Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 230.1 million, an increase of 50.7% compared to RMB 152.7 million for the same period in 2022[2] - 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%[2] - The company recorded a net loss of RMB 35.5 million for the period, compared to a loss of RMB 25.5 million in the same period last year, reflecting a 39.2% increase in losses[2] - Operating loss for the first half of 2023 was RMB 74.133 million, compared to a loss of RMB 61.376 million in the same period of 2022[7] - The company reported a net loss attributable to equity holders of RMB 35.514 million for the first half of 2023, compared to RMB 25.504 million in the same period of 2022[7] - Basic and diluted loss per share for the six months ended June 30, 2023, was RMB 0.11, compared to RMB 0.08 for the same period in 2022, reflecting an increase in losses[25] - The adjusted loss for the period was RMB 55.22 million, compared to a loss of RMB 86.41 million for the same period in 2022, with non-IFRS adjusted profit/loss amounting to RMB 299.92 million for the current period[73] Revenue Breakdown - Revenue from regions outside China reached RMB 62 million in the first half of 2023, an increase of 128.7% compared to the same period in 2022[6] - Revenue from neurovascular intervention products accounted for 72.1% of total revenue, while peripheral vascular intervention products contributed 27.9%[34] - Sales revenue from neurovascular intervention products increased by 48.7% year-on-year, driven by the recognition of key products such as the Silver Snake® intracranial support catheter[34] - Sales revenue from peripheral vascular intervention products rose by 55.9% year-on-year, attributed to efforts in market access and distribution network expansion[34] Product Development and Market Expansion - The company has established a distribution network covering over 3,300 hospitals across 31 provinces and municipalities in China as of June 30, 2023[3] - The company has 28 products approved by the National Medical Products Administration and eight products with CE marking, making it one of the leading companies in the vascular intervention medical device industry in China[5] - The company launched the Silver Snake® Plus distal access catheter in February 2023, enhancing its product offerings for interventional procedures[4] - The company has expanded its product commercialization to 19 overseas countries, including Germany, France, and Italy[6] - The company is exploring new business models beyond traditional distribution, including providing OEM services in emerging markets like India[6] - The company is focused on enhancing R&D and commercialization efficiency to maintain a competitive edge in the neurovascular and peripheral vascular intervention market[36] Financial Position and Assets - Non-current assets increased to RMB 1,405.297 million as of June 30, 2023, compared to RMB 1,191.097 million at the end of 2022[8] - Current assets totaled RMB 1,891.801 million as of June 30, 2023, down from RMB 2,062.599 million at the end of 2022[8] - Trade receivables as of June 30, 2023, were RMB 964 thousand, slightly down from RMB 1,014 thousand as of December 31, 2022, indicating a minor decrease in receivables[26] - Trade payables increased to RMB 16,348 thousand as of June 30, 2023, compared to RMB 10,735 thousand as of December 31, 2022[30] - The group's cash and cash equivalents were RMB 1,306.9 million, an increase of 8.4% from RMB 1,205.3 million as of December 31, 2022[75] - The group's total borrowings as of June 30, 2023, amounted to RMB 9 million, with an asset-liability ratio of 0.63%, an increase of 39.7% from 0.45% as of December 31, 2022[77] - The group'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[78] Research and Development - R&D expenses increased by 39.1% to RMB 130.8 million, driven by higher testing and clinical trial costs[65] - The company is enhancing its manufacturing capabilities through integrated R&D and manufacturing processes, which are expected to improve product quality and cost efficiency[6] - The company has initiated type testing for the balloon-covered stent system, with an expected launch in China by 2027[53] - The company is expanding its product pipeline with 11 candidate products in clinical stages and 14 in registration stages[37] Corporate Governance and Compliance - The board emphasizes the importance of good corporate governance and has adopted practices in line with the Corporate Governance Code, although there is a noted deviation regarding the roles of the chairman and CEO[86] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information for the six months ending June 30, 2023[88] - The board does not recommend any interim dividend for the reporting period[89] Future Outlook - The company provided a future outlook, projecting a revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion[95] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[95] - A new product line is expected to launch in Q4 2023, anticipated to contribute an additional RMB 50 million in revenue[95] - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of up to RMB 200 million allocated for this purpose[95]

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].

