(100 90 82 66 80 -80-05 70 66.98 60 58.08 54.39 50 40 390 76 30 23b999 20 18.1 10 0 -30 2n- 制图数据来自恒生聚源数据库 中证智能财讯 微泰医疗-B（02235）4月30日披露2024年度报告。报告期内，公司实现营业总收入3.46亿元，同比增长36.48%；归母净利润亏损6311.82万 元，上年同期亏损1.25亿元；经营活动产生的现金流量净额为-1.21亿元，上年同期为-1.53亿元；据报告显示，微泰医疗-B基本每股收益为-0.15元，加权平均 净资产收益率为-3.09%。 以4月30日收盘价计算，微泰医疗-B目前市净率（TTM）约1.22倍，市销率（TTM）约6.99倍。 市净率(LF)历史分位(%) 微泰医疗器械(杭州)有限公司是一家主要从事糖尿病治疗及糖尿病监测医疗器械研发、生产和商业化的中国公司。该公司的产品贴敷式胰岛素泵系统 (Equil)，血糖监测系统及持续血糖监测系统(AiDEX G7)均已商业化。该公司的产品人工胰腺等正处于研发过程中。该公司的产品销售至美国和欧盟等海外 市场。 历年总营收、净利同比增长 ...

2024 ANNUAL REPORT 2024 Annual Report 2024 年報 C M Y CM MY CY CMY K MicroTech Medical AR2024 V12_22.5mm OP.pdf 1 24/4/2025 上午10:14 目錄 | 2 | 公司資料 | | --- | --- | | 4 | 主席報告 | | 5 | 財務摘要 | | 6 | 管理層討論與分析 | | 19 | 董事、監事及高級管理層 | | 28 | 企業管治報告 | | 47 | 環境、社會及管治報告 | | 74 | 董事會報告 | | 101 | 獨立核數師報告 | | 107 | 合併資產負債表 | | 111 | 母公司資產負債表 | | 115 | 合併利潤表 | | 118 | 母公司利潤表 | | 120 | 合併現金流量表 | | 122 | 母公司現金流量表 | | 124 | 合併所有者權益變動表 | | 125 | 母公司所有者權益變動表 | | 126 | 財務報表附註 | | 233 | 釋義及技術詞表 | 公司資料 董事會 執行董事 鄭攀博士 （主席兼行政總裁） 于非博士 ...

Summary of Weitai Medical Conference Call Company Overview - **Company**: Weitai Medical - **Industry**: Continuous Glucose Monitoring (CGM) and Insulin Pump Systems Key Financial Performance - **2024 Revenue**: 346 million CNY, a year-on-year increase of 36.5% [3] - **Gross Profit**: 183 million CNY, a year-on-year increase of 51.5%, with a gross margin of 52.9%, up by 5.2 percentage points from the previous year [3] - **Net Loss**: 63.11 million CNY, a reduction of 49.5% compared to 2023 [3] - **Cash Reserves**: 1.697 billion CNY as of the end of 2024 [3] - **R&D Expenses**: 76.56 million CNY, an increase of 9.2% from 2023 [3] Product Performance and Market Position - **New Generation CGMS Sales**: 180 million CNY, accounting for 52.2% of main business revenue, with a year-on-year growth of 138.3% [4] - **User Base**: Over 600,000 cumulative users for the new generation CGMS [4] - **E-commerce Channel**: Completed construction, with significant growth expected in 2025 [7] - **International Market**: Products commercialized in 108 countries, with CE certification for the new CGMS [8] Product Development and Regulatory Approvals - **New Product Submissions**: Multiple new insulin pump systems and CGMS have submitted registration applications [5] - **First Generation CGM Expansion**: Approved for use in children and adolescents [5] Market Growth Expectations - **2025 CGM Business Growth**: Expected to double, with domestic CGM growth rate projected at over 50% [4][13] - **Insulin Pump Business**: Steady growth anticipated, with a focus on pediatric applications [14] Cost Management and Efficiency - **Cost Reduction Measures**: Enhanced operational efficiency and reduced procurement costs [16] - **Future Gross Margin**: Expected to continue rising due to improved management and production cost reductions [16] Sales and Marketing Strategy - **Sales Expense Ratio**: Expected to be below 50% in 2025, despite absolute growth in sales expenses [18] - **E-commerce Sales Growth**: Anticipated to double in 2025 [19] - **Market Expansion Plans**: Increased investment in new customer acquisition and channel enhancement [20] AI and Technological Integration - **AI Applications**: Initial applications in internal operations, with future potential for consumer-facing AI products [21] Competitive Landscape - **Market Penetration**: Current CGM penetration in China is about 5%, with significant growth potential [13][28] - **Competitor Analysis**: Imported brands like Abbott are losing market share to domestic manufacturers [13] Conclusion - **Profitability Outlook**: Expected to reach breakeven or slight profitability in 2025, with significant revenue growth anticipated [27] - **Market Demand**: High growth trajectory in the domestic CGM market, with increasing health awareness among consumers [28]

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，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 MicroTech Medical (Hangzhou) Co., Ltd. 微 泰 醫 療 器 械（ 杭 州 ）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 ） （股份代號： 2235） 截至2024年12月31日止年度的年度業績公告 董事會欣然宣佈本集團截至2024年12月31日止年度的經審核合併年度業績，連 同截至2023年12月31日止年度的比較數字。 財務摘要 截至2024年12月31日止年度，本集團錄得以下年度業績： | | 截至2024年 | 截至2023年 | | | --- | --- | --- | --- | | | 12月31日止 | 12月31日止 | | | | 年度 | 年度 | 同比變動 | | | 人民幣元 | 人民幣元 | % | | | | （經重列） | | | 營業收入 | 345,615,086.92 | 2 ...

