香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Zylox-Tonbridge Medical Technology Co., Ltd. 歸創通橋醫療科技股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 註：具體以工商登記機關核准結果為準。 （股份代號：2190） 修訂公司章程 茲提述本公司日期為2025年8月19日及2025年10月24日的公告，以及本公司日期 為2025年10月8日的通函（「通函」），內容有關（其中包括）授權（「授權」）董事會 及╱或管理委員會辦理股份激勵計劃相關事宜。除另有界定外，所用詞彙與通 函所披露者具有相同涵義。本公告乃由本公司根據上市規則第13.51(1)條作出。 鑒於根據2025年股份激勵計劃授出的獎勵所涉及的1,395萬股H股已於2025年11 月7日發行及上市流通，本公司的註冊資本已由人民幣330,182,001元變更為人民 幣344,132,001元，總股本已由33 ...

Summary of Key Points Core Viewpoint - The latest shareholder equity disclosure for Guichuang Tongqiao-B (02190) and Huaxin Cement (06655) was conducted on December 5, 2025, revealing changes in shareholdings among various institutional investors [1]. Group 1: Guichuang Tongqiao-B (02190) - Zhuhai Tongqiao Investment reduced its holdings from 90.39 million shares to 88.39 million shares, maintaining a holding percentage of 26.28% [2]. - Zhuhai Guichuang Investment also decreased its holdings from 90.39 million shares to 88.39 million shares, with a holding percentage of 26.28% [2]. - Hangzhou Fujiang Investment's holdings decreased from 90.39 million shares to 88.39 million shares, retaining a holding percentage of 26.28% [2]. - Hangzhou Guichuang Enterprise's holdings were similarly reduced from 90.39 million shares to 88.39 million shares, with a holding percentage of 26.28% [2]. - Hangzhou Yuyi Huiqi's holdings decreased from 90.39 million shares to 88.39 million shares, maintaining a holding percentage of 26.28% [2]. - Wei Na's holdings also saw a reduction from 90.39 million shares to 88.39 million shares, with a holding percentage of 26.28% [2]. - Zhao Zhong's holdings decreased from 90.39 million shares to 88.39 million shares, maintaining a holding percentage of 26.28% [2]. Group 2: Huaxin Cement (06655) - Li Yeqing increased holdings from 1.13 million shares to 1.14 million shares, maintaining a holding percentage of 0.15% [2].

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11月30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: 2025年12月2日 I. 法定/註冊股本變動 | 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 | | | 322,400,744 | RMB | | 1 RMB | | 322,400,744 | | 增加 / 減少 (-) | | | 13,950,000 | | | RMB | | 13,950,000 | | 本月底結存 | | | 336,350,744 | RMB | | 1 RMB | | 336,350,744 | | 2. 股份 ...

Core Viewpoint - The company is a leader in domestic neuro and peripheral interventional medical devices, with strong commercialization capabilities and rapid sales growth driven by the gradual implementation of domestic centralized procurement [1][2] Group 1: Investment Highlights - The company is covered for the first time with a "Buy" rating, forecasting EPS of 0.70/0.89/1.14 RMB for 2025-2027, and assigning a target price of 33.5 RMB/36.4 HKD for 2025 based on a 48X PE ratio [1] - The company has established a comprehensive product pipeline with 73 products and in-development combinations as of August 2025, including 51 products approved by NMPA and 8 products certified by EU CE [1] Group 2: Domestic Market Performance - Since the launch of a major product at the end of 2020, the company has built a wide distribution network covering over 3,000 hospitals, leading to rapid sales growth in neurovascular and peripheral vascular interventions [2] - In the first half of 2025, sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% year-on-year increase [2] Group 3: International Market Expansion - The company's international business grew by 36.9% year-on-year in the first half of 2025, primarily driven by markets in Europe and Asia [2] - The company has established sales of 22 products across 27 overseas countries/regions and is deepening its presence in key European markets while expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have been formed, covering a total of 52 countries and regions globally [2]