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 334.1 million, an increase of 87.8% compared to RMB 177.9 million in 2021[2] - Gross profit for the same period was RMB 252.7 million, representing a 91.6% increase from RMB 131.9 million in 2021[2] - Gross margin improved to 75.6% in 2022 from 74.1% in 2021, reflecting enhanced operational efficiency[2] - The net loss before income tax decreased to RMB 113.6 million in 2022 from RMB 199.7 million in 2021, a reduction of 43.1%[2] - Non-IFRS adjusted net loss for 2022 was RMB 25.9 million, a significant improvement from RMB 100.7 million in 2021, marking a 74.3% reduction[2] - Operating loss narrowed to RMB 208,398 thousand in 2022 from RMB 212,476 thousand in 2021, showing a slight improvement in operational efficiency[6] - Financial income increased significantly to RMB 95,565 thousand in 2022 from RMB 13,094 thousand in 2021, reflecting enhanced financial management[6] - Net loss attributable to equity holders for the year was RMB 113,555 thousand, an improvement from RMB 199,689 thousand in 2021, resulting in a loss per share of RMB 0.34 compared to RMB 0.68 in the previous year[6] Product Development and Launches - The company launched five new products in 2022, contributing over 1.9% to total revenue for the year[3] - The company has developed a total of 57 products and candidates, including 25 approved in China and 8 in Europe[39] - The company’s neurovascular intervention product lineup includes 8 products expected to be commercialized in 2023, with additional products planned for 2024 and 2025[40] - The peripheral vascular intervention product lineup includes 5 products expected to be commercialized in 2023, with further products planned for 2024, 2025, and 2027[41] - The company is preparing for MDR registration for multiple products, indicating a focus on expanding its market presence in Europe[42] - The company plans to launch a second-generation drug-eluting PTA balloon catheter in 2024[42] - The company has obtained regulatory approval for 13 neurovascular intervention products and expects an additional 15 products to be approved by the end of 2025[43] Market Expansion - Sales revenue from outside China grew by 125.2% compared to the previous year, indicating successful international market expansion[4] - The geographical revenue breakdown shows that sales in China were RMB 326,294,000, up 87% from RMB 174,450,000 in 2021, while revenue from other regions increased to RMB 7,796,000 from RMB 3,462,000[18] - The company is currently focused on expanding its market presence in neurovascular and peripheral vascular intervention medical devices, with ongoing assessments of new product developments and market strategies[14] - The company intends to continue investing in international markets, including expanding its European team and establishing a logistics center[88] Operational Efficiency - The company established a distribution network covering over 3,300 hospitals across 31 provinces and municipalities in China[3] - The company actively participated in provincial volume-based procurement (VBP) tenders, achieving competitive rankings in several provinces[3] - Sales and distribution expenses as a percentage of total revenue decreased significantly from 53.5% as of December 31, 2021, to 41.9% as of December 31, 2022[59] - Employee benefits expenses increased by 52.7% to RMB 130.2 million, up from RMB 85.3 million, representing 55.8% of total R&D expenses[69] Research and Development - Research and development expenses for the year ended December 31, 2022, amounted to RMB 233.5 million, a 38.9% increase from RMB 168.1 million for the year ended December 31, 2021[68] - The company completed patient enrollment for clinical trials of five products in 2022, with 13 candidate products currently in clinical trial stages[60] - The company is actively pursuing clinical trials and regulatory approvals to enhance its product offerings in both domestic and international markets[41] Financial Position - Non-current assets totaled RMB 1,191,097 thousand as of December 31, 2022, a substantial increase from RMB 224,078 thousand in 2021, indicating significant investment in long-term assets[7] - Current assets decreased to RMB 2,062,599 thousand in 2022 from RMB 3,024,208 thousand in 2021, primarily due to a reduction in cash and cash equivalents[7] - The company's net current assets decreased by 34.7% to RMB 1,910.5 million as of December 31, 2022, down from RMB 2,927.1 million in 2021[81] - Cash and cash equivalents as of December 31, 2022, were RMB 1,205.3 million, down from RMB 1,418.4 million as of December 31, 2021[80] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the annual financial performance for the year ended December 31, 2022, and found it compliant with relevant accounting standards[92] - The company’s auditor confirmed that the preliminary announcement figures align with the audited consolidated financial statements for the year ended December 31, 2022[93] - The board of directors decided not to recommend a final dividend for the year ended December 31, 2022[94] Future Outlook - The company aims to enhance its market share in the neurovascular and peripheral vascular interventional medical device industry by launching 25 new products in China[85] - The company is actively seeking advanced technologies and products through acquisitions and licensing to meet market demands[87]

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]