生物医药与健康产业是珠海"4+3"产业集群的重要组成部分，相关企业的发展备受珠海社会各界关注。1 月8日，归创通桥医疗科技股份有限公司在珠海高新区通桥医疗创新基地，举办投资者开放日活动，围 绕行业发展趋势、公司战略布局及创新产品进展展开深入探讨。 归创通桥董事长赵中介绍公司情况。 据悉，本次活动所在的珠海创新基地，于2022年动工建设，并于近期实现建成投产。项目占地约16000 ㎡，规划总建筑面积约58000㎡，计划总投资20亿元，建设涵盖研发厂房、办公及宿舍等功能配套，主 要针对几十项产品的研发、取证及规模化生产，搭建颅内植介入支架成型及加工、导管成型及制造、弹 簧圈等多条生产线。 赵中表示，该项目是公司集研发、制造与产业化于一体的重要平台，为公司推进创新成果转化及全球化 发展提供了坚实支撑。"项目能够满足我们接下来的产能需求，为公司的全方位发展奠定了很好的基 础。我们也很高兴能借此契机，向投资人和业界朋友展示我们的全新面貌。" 立足珠海十年，公司对珠海的产业发展环境有何评价？赵中表示："珠海城市环境很好，高新区也有各 种各样的优惠政策，对公司的发展与基地的建设给予了大力支持，我们很感谢政府部门这么多年对我 ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02190 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 336,350,744 | RMB | | | 1 RMB | | 336,350,744 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 336,350,744 | RMB | | | 1 RMB | | 336,350,744 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 歸創通橋醫療科技股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 2. 股份分類 | ...

（文章来源：每日经济新闻） 每经AI快讯，归创通桥(02190.HK)盘中一度涨超5%，截至发稿涨3.76%，报23.2港元，成交额1539.07万 港元。 ...

中信建投此前指出，公司是国内外周介入和神经介入行业的龙头企业，产品管线丰富，更有多款创新产 品有望陆续获批，在部分产品有望受益集采、进口替代加速的背景下，公司内生业务有望保持快速增 长。2024年公司首次实现扭亏为盈，随着公司销售规模的持续扩大，叠加公司管理经营效率的持续改 善，公司盈利能力有望持续提升。公司在手资金充裕，截至25H1，公司在手现金为25.3 亿元，预计公 司将继续加大产品研发和学术推广力度，并寻求外延并购及对外合作的机会，不断稳固公司行业龙头的 地位。 智通财经APP获悉，归创通桥(02190)盘中涨超5%，截至发稿，涨3.76%，报23.2港元，成交额1539.07万 港元。 消息面上，本月初，归创通桥旗下归创医疗自主研发的ZYLOX KINGKONG 金刚™外周高压球囊扩张 导管经过国家药品监督管理局审查批准，正式获批上市。该产品适用于包括上肢、肾、髂和腹股沟下血 管在内的周围血管的经皮腔内血管成形术，以及治疗自体或人造透析用动静脉痿的狭窄，也适用于外周 血管系统中的支架和覆膜支架的后扩张。 ...

Core Viewpoint - Guichuang Tongqiao (02190) has seen a significant stock price increase following the approval of its ZYLOX KINGKONG peripheral high-pressure balloon dilation catheter by the National Medical Products Administration, indicating strong market potential for the company's innovative products [1] Group 1: Product Approval and Market Impact - The ZYLOX KINGKONG catheter is approved for use in peripheral vascular interventions, including treatment for stenosis in both natural and artificial dialysis arteriovenous fistulas, as well as post-dilation of stents and covered stents in the peripheral vascular system [1] - The approval is expected to enhance the company's product pipeline and market position, contributing to its growth in the peripheral intervention and neuro-intervention sectors [1] Group 2: Financial Performance and Growth Prospects - CITIC Securities has highlighted the company as a leader in the domestic and international peripheral and neuro-intervention markets, with a rich product pipeline and several innovative products expected to gain approval soon [1] - The company is projected to achieve profitability for the first time in 2024, driven by expanding sales scale and improved operational efficiency [1] - As of the first half of 2025, the company reported cash reserves of 2.53 billion yuan, indicating strong financial health and the potential for increased investment in product development and academic promotion [1]

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Core Insights - Guichuang Tongqiao won the "Annual Investment Value Award" at the "Jingge Award Annual Excellence Company Ceremony" due to its solid performance, forward-looking strategic layout, and outstanding innovation capabilities [1] - The award reflects the structural opportunities in the high-value medical device industry and the company's competitive strength [1] Industry Overview - The high-value medical device industry is currently experiencing a development window characterized by innovation upgrades and internationalization [2] - Policies are increasingly incentivizing innovation, enhancing growth certainty in the industry, and empowering leading innovative device companies [3] - Recent regulatory measures have optimized approval processes for high-end medical devices, significantly shortening the time to market [3] - The normalization of centralized procurement has reduced the impact on market expectations, allowing for reasonable profit margins for innovative products [3] Company Performance - Guichuang Tongqiao's performance in 2025 has exceeded market expectations, with revenue reaching 482 million yuan, a year-on-year increase of 31.7%, and net profit of 121 million yuan, up 76% [6][7] - The company initiated its first cash dividend since its listing, planning to distribute a total of 32.47 million yuan, reflecting a payout ratio of 32.4% [6] - The company has a diverse product portfolio with 73 products and projects, including 52 approved by NMPA and 8 with EU CE certification, establishing a "one-stop" solution in the vascular intervention field [7] Global Expansion - Guichuang Tongqiao's international business revenue grew by 36.9% in the first half of 2025, with products sold in 27 countries and regions, including entry into 7 of the top 10 global markets [8] - The company is expanding its presence in key European markets and emerging markets like Brazil, India, and South Africa, indicating significant growth potential in overseas markets [8] Investment Outlook - The investment value of Guichuang Tongqiao has been widely recognized by professional institutions, with several brokerages raising their ratings and target prices [10] - The company is positioned as a leader in domestic substitution and a participant in the global market, with its growth potential being increasingly acknowledged [10]

