Market Overview - The Hong Kong market experienced a slight decline, with the Hang Seng Index down by 0.08% amid ongoing U.S.-China trade negotiations focusing on rare earth elements [1] - South Korean and Japanese retail investors have shifted to net sellers of U.S. stocks and ETFs, indicating a potential change in investment sentiment [1] Investment Opportunities - The Norwegian Oil Fund has reduced its allocation to European stocks from 26% to 15% over the past decade, highlighting structural issues in the European capital market [2] - The Chinese market shows potential for capital inflow, with the offshore RMB rising over 100 points and gold stocks like China Gold International and other non-ferrous metal companies gaining traction [2] - Significant investments in the healthcare sector are anticipated, with companies like MicroPort Medical and HeartTech seeing stock increases of over 6% and 3% respectively [2] Infrastructure and Real Estate - Domestic infrastructure projects are gaining momentum, particularly in the central and western regions, with companies like China Liansu seeing stock increases of nearly 6% [3] - New financing avenues for private real estate companies are emerging, as New City Development plans to issue USD bonds worth between $250 million and $300 million, resulting in a stock increase of over 7% [3] Pharmaceutical Sector - Pharmaceutical stocks are experiencing speculation ahead of upcoming talks, with companies like Tigermed and WuXi AppTec seeing strong performance [3] - The demand for AI in pharmaceuticals remains robust, with companies like TSMC reporting a 39.6% year-on-year revenue increase [4] Solid-State Battery Market - The solid-state battery market is gaining traction, with projections indicating a compound annual growth rate of 133% from 2024 to 2030 [5] - Companies like Longpan Technology are benefiting from this trend, with stock increases of over 6% [5] Entertainment Sector - The adaptation of the novel "The Lychee of Chang'an" into a TV series has generated significant interest, leading to stock increases for related companies like Maoyan Entertainment [6] Company Performance - Hansoh Pharmaceutical reported a revenue of 12.261 billion yuan for 2024, a 21.3% increase year-on-year, driven by strong sales in innovative drugs [7] - The company has secured a licensing agreement with Regeneron, indicating high recognition of its product quality in the international market [8]

Group 1 - The medical and pharmaceutical sector continues to perform strongly, with the Hong Kong medical ETF (159366) rising over 2% in early trading, marking a three-day increase [1] - Key stocks such as Kelaiying, Micron Medical, and Zhaoyan Pharmaceutical saw significant gains of 5.90%, 5.47%, and 4.73% respectively, contributing to a cumulative increase of 6.32% in the ETF over the past week [1] - A major policy announcement from the Central Committee and the State Council aims to improve public welfare and healthcare, including the establishment of a drug catalog adjustment mechanism and the promotion of quality healthcare resource sharing [1] Group 2 - Dongwu Securities highlights three factors that suggest 2025 will be a pivotal year for innovative drugs, including the orderly rollout of significant business development (BD) deals, expected profitability for more companies by 2026, and an improving domestic environment for innovative drugs [2] - The Chinese innovative drug market is poised for rapid growth, supported by favorable policies and international expansion, making it a highly promising sub-sector within the pharmaceutical industry [2] - The Hong Kong medical ETF (159366) focuses on unique medical segment leaders, including internet healthcare, CXO, and medical devices, and operates as a pure Hong Kong Stock Connect ETF with T+0 trading support [2]

