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10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: 微泰醫療器械（杭州）股份有限公司 (於中華人民共和國注冊成立) 呈交日期: 2025年11月5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) | 02235 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 169,175,842 | RMB | | 1 RMB | | 169,175,842 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 169,175,842 | RMB | | 1 RMB | | 169,175,842 | | 2. 股份分類 | 普通股 ...

Group 1: Heart Disease Medical Devices - Haitong International maintains an "outperform" rating for Xintai Medical, with a target price of HKD 28.94, highlighting its leadership in congenital heart disease intervention devices and a projected revenue growth of 32.4% year-on-year for H1 2025 [1] Group 2: Express Delivery Services - CITIC Securities maintains a "buy" rating for Jitu Express, noting a 23.1% year-on-year increase in parcel volume in Q3, with Southeast Asia's growth rate reaching 78.7%, driven by cost and efficiency advantages [2] - Shenwan Hongyuan also maintains an "accumulate" rating for Jitu Express, reporting a market share increase to 32.8% and a recovery in domestic express delivery prices, despite a downward revision in profit forecasts [3] Group 3: Healthcare and Medical Services - CITIC Jiantou maintains a "buy" rating for China Resources Medical, indicating that while H1 2025 performance may be pressured by declining average medical insurance fees, the company holds a solid regional leadership position [4] - CITIC Jiantou also maintains a "buy" rating for Weitai Medical, projecting a 63.1% year-on-year revenue growth for H1 2025, with significant narrowing of losses and potential for breakeven by year-end [5] Group 4: Consumer Goods and Retail - Guosen Securities maintains an "outperform" rating for Shangmei Co., with a target price of HKD 120.9, emphasizing strong growth in net profit at a compound annual growth rate of 130% from 2022 to 2024 [6] - Huaxin Securities maintains an "accumulate" rating for Nayuki Tea, benefiting from demand catalyzed by Meituan's delivery subsidies and seasonal effects, with improved profitability through product innovation [7] - Huaxin Securities also maintains a "buy" rating for Wugu Mofang, reporting a 14% revenue growth and an 18% net profit increase for H1 2025, driven by strong performance in offline channels [8] Group 5: Food and Beverage - Guangda Securities maintains an "accumulate" rating for Xiaocaiyuan, noting its position as a leading casual dining chain with a customer price range of HKD 50-70, and plans to expand to 1,000 stores by the end of 2026 [10] - Xibu Securities initiates coverage on China Resources Beverages with an "accumulate" rating and a target price of HKD 15, highlighting a market share of 32.7% and improvements in gross margin through increased self-production [11]

Core Viewpoint - The company is experiencing rapid growth in its performance for the first half of 2025, with significant narrowing of losses, primarily driven by the rapid expansion of CGM products both domestically and internationally [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 246 million yuan, a year-on-year increase of 63.1%, and a net loss attributable to the parent company of 2.29 million yuan, a year-on-year reduction of 93.9% [2][4] - The revenue growth is mainly attributed to the strong performance of CGM products, which generated 143 million yuan, a year-on-year increase of 91.5%, accounting for 58.2% of total revenue [2][4] - The gross profit for the first half of 2025 was 127 million yuan, with a gross margin of 51.7%, slightly down from 53.4% in the previous year due to increased raw material costs [4] Product Development and Market Expansion - The company’s international business generated 121 million yuan in revenue, a year-on-year increase of 218.0%, with products sold in 118 countries and regions [2][3] - The core product, LinX continuous glucose monitoring system, has successfully entered the healthcare insurance systems of multiple European countries [2][3] - The company has received approval from the National Medical Products Administration for its core product, Equil patch insulin pump, to expand its indications to children and adolescents aged 3-17 years [1][4] Research and Development - The company is making steady progress in its R&D pipeline, with clinical trials for AiDEX X continuous glucose monitoring system for pregnant women completed [3] - The company is actively exploring AI applications in the CGM field through internal team formation and collaborations with leading research institutions [3] Future Outlook - The company expects continued rapid revenue growth in the second half of 2025, driven by the ongoing expansion of CGM products in both online and offline markets [4] - The company aims to achieve breakeven by the end of the year, with stable gross margins and further optimization of expense ratios through automation and cost reduction measures [4][6] - Revenue projections for 2025-2027 are 531 million yuan, 789 million yuan, and 1.066 billion yuan, with corresponding year-on-year growth rates of 53.78%, 48.53%, and 35.00% [6]

