Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 5%, currently trading at 23.2 HKD, following the approval of its ZYLOX KINGKONG balloon catheter by the National Medical Products Administration [1] Group 1: Product Approval and Market Impact - The ZYLOX KINGKONG balloon catheter is approved for use in peripheral vascular interventions, including treatment for stenosis in both natural and artificial dialysis access [1] - The approval is expected to enhance the company's market position in the peripheral intervention and neuro-intervention sectors, where it is already a leading player [1] Group 2: Financial Performance and Growth Prospects - CITIC Securities has indicated that the company is poised for rapid growth due to a rich product pipeline and potential benefits from centralized procurement and accelerated import substitution [1] - The company is projected to achieve profitability for the first time in 2024, driven by expanding sales and improved operational efficiency [1] - As of the first half of 2025, the company has cash reserves of 2.53 billion CNY, which will support increased investment in product development and academic promotion, as well as opportunities for mergers and acquisitions [1]

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].

Core Viewpoint - The demand for cerebrovascular interventional devices in China is increasing due to the rising incidence of cerebrovascular diseases, which are among the top three causes of death in the country, with stroke being the leading cause [1][10]. Industry Definition and Classification - Cerebrovascular diseases are conditions affecting blood vessels in the brain, primarily including ischemic and hemorrhagic strokes. Cerebrovascular interventional surgery involves minimally invasive techniques for diagnosing and treating these conditions [2]. - Cerebrovascular interventional devices include medical consumables required for these surgeries, such as embolization coils, thrombectomy stents, and aspiration catheters [2]. Industry Characteristics - The cerebrovascular interventional device industry is characterized by high technical barriers, continuous technological innovation, and favorable industry policies [4]. Current Industry Status Global Market - The global market for cerebrovascular interventional devices is projected to reach USD 3.292 billion in 2024, with North America accounting for 43.04% of the market, Europe 26.56%, and Asia-Pacific 25.27%. The market is expected to grow to USD 3.974 billion by 2025 [7]. Chinese Market - In China, the market for cerebrovascular interventional devices is expected to reach CNY 3.504 billion in 2024, with specific segments such as intracranial thrombectomy stents at CNY 1.584 billion and aspiration catheters at CNY 0.272 billion. By 2025, the market is projected to grow to CNY 4.879 billion [10][13]. Industry Supply Chain - The upstream of the cerebrovascular interventional device industry consists of raw material suppliers, including tubing and alloy materials. The midstream includes manufacturers like Medtronic and Johnson & Johnson, while the downstream consists of distribution channels and end customers, primarily medical institutions [15].

Core Viewpoint - The demand for neurointerventional medical devices in China is increasing due to the rising incidence of cerebrovascular diseases, with stroke being the leading cause of death among Chinese residents. The market for neurointerventional consumables is projected to grow significantly in the coming years [1][5]. Industry Definition and Classification - Neurointerventional devices are medical consumables required for neurointerventional surgeries, primarily used to diagnose and treat cerebrovascular diseases through minimally invasive techniques [2][3]. Industry Development Status - The global market for neurointerventional consumables is expected to reach $3.292 billion in 2024, with North America holding a 43.04% market share. The Chinese market for these consumables is projected to grow from 3.504 billion yuan in 2024 to 4.879 billion yuan in 2025 [5][6]. Industry Chain - The upstream of the neurointerventional device industry consists of raw material suppliers, while the midstream includes manufacturers like Medtronic and Johnson & Johnson. The downstream consists of medical institutions that utilize these devices [7]. Industry Development History - The neurointerventional device industry in China has evolved through three stages: the embryonic stage (1980-1999), the initiation stage (2000-2010), and the rapid development stage (2011-present) [8]. Competitive Landscape - The market is primarily dominated by multinational companies such as Medtronic and Johnson & Johnson, while domestic companies like Guichuang Tongqiao and Micron Brain Science are gaining ground through competitive pricing and localized channels [9][10]. Key Enterprises - The leading companies in the Chinese neurointerventional market include Medtronic, Stryker, and Johnson & Johnson, with a significant presence of domestic players like Guichuang Tongqiao and Micron Brain Science [10][11]. Technological Breakthroughs - Domestic companies are achieving technological advancements in core products, allowing them to compete more effectively with international standards while benefiting from cost advantages [12]. Application Scenario Expansion - The application of new technologies such as AI-assisted navigation systems and biodegradable materials is expected to enhance the efficiency and scope of neurointerventional procedures, supported by favorable government policies [13].

– 1 – 歸創通橋醫療科技股份有限公司 公司章程 2025年12月 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨及範圍 | 5 | | 第三章 | 股份和註冊資本 | 6 | | 第四章 | 減資和購回股份 | 14 | | 第五章 | 購買公司股份的財務資助 | 16 | | 第六章 | 股票和股東名冊 | 17 | | 第七章 | 股東的權利和義務 | 22 | | 第八章 | 股東大會 | 26 | | 第九章 | 董事會 | 36 | | 第十章 | 董事會秘書 | 43 | | 第十一章 | 總經理 | 44 | | 第十二章 | 監事會 | 45 | | 第十三章 | 公司董事、監事、高級管理人員的資格和義務 | 47 | | 第十四章 | 財務會計制度與利潤分配 | 54 | | 第十五章 | 會計師事務所的聘任 | 57 | | 第十六章 | 公司的合併、分立、解散和清算 | 60 | | 第十七章 | 公司解散和清算 | 62 | | 第十八章 | 公司章程的修訂程序 | 65 | | 第十九章 | 通知和公告 | 65 | | 第二十 ...