Financial Performance - For the first half of 2024, MicroTech Medical reported revenue of RMB 150.82 million, a 36.1% increase from RMB 110.81 million in the same period of 2023[6]. - Gross profit for the first half of 2024 was RMB 83.80 million, up 45.5% from RMB 57.61 million in the first half of 2023, with a gross margin of 55.6%, an increase of 3.6 percentage points year-on-year[6]. - The net loss for the first half of 2024 was RMB 37.74 million, compared to RMB 18.66 million in the same period of 2023, primarily due to increased sales expenses of RMB 34.60 million[6]. - Operating costs increased by 26.0% to RMB 67.02 million for the six months ended June 30, 2024, compared to RMB 53.20 million in the same period of 2023, primarily due to increased sales volume[43]. - Sales expenses rose by 50.2% to RMB 103.52 million for the six months ended June 30, 2024, driven by investments in online sales channels and new product promotions[45]. - The company reported a total comprehensive loss of RMB (37,665,057.57) for the six months ended June 30, 2024, compared to RMB (17,972,841.81) for the same period in 2023[102]. - The company’s total equity attributable to shareholders decreased to RMB 2,012,517,363.46 from RMB 2,061,084,559.70, a decline of about 2.4%[108]. Product Development and Sales - Sales from the new generation continuous glucose monitoring system, AiDEX X, reached RMB 74.72 million, a significant increase of 245.2% compared to RMB 21.64 million in the first half of 2023[6]. - The core product, Equil patch insulin pump system, is now used in over 1,000 hospitals, with an 18.4% increase in hospital access during the reporting period, maintaining a leading position among domestic insulin pump brands[10]. - The company launched the AiDEX X continuous glucose monitoring system in April 2024, receiving positive feedback from users and medical experts, with over 300,000 cumulative users for both AiDEX and AiDEX X products[10]. - The company has developed 15 types of blood glucose meters and 7 types of test strips in China, with 12 types of blood glucose meters and 6 types of test strips commercialized in overseas markets[26]. - The company is focused on developing new products and optimizing existing ones to provide better clinical outcomes and cost-effective diabetes management tools[64]. Research and Development - Research and development expenses increased to RMB 34.6 million in the first half of 2024, up from RMB 32.0 million in the same period of 2023, due to the introduction of R&D talent and increased clinical trial expenditures[8]. - The company is designing a cloud-based AI-enabled artificial pancreas, integrating advanced analytics tools for personalized blood glucose management[25]. - The company plans to continue investing in product research and development, including the international registration of the new generation continuous glucose monitoring system AiDEX X[63]. - The second-generation Equil insulin pump system is under development, featuring higher waterproof ratings and larger insulin reservoir capacity[19]. Market Expansion and Strategy - The company is focused on enhancing the accessibility of medical products and services for diabetes patients, driving high-quality business development[6]. - The company aims to expand its marketing network and accelerate international market expansion, focusing on cloud-based diabetes management platforms to provide clinical benefits and reduce costs[16]. - The company has expanded its international market presence, with core products marketed in over 30 countries and regions, including recent entry into the Brazilian market[38]. - The company has successfully expanded its market access and product sales in over 80 countries, including Europe, the Middle East, Africa, Asia, and Latin America[62]. - Future outlook includes potential mergers and acquisitions to strengthen market position[87]. Corporate Governance - The company is committed to high standards of corporate governance