Core Viewpoint - The report from CITIC Construction Investment maintains a "Buy" rating for MicroTech Medical-B (02235), forecasting significant revenue and profit growth from 2025 to 2027, driven by the rapid expansion of Continuous Glucose Monitoring (CGM) products both domestically and internationally [1][2] Group 1: Financial Projections - Revenue projections for MicroTech Medical-B are expected to reach 5.31 billion, 7.89 billion, and 10.66 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 53.78%, 48.53%, and 35.00% respectively [1] - The company's net profit attributable to shareholders is forecasted to be 0.03 billion, 0.43 billion, and 0.93 billion yuan for the same years, with staggering growth rates of 103.99%, 1618.91%, and 115.63% respectively [1] - The price-to-sales (PS) ratios for 2025, 2026, and 2027 are projected to be 6.24, 4.20, and 3.11 times respectively based on the closing price on October 13, 2025 [1] Group 2: Market Dynamics - The company experienced significant growth in the first half of 2025, with a substantial reduction in losses, primarily due to the rapid market penetration of CGM products [1] - The domestic market is expected to continue its growth trend through a combination of online e-commerce and offline hospital sales, while the second-generation CGM has entered multiple European countries' healthcare systems, indicating a large potential for market share expansion [1] - The approval of the core product, Equil patch insulin pump, for use in children and adolescents aged 3-17 years is anticipated to contribute to structural growth in the second half of the year [1] Group 3: Long-term Outlook - In the short term, the company is expected to maintain high revenue growth driven by the ongoing expansion of CGM products in both domestic and international markets, with a potential to achieve breakeven for the year [2] - In the medium to long term, the company holds a unique position as the only domestic firm with both patch insulin pumps and non-calibrated CGM products, providing a significant product portfolio advantage [2] - The upcoming launch of second-generation insulin pumps, artificial pancreas systems, and advancements in AI are expected to solidify the company's global leadership in diabetes management and open up long-term growth opportunities [2]

截至月份: 2025年9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: 微泰醫療器械（杭州）股份有限公司 (於中華人民共和國注冊成立) 呈交日期: 2025年10月6日 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 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) | 02235 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 169,235,842 | RMB | | | 1 RMB | | 169,235,842 | | 增加 / 減少 (-) | | | -60,000 | | | | RMB | | -60,000 | | 本月底結存 | | | 169,175,842 | RMB | | | 1 RMB ...

