view thrombectomy stent in 2023 and the intracranial drug-coated balloon dilation catheter in 2024[12]. - The company has launched the UltraFree® drug-eluting PTA balloon dilatation catheter and the peripheral PTA balloon dilatation catheter, both of which are already on the market[13]. - The company has a total of 10 neurovascular intervention products that have obtained Class III registration, with an additional 16 products expected to be approved by the end of 2025[16]. Research and Development - Research and development expenses rose by 92.0% to RMB 94.0 million, driven by increased R&D activities and clinical trials[44]. - The company has 13 products currently in clinical trials, demonstrating a commitment to innovation and product development[34]. - The company aims to enhance R&D capabilities by recruiting more talent and collaborating with key opinion leaders and top hospitals[65]. - The company is focused on enhancing product quality and manufacturing efficiency through integrated R&D and manufacturing processes[10]. Manufacturing and Operational Efficiency - The company continues to enhance product quality and manufacturing efficiency, leading to an increase in gross margin[8]. - The company continues to expand its manufacturing capabilities in Hangzhou and Zhuhai to support growth and efficiency[10]. - The manufacturing capacity is being expanded with a new facility of approximately 20,000 square meters in Zhuhai and an additional 13,000 square meters in Hangzhou[35]. - The company plans to streamline its integrated platform to improve operational efficiency and reduce costs[68]. Shareholder Information and Corporate Governance - The company emphasizes the importance of good corporate governance and has adopted relevant codes and practices to maintain high standards[71]. - The company has established a consensus action agreement among shareholders to control decision-making and management, effective from the date of the agreement[90]. - The company has a significant number of shares held by various partnerships, indicating a diverse shareholder base[86]. - The company is subject to regulatory oversight under the Securities and Futures Ordinance, which governs the disclosure of shareholder interests[90]. Cash Flow and Financial Position - As of June 30, 2022, cash and cash equivalents were RMB 1,057.1 million, a decrease of 25.5% from RMB 1,418.4 million as of December 31, 2021[56]. - The company's debt-to-equity ratio as of June 30, 2022, was 0.4%, an increase of 33.3% from 0.3% as of December 31, 2021[57]. - The company reported a total cash flow from operating activities of RMB (86,352) thousand, compared to RMB 36,186 thousand in the previous year[110]. - The company’s financing activities resulted in a net cash outflow of RMB (26,883) thousand, a significant decrease from a net inflow of RMB 477,206 thousand in the previous year[110]. Future Outlook and Strategic Plans - The company aims to further develop its integrated R&D and manufacturing platform to support future growth[8]. - The company plans to expand its product portfolio with an additional six products expected to receive regulatory approval in 2022 and more candidates by 2025[64]. - The company intends to strengthen commercialization capabilities to accelerate sales of approved products and late-stage candidates[67]. - The company plans to establish a European office to enhance brand awareness and responsiveness to local partners and customers[69].

Financial Performance - In 2021, the company achieved a revenue of RMB 177,912 thousand, a significant increase from RMB 27,631 thousand in 2020, representing a growth of approximately 543%[23] - The gross profit for 2021 was RMB 131,881 thousand, compared to RMB 16,287 thousand in 2020, indicating a growth of about 709%[23] - The company reported a loss before tax of RMB (199,689) thousand in 2021, worsening from a loss of RMB (100,468) thousand in 2020[23] - The company reported a revenue of RMB 177.9 million for the year ended December 31, 2021, representing a 543.9% increase compared to RMB 27.6 million for the year ended December 31, 2020[69] - Sales from neurovascular intervention devices accounted for 63.1% of total revenue, while peripheral vascular intervention devices accounted for 36.9%[72] - The cost of sales for the year ended December 31, 2021, was RMB 46.0 million, up 305.8% from RMB 11.3 million for the year ended December 31, 2020[74] - Gross profit increased by 709.7% to RMB 131.9 million, with a gross margin rising from 58.9% to 74.1%[75] - Research and development expenses for the year ended December 31, 2021, were RMB 168.1 million, a 133.3% increase from RMB 72.1 million for the year ended December 31, 2020[76] - Sales and distribution expenses rose by 365.8% to RMB 95.3 million, while the percentage of these expenses to total revenue decreased from 58.9% to 44.6%[78] - Administrative expenses increased by 224.6% to RMB 100.6 million, primarily due to financing activities and increased employee benefits[79] - Other income for the year ended December 31, 2021, was RMB 15.3 million, a 52.9% increase from RMB 10.0 million for the year ended December 31, 2020[81] - Financial income for the year ended December 31, 2021, was RMB 12.8 million, an increase from a financial cost of RMB 0.3 million for the year ended December 31, 2020[83] - The company reported a net loss of RMB 199.7 million for the period, compared to a loss of RMB 100.5 million in the previous year, resulting in an adjusted net loss of RMB 100.7 million[85] Asset Growth - The total assets increased to RMB 3,248,286 thousand in 2021 from RMB 503,971 thousand in 2020, marking a growth of approximately 543%[24] - Non-current assets rose to RMB 224,078 thousand in 2021, up from RMB 133,829 thousand in 2020, reflecting an increase of about 67%[24] - Cash and cash equivalents increased by 2,281.6% to RMB 1,418.4 million as of December 31, 2021, up from RMB 59.6 million in the previous year[87] - The company's current assets net worth rose by 819.0% to RMB 2,927.1 million as of December 31, 2021, compared to