and has adopted the relevant codes of conduct[71]. - The board believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic planning[68]. - The company has complied with all applicable provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[68]. Cash and Liquidity - As of June 30, 2024, the company had cash reserves of RMB 1.805 billion, indicating a strong liquidity position[8]. - The company's cash and cash equivalents as of June 30, 2024, were RMB 1,805,310,831.60, down from RMB 1,885,880,958.10 as of December 31, 2023[103]. - The company reported a significant increase in accounts payable, which rose to RMB 56,695,103.37 from RMB 33,772,276.03, an increase of approximately 68%[106]. - The company’s retained earnings showed a negative balance of RMB (259,665,189.24) as of June 30, 2024, worsening from RMB (221,930,140.77) at the end of 2023[108]. Shareholder Information - The company holds a total of 421,138,000 issued shares as of June 30, 2024, including 169,235,842 H shares[80]. - Major shareholders include Dr. Zheng Quan, holding 28.27% of domestic shares and 17.79% of H shares[79]. - The company has a significant ownership structure, with Qiming Venture Partners V, L.P. holding 96.99% of QM32 Limited, which owns 11,925,181 H shares and 22,146,766 unlisted foreign shares[97]. Customer Engagement and Support - The company has established a customer operation and maintenance team to enhance after-sales service efficiency and effectiveness[36]. - The company has established a 24/7 customer service hotline to provide consultation and support for its products, enhancing customer satisfaction[60]. - The company launched a public welfare initiative "No Finger Prick, Painless Glucose Monitoring" to raise awareness of diabetes management and provide convenient monitoring solutions[36].

Financial Performance - Revenue for the first half of 2024 reached RMB 150.8 million, an increase of 36.1% compared to RMB 110.8 million in the same period of 2023[2] - Gross profit for the first half of 2024 was RMB 83.8 million, up 45.5% from RMB 57.6 million in the first half of 2023, with a gross margin of 55.6%[3] - Net loss attributable to shareholders for the first half of 2024 was RMB 37.7 million, a 102.2% increase compared to RMB 18.7 million in the same period of 2023[2] - Operating revenue for the six months ended June 30, 2024, was CNY 150,815,673.60, a 36% increase from CNY 110,814,418.81 in the same period of 2023[7] - Net profit for the six months ended June 30, 2024, was CNY (37,735,048.47), compared to CNY (18,661,588.27) in the same period of 2023[7] - Total comprehensive income attributable to owners of the parent for the six months ended June 30, 2024, was CNY (37,665,057.57), compared to CNY (17,972,841.81) in the same period of 2023[9] Sales and Revenue Growth - Sales from the continuous monitoring system amounted to RMB 74.7 million, representing a significant increase of 245.2% from RMB 21.6 million in the first half of 2023[3] - Revenue from the sale of medical devices and consumables reached RMB 148,453,653.35 for the six months ended June 30, 2024, up from RMB 108,548,949.39 in the same period of 2023, representing an increase of approximately 36.7%[19] - Revenue from the domestic market in China was RMB 110,695,273.86, compared to RMB 71,550,081.69 in the previous year, indicating a growth of about 54.7%[20] - Sales of the Continuous Glucose Monitoring System accounted for 49.5% of total revenue, increasing from 19.5% in the previous year, while the Insulin Pump System contributed 26.3%[49] Cost Management and Expenses - The company implemented cost reduction measures, resulting in management expenses decreasing by 12.7% to RMB 19.7 million, with management expenses as a percentage of revenue dropping from 20.4% to 13.1%[3] - The increase in net loss was primarily due to higher sales expenses, which rose by RMB 34.6 million, including costs associated with the launch of AiDEX X and increased e-commerce investments[3] - Research and development expenses increased to RMB 34.6 million, up from RMB 32.0 million for the year ending June 30, 2023, due to the recruitment of key R&D personnel and increased clinical trial