Financial Performance - For the first half of 2025, the company reported revenue of RMB 245.93 million, a 63.1% increase compared to RMB 150.82 million in the same period of 2024[5]. - Gross profit for the first half of 2025 was RMB 127.04 million, up 57.7% from RMB 80.56 million in the first half of 2024[6]. - The net loss for the first half of 2025 was RMB 2.29 million, a significant reduction of 93.9% from a loss of RMB 37.74 million in the first half of 2024[6]. - Operating costs increased by 69.2% to RMB 118.89 million for the six months ending June 30, 2025, compared to RMB 70.25 million in 2024, mainly due to rising material costs associated with increased sales[34]. - The company reported a total comprehensive loss of RMB 2,296,654.12 for the six months ended June 30, 2025, compared to a loss of RMB 37,665,057.57 in the same period of 2024[107]. - The company’s financial expenses improved, showing a net financial income of RMB 22,673,423.70 for the six months ended June 30, 2025, compared to a loss of RMB 35,102,512.56 in the same period of 2024[105]. - The company reported a net loss of RMB -287,341,067.32 in retained earnings as of June 30, 2025, slightly worsening from RMB -285,048,379.75 at the end of 2024[111]. Sales and Market Expansion - The company achieved international revenue of RMB 121.29 million in the first half of 2025, representing a 218.0% increase from RMB 38.14 million in the same period of 2024[11]. - The continuous glucose monitoring system generated RMB 143.11 million in sales, a 91.5% increase from RMB 74.72 million in the first half of 2024[6]. - The company expanded its product reach to over 2,500 hospitals domestically and sold products to 118 countries globally[9]. - The company plans to enhance its continuous glucose monitoring system's commercialization capabilities, utilizing 7% of the net proceeds, approximately RMB 107.34 million[69]. - The company is actively pursuing market expansion strategies, targeting entry into three new international markets by the end of 2025[147]. Product Development and Innovation - The company has developed a comprehensive product portfolio for diabetes management, including continuous glucose monitoring systems and insulin pump systems, with 21 medical device registrations in China and 60 overseas[15]. - The core product, Equil, is a patch insulin pump that has received regulatory approval for adult use in 2017 and is now under registration for pediatric use and a second-generation model[17]. - The AiDEX continuous glucose monitoring system, launched in 2021, is the second commercialized system globally that offers real-time monitoring without calibration, with expanded approval for children in 2024[18]. - The company has submitted registration applications for the AiDEX X system, which features a smaller design and improved performance, with approvals received in 2024[19]. - The company is enhancing its diabetes management paradigm through an innovative model combining devices, algorithms, and cloud platforms, focusing on smart hardware technology and personalized treatment solutions[56]. Research and Development - The company has established a strong R&D platform with an interdisciplinary team averaging over 17 years of experience, focusing on diabetes monitoring and treatment devices[26]. - Research and development expenses decreased by 5.7% to RMB 32.57 million for the six months ending June 30, 2025, from RMB 34.55 million in 2024, due to reduced phase-specific investments[38]. - The company has invested RMB 50 million in R&D for new technologies aimed at improving diabetes management solutions[147]. Cash Flow and Financial Position - Cash reserves as of June 30, 2025, stood at RMB 1.716 billion, indicating strong liquidity[7]. - As of June 30, 2025, the company had cash resources of RMB 1.716 billion, a 1.1% increase from RMB 1.697 billion as of December 31, 2024, sufficient to meet operational needs[42]. - The total liabilities reached RMB 238,366,025.44 as of June 30, 2025, compared to RMB 171,722,463.18 at the end of 2024, marking an increase of about 38.7%[111]. - The company's cash and cash equivalents decreased to RMB 227,668,890.49 by June 30, 2025, down from RMB 500,341,142.43 at the end of 2024, a decline of approximately 54.5%[115]. Corporate Governance and Shareholder Information - The board of directors believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic planning[60]. - The board will continue to review corporate governance practices and may consider separating the roles of chairman and CEO in the future[62]. - Major shareholder Chen Fei holds 24,776,804 domestic shares, representing approximately 11.90% of the relevant shares[76]. - The company has not disclosed any changes in the information of directors, supervisors, and senior management during the reporting period[70]. Employee Incentives and Management - The company has established two employee incentive platforms holding a total of 11,575,363 H-shares and 23,154,199 domestic shares[98]. - The management has introduced a new employee incentive program to enhance productivity, with an expected impact of increasing operational efficiency by 10%[147]. - The reward shares granted under the H-share plan do not require any payment from the selected employees[94]. Future Outlook - The company has set a future outlook with a revenue target of RMB 1 billion for the full year 2025, indicating a 20% increase compared to 2024[147]. - A strategic acquisition of a local competitor is anticipated to enhance the company's market position and is projected to contribute an additional RMB 100 million in revenue annually[147]. - The company plans to enhance its online sales platform, aiming for a 30% increase in e-commerce revenue by the end of 2025[147].

Core Viewpoint - Weitai Medical-B (02235) announced the cancellation of 60,000 repurchased shares on September 26, 2025 [1] Company Summary - The company is taking steps to manage its share capital by canceling repurchased shares, which may indicate a strategy to enhance shareholder value [1]

Core Viewpoint - MicroTech Medical-B (02235) announced the cancellation of 60,000 repurchased shares on September 26, 2025 [1] Company Summary - The company is taking steps to manage its share structure by canceling repurchased shares, which may impact its overall share count and potentially influence shareholder value [1]

Group 1 - The company, MicroTech Medical-B (02235.HK), announced the cancellation of a total of 60,000 shares repurchased on March 28, 2024, and April 9, 2024, effective September 26, 2025 [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 第 1 頁 共 5 頁 v 1.3.0 公司名稱： 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) 呈交日期： 2025年9月26日 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 02235 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | 已發行股份（不包 ...