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Viewpoints - The company is a leader in the domestic neuro and peripheral interventional medical device market, with strong commercialization capabilities and rapid sales growth driven by the gradual implementation of domestic centralized procurement [2][10]. - The company has a comprehensive product pipeline with 73 products, of which 51 have received NMPA approval and 8 have obtained EU CE certification, positioning it well for future growth [10][14]. - The company has established a wide distribution network covering over 3,000 hospitals, leading to significant revenue growth in both neurovascular and peripheral vascular interventions [10][18]. - The international business has shown robust growth, with a 36.9% increase in revenue from overseas markets in the first half of 2025, indicating strong potential for long-term international market expansion [10][22]. Summary by Sections 1. Neuro and Peripheral Intervention Dual Development - The company focuses on neuro and peripheral vascular interventional medical devices, having developed a range of products with independent intellectual property rights that meet domestic and international standards [14][15]. - The sales revenue for neurovascular intervention products increased by 25.0% and for peripheral vascular intervention products by 46.2% in the first half of 2025 compared to the same period in 2024 [18][19]. 2. Market Growth Potential - The domestic neuro intervention surgery penetration rate is expected to increase, with significant growth in the market size anticipated [32][40]. - The number of neuro intervention surgeries in China is projected to grow from approximately 161,400 in 2020 to about 740,500 by 2026, reflecting a compound annual growth rate of 28.9% [38][40]. 3. Financial Projections - The company forecasts total revenue of RMB 782 million for 2024, increasing to RMB 1,773 million by 2027, representing a compound annual growth rate of 29.1% [4][10]. - The net profit is expected to grow from RMB 100 million in 2024 to RMB 393 million in 2027, with a significant increase in profit margins [4][10]. 4. International Market Expansion - The company has successfully penetrated 27 overseas markets, with a focus on Europe and emerging markets such as Brazil, India, and South Africa [22][23]. - The international business is expected to continue its rapid growth, supported by strategic partnerships with over 60 local partners [23][24]. 5. Profitability and Cost Management - The company maintains a stable gross margin of approximately 71.2% while optimizing production and supply chain processes [27][28]. - Research and development expenditures increased by 19.7% in the first half of 2025, reflecting the company's commitment to innovation and product development [30].

Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, predicting EPS for 2025-2027 to be 0.70/0.89/1.14 CNY, and setting a target price of 33.5 CNY/36.4 HKD based on a 48X PE for 2025 [1] Group 1: Product and Market Positioning - The company focuses on peripheral and neurovascular interventional medical devices, establishing a comprehensive product pipeline with 73 products and R&D projects as of August 2025, of which 51 have received NMPA approval and 8 have EU CE certification [1] - The company has effectively capitalized on centralized procurement opportunities, leading to rapid revenue growth due to its deep platform layout [1] Group 2: Commercialization and Sales Growth - Since the launch of a major product at the end of 2020, the company has built a wide distribution network covering over 3,000 hospitals, with significant sales growth in neurovascular and peripheral vascular interventions [1] - In the first half of 2025, sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% increase [1] Group 3: International Expansion - The company's international business grew by 36.9% year-on-year in the first half of 2025, primarily driven by markets in Europe and Asia [2] - The company has established sales of 22 products across 27 overseas countries/regions, with a focus on penetrating markets in France, Germany, and Italy, as well as expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have enabled the company to cover channels in 52 countries and regions globally [2]

Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, projecting EPS for 2025-2027 at 0.70/0.89/1.14 RMB, and setting a target price of 33.5 RMB / 36.4 HKD based on a 48X PE for 2025 [1] Group 1: Business Overview - Guichuang Tongqiao, established in 2012, focuses on peripheral and neurovascular interventional medical devices, with a comprehensive product pipeline of 73 products as of August 2025, including 51 approved by NMPA and 8 with EU CE certification [2] - The company has effectively leveraged its platform-based layout to capture procurement opportunities, resulting in rapid performance growth [2] Group 2: Commercialization and Market Expansion - Since the launch of a major product at the end of 2020, the company has built a distribution network covering over 3,000 hospitals, leading to significant sales growth in neurovascular and peripheral vascular interventions, with sales revenue increasing by 25.0% and 46.2% year-on-year respectively in H1 2025 [3] - The international business grew by 36.9% year-on-year in H1 2025, primarily driven by markets in Europe and Asia, with products covering 7 of the top 10 global markets [4] - The company has established strategic partnerships with over 60 local partners, expanding its reach to 52 countries and regions globally, while deepening its presence in key European markets and emerging markets like Brazil, India, and South Africa [4]