Core Viewpoint - The "Golden Award" annual outstanding company selection by Gelonghui highlights ten companies recognized for their investment value in the small and mid-cap category, emphasizing their revenue and net profit growth, as well as their overall business capabilities [1][2]. Group 1: Award Winners - Ten companies received the "Annual Investment Value Award (Small and Mid-Cap)" including: - Baiao Family Interaction (02100.HK) - Honghua Smart Energy (01083.HK) - Guichuang Tongqiao (02190.HK) - Laikai Pharmaceutical-B (02105.HK) - Longpan Technology (603906.SH/02465.HK) - Shoucheng Holdings (00697.HK) - Tiangong International (00826.HK) - Tuhu-W (09690.HK) - Yaoshibang (09885.HK) - Youran Agriculture (09858.HK) - The ranking is in alphabetical order and does not imply any priority [1]. Group 2: Evaluation Criteria - The award focuses on evaluating listed companies based on revenue and net profit growth, considering factors such as company size, business model, management capability, and innovation ability [1]. - The selection process involved quantitative data analysis and an expert review panel to determine the final results [1]. Group 3: Event Purpose - Gelonghui aims to create a reference value ranking for listed companies and unicorns with a global perspective on investing in China, covering all listed companies on major exchanges including HKEX, SSE, SZSE, NYSE, and NASDAQ [2].

Core Insights - The company is a leader in the domestic neuro and peripheral vascular interventional medical device sector, with high research and development efficiency and a diverse product line [1] - The company has achieved significant international expansion, with notable revenue growth from overseas markets [1] - The company has experienced rapid revenue growth and is benefiting from a more favorable procurement policy [1] Group 1: Product Development and Innovation - The company has a total of 73 products, with 51 commercialized in China, 8 receiving EU CE certification, and 5 approved in the UAE, along with registrations in over 23 countries/regions [1] - The company has successfully launched several innovative products through its independent R&D platform, including the Qilin blood flow guiding device and OCT-guided peripheral vascular plaque directional cutting guiding catheter series [1] Group 2: International Expansion - In the first half of 2025, the company's international market revenue reached RMB 15.7 million, representing a year-on-year growth of 36.9% [1] - The company has commercialized 22 products in 27 countries/regions and entered 7 of the top 10 global markets, with over 31 products currently under registration in 23 countries/regions [1] - The company is focusing on emerging markets in South America, Pan-Asia, and the Middle East, establishing strategic partnerships with over 60 global partners [1] Group 3: Financial Performance - For the first half of 2025, the company achieved total revenue of RMB 482 million, a year-on-year increase of 31.69%, with a pre-tax profit of RMB 121 million, also up 76% [1] - The net profit for the same period was RMB 121 million, reflecting a 76% year-on-year growth [1] - Revenue growth is primarily driven by strong sales performance in neurovascular and peripheral vascular interventional devices, with neurovascular product sales reaching RMB 304 million, accounting for 63.3% of total revenue, and peripheral vascular product revenue at RMB 176 million, making up 36.7% [1]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 28.35 per share, indicating a potential upside of 26% from the current price of HKD 22.50 [5][15]. Core Insights - The company is a leader in the domestic neurovascular and peripheral vascular interventional medical device sector, demonstrating high research and development efficiency with a diverse product line of 73 items, of which 51 are commercialized in China [4][7]. - The company has achieved significant international expansion, with revenue from international markets reaching RMB 15.7 million in the first half of 2025, a year-on-year increase of 36.9% [3][9]. - The company reported a total operating revenue of RMB 482 million for the first half of 2025, representing a year-on-year growth of 31.69%, driven by strong sales in neurovascular and peripheral vascular interventional devices [4][12]. Summary by Sections Investment Highlights - The company has a robust R&D platform that has successfully launched several innovative products, including the Qilin blood flow guiding device and OCT-guided peripheral vascular plaque directional cutting guiding catheter series [4][7]. - The company is actively expanding its international presence, with 22 products commercialized in 27 countries and entering 7 of the top 10 global markets [3][9]. - The company’s revenue growth is supported by the strong performance of its neurovascular and peripheral vascular interventional devices, with neurovascular product sales reaching RMB 304 million, accounting for 63.3% of total revenue [4][12]. Financial Projections - Revenue projections for 2025-2027 are RMB 1.056 billion, RMB 1.377 billion, and RMB 1.797 billion, respectively, with net profits expected to be RMB 223 million, RMB 309 million, and RMB 389 million [5][15]. - The company’s net profit margin is projected to improve significantly, with a forecasted net profit growth of 122.5% in 2025 and 38.6% in 2026 [6][15]. Market Position - The company is well-positioned in the market due to its competitive advantages in domestic substitution and continuous investment in R&D [5][15]. - The optimization of centralized procurement policies by the healthcare authority is expected to further enhance the company's future performance [4][12].