RMB 318.5 million at the end of 2020, primarily due to the IPO and C+ round financing[89] - The debt-to-equity ratio decreased significantly from 8.1% as of December 31, 2020, to 0.3% as of December 31, 2021, due to the repayment of all outstanding bank loans[88] Product Development and Innovation - The company maintained a 100% success rate in product registration approvals in 2021, achieving eight approvals from the National Medical Products Administration and two CE market approvals[22] - The company expanded its product portfolio in the vascular intervention field, introducing new devices for treating venous compression syndrome and deep vein thrombosis[22] - The company is committed to continuing its tradition of product and technology innovation in the coming years[22] - The company identified significant potential in the venous thromboembolism (VTE) market and developed a mechanical thrombectomy device for pulmonary embolism (PE), submitting it for inspection in 2021[29] - The company has a comprehensive product portfolio that includes neurovascular and peripheral vascular intervention devices[35] - The company has launched several key products, including the UltraFree® drug-eluting PTA balloon dilatation catheter, which is already on the market[39] - The company expects to commercialize additional products, with 15 new neurovascular intervention products anticipated to be approved by the end of 2025[41] - The company has obtained Class III registration for ten neurovascular intervention products, with four currently in clinical stages[41] - The company has several products in the pipeline, including the peripheral vascular stent system expected to launch in 2023[38] - The company is developing a flow diversion device for treating intracranial aneurysms, with clinical trials ongoing in China and plans for CE marking application[52] Market Expansion and Strategy - The company plans to continue expanding its overseas sales network, having successfully commercialized products in 11 countries across three continents by the end of 2021[30] - The company is preparing to establish a local team in Europe to assist in launching new products and brand building, aiming to enhance its capabilities and achieve long-term strategic goals[31] - The company is actively seeking partners in Europe and the United States with distribution channels and customer resources to accelerate overseas sales[31] - The company aims to increase market penetration by expanding its product offerings to cover more indications in the neuro and peripheral vascular fields[102] - The company plans to utilize various financing channels, including internal funds and bank loans, to support capital expenditures for market expansion[96] Research and Development - The company intends to enhance its research and development capabilities by expanding its R&D team and improving the efficiency of the entire development process[102] - The company is focused on expanding its market presence with new product launches and technological advancements in neurovascular intervention[41] - The company has established strong partnerships with key opinion leaders and top doctors in the neuro and peripheral vascular intervention fields, enhancing its brand recognition[68] - The company has a rich pipeline of 55 products at various stages of development, with 12 products undergoing clinical trials[102] Governance and Leadership - The company was founded in November 2012 by Dr. Zhao, who has 25 years of experience in the pharmaceutical and medical device industry[108] - The company has a strong leadership team with executives holding advanced degrees in biomedical engineering and business administration[110] - The board includes experienced professionals from various sectors, providing strategic guidance for business operations[112] - The company has been involved in significant investments and partnerships to strengthen its market position[111] - The leadership team has a diverse background in healthcare investment banking and medical device management[112] Shareholder and Equity Information - The company completed its IPO on July 5, 2021, raising approximately HKD 2,477.4 million from the issuance of 60,000,000 new H-shares at HKD 42.70 per share[123] - The company has a total of 201,881,003 domestic shares issued, excluding any shares to be issued under the pre-IPO share option plan[141] - The company has established action agreements among major shareholders to control decision-making processes[142] - The company’s governance structure includes significant shareholding by key executives, enhancing alignment with shareholder interests[144] - The total number of shares held by major shareholders indicates a significant concentration of ownership within the company[147][148][149] Compliance and Risk Management - The company has established compliance policies and procedures to ensure adherence to applicable laws and regulations[194] - The company is subject to strict regulatory oversight in the medical device industry, which may affect the approval and commercialization of its candidate products[101] - The company faces significant competition in the medical device market, which may impact its ability to commercialize candidate products successfully[98] - The company is exposed to risks related to natural disasters, health pandemics, and regulatory changes that could adversely affect its business operations[100] Employee and Incentive Plans - The company emphasizes the importance of employees as valuable assets and provides training and competitive compensation to retain them[195] - The employee incentive plans established by the company include four platforms holding a total of 36,370,587 domestic shares as of December 31, 2021[154] - The purpose of the employee incentive plans is to enhance the company's competitiveness in the labor market and attract future senior management[155] - The employee incentive plan allows selected participants to receive economic benefits in the form of equity interests, with the condition that they meet certain vesting criteria[158]