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its intracranial aneurysm embolization assistive stent by the National Medical Products Administration (NMPA) [1] Group 1: Product Approval and Features - The Tongqiao Feilong intracranial aneurysm embolization assistive stent has received NMPA approval for market launch [1] - This stent is designed to be used in conjunction with embolization coils, specifically targeting the treatment of intracranial neurovascular diseases, providing a new and efficient clinical solution [1] - Compared to similar products on the market, the Tongqiao Feilong stent offers better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] Group 2: Market Impact and Company Strategy - CITIC Securities (601066) highlights that the stent utilizes DFT material weaving technology, which allows for clear visibility throughout the procedure, aiding doctors in precise operational control [1] - The approval of the embolization assistive stent is expected to strengthen the company's product pipeline in the neurointerventional field, enhancing its overall solution offerings [1] - This development is anticipated to help the company increase its market share and maintain rapid growth in performance [1]

Core Viewpoint - Guichuang Tongqiao (02190) has seen a stock price increase of over 3%, currently trading at 25.52 HKD, following the approval of its Tongqiao Feilong™ intracranial aneurysm embolization assist stent by the National Medical Products Administration (NMPA) [1] Company Developments - The Tongqiao Feilong™ stent is designed for the treatment of intracranial neurovascular diseases and offers a new efficient solution for clinical diagnosis and treatment [1] - Compared to similar products on the market, the Tongqiao Feilong™ stent provides better wall adherence and visibility during procedures, enhancing operational safety and visibility [1] - The stent's comprehensive range of models meets the treatment needs of various clinical conditions, further strengthening the company's product pipeline in the neurointerventional field [1] Market Implications - CITIC Securities indicates that the approval of the embolization assist stent is expected to enhance the company's overall neurointerventional solutions, contributing to an increase in market share and maintaining rapid growth in performance [1]

Core Insights - The neurovascular intervention medical consumables market in China is rapidly growing, with a projected market size of 132.56 billion yuan in 2024 and an expected increase to 197.22 billion yuan by 2025, indicating a significant growth trajectory in this sector [1][3]. Market Overview - The neurovascular intervention medical consumables market is categorized into three main segments: hemorrhagic intervention consumables (71.36 billion yuan, 53.83%), ischemic intervention consumables (35.04 billion yuan, 26.43%), and access intervention consumables (26.16 billion yuan, 19.73%) for 2024 [1][4]. - By 2025, the market shares are expected to shift slightly, with hemorrhagic intervention consumables projected to reach 109.95 billion yuan (55.75%), ischemic intervention consumables at 48.79 billion yuan (24.74%), and access intervention consumables at 38.48 billion yuan (19.51%) [1][4]. Industry Development - The neurovascular intervention field is recognized as a revolutionary advancement in neuroscience, providing less invasive treatment options compared to traditional open surgeries [3]. - The market has grown from 32.25 billion yuan in 2017 to 132.56 billion yuan in 2024, showcasing a robust annual growth rate [3]. Competitive Landscape - The market has historically been dominated by international giants such as Medtronic and Stryker, which held over 60% of the market share [5]. - Domestic companies like MicroPort NeuroScience, Xinwei Medical, Guichuang Tongqiao, and Peijia Medical have made significant advancements in product development, particularly in thrombectomy stents and embolization coils, enhancing their market competitiveness [5]. Industry Trends - The neurovascular intervention medical consumables industry is experiencing rapid growth driven by increased healthcare investment, rising consumer payment capabilities, and an aging population [7]. - There is a notable trend towards domestic companies achieving breakthroughs in lower-tech areas, with expectations for expansion into more advanced fields such as flow-directed devices and intracranial drug balloons [7].