expenditures[4] - Operating costs increased by 26.0% to RMB 67.02 million for the six months ended June 30, 2024, compared to RMB 53.2 million in the same period of 2023, primarily due to increased sales volume[50] Product Development and Innovation - The launch of the new generation continuous glucose monitoring system AiDEX X contributed to the revenue growth and increased user acquisition[3] - The company achieved significant advancements in product development, including the approval of the next-generation continuous glucose monitoring system by the National Medical Products Administration, with EU registration obtained[4] - The company is expanding the application scope of its insulin pump system to include children and adolescents with diabetes, having received approvals from the National Medical Products Administration and EU registration[4] - The company is developing a second-generation insulin pump system with enhanced waterproofing and larger insulin reservoir capacity, which will integrate with the closed-loop artificial pancreas system[31] Market Expansion and Strategy - The company is actively expanding its international market presence, with products marketed in over 30 countries and regions, including recent approvals in Brazil[46] - The company plans to expand its marketing network and accelerate international market expansion while enhancing management and operational efficiency[29] - The company is focusing on market expansion and new product development as part of its future strategy[7] - The company aims to increase market share and brand reputation in the diabetes treatment sector, targeting a market of 130 million diabetes patients in China[62] Corporate Governance and Shareholder Engagement - The company aims to strengthen investor confidence and protect shareholder interests through share repurchase initiatives[6] - The board of directors believes that the current arrangement of having the chairman and CEO roles held by the same person ensures consistent leadership and effective strategic planning[68] - The board will continue to review and consider separating the roles of chairman and CEO at an appropriate time[69] - The company has adopted a code of conduct for securities trading by directors and supervisors, confirming compliance during the reporting period[70] Social Responsibility and Community Engagement - The company initiated a public welfare campaign "No Prick Glucose Monitoring" to enhance public awareness of diabetes management and provide more convenient and painless glucose monitoring solutions[4] - The company is committed to fulfilling its social responsibilities and promoting health management[4] - The company has launched a public welfare initiative "No Finger Prick Glucose Monitoring" in collaboration with health organizations to improve public awareness of diabetes management[44] Workforce and Training - The group has a workforce of 750 employees as of June 30, 2024, and provides ongoing training programs to enhance their skills[61] - The company has launched training programs to enhance the professional skills of insulin pump medical personnel, ensuring optimal treatment outcomes[5] Research and Development Focus - The R&D team consists of experts with an average of over 16 years of relevant experience, focusing on interdisciplinary capabilities in biomedical, materials science, and artificial intelligence[41] - The company has established long-term collaborations with key opinion leaders in the industry to guide its R&D process[41] - The company is developing a cloud-based big data diabetes management platform, which is currently in the registration stage[38]

微泰医疗 MICROTECH MEDICAL ® MicroTech Medical (Hangzhou) Co., Ltd. 微泰 醫 療 器 械 ( 杭 州 ) 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) (股份代號：2235) 2023 5.3 目錄 | --- | --- | --- | |-------|------------------------|-------| | | | | | 2 | 公司資料 | | | 4 | 主席報告 | | | 5 | 財務摘要 | | | 6 | 管理層討論與分析 | | | 18 | 董事、監事及高級管理層 | | | 27 | 企業管治報告 | | | 46 | 環境、社會及管治報告 | | | 73 | 董事會報告 | | | 97 | 獨立核數師報告 | | | 103 | 合併資產負債表 | | | 107 | 母公司資產負債表 | | | 111 | 合併利潤表 | | | 113 | 母公司利潤表 | | | 115 | 合併現金流量表 | | | 117 | 母公司現金流量表 | | | 119 | 合併所有者權益變動表 ...

Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 253.23 million, an increase of 45.9% compared to RMB 173.61 million for the fiscal year ending December 31, 2022[5] - Gross profit for the same period was RMB 125.73 million, reflecting a growth of 53.5% from RMB 81.94 million year-over-year[5] - The net loss amounted to RMB 125.02 million, a significant increase of 256.7% compared to a net loss of RMB 35.04 million in the previous year[5] - Basic and diluted loss per share was RMB (0.29), compared to RMB (0.08) in the prior year, representing an increase of 262.5%[5] - For the fiscal year ending December 31, 2023, the company achieved operating revenue of RMB 253.2 million, a 45.9% increase from RMB 173.6 million for the fiscal year ending December 31, 2022[11] - The company's gross profit for the fiscal year was RMB 125.7 million, representing a 53.5% increase from RMB 81.9 million in the previous year, with a gross margin improvement of 2.5 percentage points to 49.7%[11] - The company's total comprehensive income attributable to the parent company for 2023 was CNY 314,512.45 million, a decrease of 25% from CNY 418,703.77 million in 2022[15] - Basic and diluted earnings per share for 2023 were CNY 0.29, compared to CNY 0.08 in 2022, reflecting a significant increase[15] - The total current liabilities amounted to RMB 93,378,700.41, an increase from RMB 79,158,361.69 in the previous year[29] - The company reported a total debt of RMB 97,697,364.85 in 2023, an increase of 18.9% from RMB 82,065,008.22 in 2022[30] - The total non-current liabilities amounted to RMB 4,318,664.44 in 2023, up from RMB 2,906,646.53 in 2022, marking a growth of 48.6%[30] Product Development and Innovation - The company has made significant advancements in product development, including the approval of the AiDEX X continuous glucose monitoring system by the National Medical Products Administration[11] - The company expanded the application range of its products to include pediatric and adolescent diabetes patients, completing clinical trials for several new devices[11] - The company is leveraging AI technology to enhance diabetes management outcomes, which is expected to strengthen its competitive position in the diabetes care market[11] - The new product AiDEX X, a next-generation continuous glucose monitoring system, has received market approval from the National Medical Products Administration and has been submitted for registration in the EU in 2023[47] - The PanCares closed-loop artificial pancreas system automates the treatment and monitoring of diabetes, managing blood glucose levels within normal or near-normal ranges[48] - The company is designing and developing a cloud-based AI-enabled artificial pancreas as part of its closed-loop solution, integrating advanced analytical tools for personalized glucose management[102] - The company is developing a second-generation patch insulin pump system with enhanced waterproofing, larger insulin reservoir capacity, and improved user operation[99] - The company has developed and commercialized 15 types of blood glucose meters and 7 types of test strips in China, and 12 types of blood glucose meters and 6 types of test strips in overseas markets[103] Market Expansion and Sales Strategy - International revenue reached RMB 78.4 million, marking an 85.6% increase from the previous year[7] - The company is actively recruiting sales and training teams to accelerate local market penetration and brand recognition[7] - The company has launched multiple sales channels through e-commerce platforms such as JD.com, Alibaba, and Douyin, receiving several awards including "Annual Best Partner" and "Innovative Marketing Award" from these platforms[24] - The company is actively expanding into emerging markets in Europe, the Middle East, Southeast Asia, and Latin America, focusing on local partnerships and marketing efforts[86] - The company has established a customer maintenance team to enhance post-sales service efficiency and effectiveness, tailoring operational strategies for different disease types and treatment methods[24] - The company has established a 24/7 hotline customer service team to support end-user inquiries and has received accolades for its service quality[131] - The company is closely monitoring trends in cross-border e-commerce and is gradually developing its cross-border e-commerce business[133] Research and Development - Research and development expenses for the fiscal year amounted to RMB 70.1 million, up from RMB 61.1 million in the previous year, primarily due to increased personnel costs and material expenditures[11] - The company has established a post-doctoral research station focused on advancing diabetes treatment technologies[11] - The company has built long-term partnerships with key opinion leaders in the industry to guide its R&D process and meet unmet clinical needs[80] - The company is currently in a rapid development phase, actively investing in product R&D, clinical research, and marketing expansion to improve market position and competitiveness[164] Corporate Governance and Financial Management - The company is committed to ensuring high standards of corporate governance and has adhered to all applicable corporate governance code provisions during the reporting period[167] - The audit committee has reviewed the consolidated annual results for the year ending December 31, 2023, and believes they comply with relevant accounting standards, laws, and regulations[194] - The company has consistently prepared financial statements in accordance with Hong Kong Financial Reporting Standards since its listing on the exchange[192] Future Outlook - The company anticipates maintaining revenue and gross margin levels in 2024, supported by ongoing product development and innovation[11] - The company plans to continue investing in technological innovation and product development, focusing on providing a closed-loop solution for diabetes patients in 2024[134] - The company aims to maintain rapid revenue growth and enhance profitability in 2024[136] - The long-term strategic goal is to become a leading brand in diabetes treatment and monitoring devices, with a focus on expanding into Europe and emerging markets[161]

截至 2023年6月30日,我們已在中國完成一項關鍵性臨床試驗以註冊 Equil 供兒 童及青少年使用。 我們正在開發第二代貼數式胰島素泵系統,其具有尺寸更小、防水級別更高、 能匹配容量更大的胰島素儲藥器及用戶操作便利性更高的特點。我們為第二代 貼敷式胰島素泵配備內部控制演算法,其預計將與我們的持續葡萄糖監測系統 構成我們閉環人工胰腺系統的基礎。 持續葡萄糖監測系統 相較於傳統血糖監測方法,持續葡萄糖監測(臨床通常稱之為動態血糖監測)技 術可提供連續、全面、可靠的全天血糖信息,幫助用戶了解血糖波動的趨勢和 特點,且免除用戶頻繁採血的痛苦。 微泰醫療器械(杭州)股份有限公司 第一年中国级会 10 我們的持續葡萄糖監測系統AiDEX是全球第二款實現商業化免校準、實時持續 葡萄糖監測系統。自推出以來,AiDEX已顯示出相比傳統血糖監測系統產品的各 種優勢,具有實時監測、降低高／低血糖風險及提高對治療方案的依從性(無需 通過常規指血測量)等特點。我們啟動了將AiDEX的適用範圍擴展至兒童及青少 年糖尿病患者的臨床試驗,截至2023年6月30日,已完成該臨床試驗並向國家 藥監局提交註冊申請。 我們利用專有技術開發新一代 ...

| --- | --- | --- | --- | --- | --- | |-------|------------|-------------------------------------------------------------------------------|---------|----------------------------------------------------------|-----------------------------------------------------| | | | | | 截 至 6 月 30 日 \n2023 年 \n（未 經 審 核） | 止 六 個 月 \n2022 年 \n（未 經 審 核） | | | | | 附 註 | 人 民 幣 千 元 | 人 民 幣 千 元 | | | | | | | | | 五、 | 其 他 綜 | 合 收 益 的 稅 後 淨 額 | | 689 | – | | | 歸 屬 於 | 母 公 司 所 有 者 的 其 他 | | | | | | 綜 合 | 收 益 的 稅 後 淨 額 | | 689 | – ...