| 思宇年度活动回顾： 首届全球眼科大会 首届全球骨科大会 首届全球心血管大会 | | --- | | 即将召开： | | 2025年6月12日，首届全球医美科技大会 | | 2025年7月17日，第二届全球医疗科技大会 | | 2025年9月4-5日，第三届全球手术机器人大会 | 心未来 近日， 乐普心泰医疗科技（上海）股份有限公 司（简称" 乐普心泰医疗 "）宣布其自主研发的TAVR产品—— ScienCrown经导管植入式主动脉瓣膜系统 在中 国多家临床中心成功完成了 首批商业化植入手术 。 作为 全球首款具有球扩瓣优势的自膨短瓣产品 ，ScienCrown瓣膜系统凭借其创新设计和临床表现，为治疗主动脉瓣狭窄（AS）患者带来了新的希望。 ScienCrown 经导管植入式主动脉瓣膜系统作为 全球首款且是唯一一款具有球扩瓣优势的自膨短瓣产品 ， 100% 全释放全回收、双入路 ，多项原创设计极大 满足临床实践中亟需解决的痛点，适用于经心脏团队评估后， 需要接受主动脉瓣置换且不适合接受常规 外科手术置 换瓣膜的重度 主动脉瓣狭窄（ AS ） 患者 此次首批植入手术的成功，充分展示了 ScienCrown 瓣 ...

智通财经APP获悉，港股恒生指数涨1.36%，涨297点，报22206点；恒生科技指数涨1.87%。港股早盘成 交1164亿港元。 内房股强势上攻，外资机构看好房地产复苏。花旗集团策略师呼吁投资者增持中国房地产股，因为政策 支持和更好的管理实践预计将提高该行业的盈利能力。金辉控股(09993)飙升逾43%；融信中国(03301) 涨17%；绿城中国（03900）涨5%；旭辉控股(00884)涨7.88%；融创中国（01918）涨4.22%；龙湖集团 （00960）涨6.74%。 AI医疗概念股走高，七部门联合推动AI赋能医药全产业链，机构看好AI医疗产业趋势加速。讯飞医疗 科技(02506)涨7.2%；医渡科技(02158)涨5.35%；晶泰控股(02228)涨4.69%；微创机器人-B(02252)涨 4.07%。 地平线机器人-W(09660)涨超7%，公司与博世达成战略合作 打造博世纵横辅助驾驶升级版。 堃博医疗-B(02216)再涨超14%，本周累计涨幅超95%，核心产品智衡在中国获批上市。 心泰医疗(02291)涨3.88%，公司称控股股东预计销售增长目标存不确定性。 五矿资源(01208)涨逾5% ...

消息面上，医药板块再迎政策利好。4月24日，工业和信息化部等七部门关于印发《医药工业数智化转 型实施方案（2025—2030年）》的通知，方案提出两个阶段的发展目标：到2027年，医药工业数智化转 型取得重要进展，包括突破一批医药工业数智化关键技术，在智能制药设备、检测仪器和制药工业软件 等领域研发推广100款以上高性能产品，建成100个以上数智药械工厂，建设10个以上医药大模型创新平 台、数智技术应用验证与中试平台等。到2030年，规上医药工业企业基本实现数智化转型全覆盖，数智 技术融合创新能力大幅提升，医药工业全链条数据体系进一步完善，医药工业数智化转型生态体系进一 步健全。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 4月25日，港股早盘集体走强，恒生医疗保健指数开盘冲高后回落，相关ETF方面，恒生医疗指数 ETF(159557)截至发稿涨超1%，涨幅暂居同标的首位，溢折率0.61%，盘中溢价交易明显。成分股中， 心泰医疗上涨超6%，晶泰控股上涨超5%，讯飞医疗科技上涨超4%。 国联民生证券认为，2025年医药关注两条核心投资主线：1）高质量创新药 ...

港股开盘，恒生指数开涨2.4%，恒生科技指数开涨3.5%；心泰医疗(02291.HK)复牌后开涨8.28%；泡泡 玛特(09992.HK)开涨4.6%，日前公告称公司2025年一季度收益同比增长165%-170%。 ...

在资金搜寻港股"烟蒂股"的背景下，"母凭子贵"的投资逻辑可能引发更多基金经理关注。 继上周五基金重仓股绿叶制药的子公司博安生物单日暴涨66%后，4月22日，南方、汇添富等A股基金所 重仓的乐普医疗，同样迎来港股子公司心泰医疗"一日飞升"，截至收盘，该股涨幅仍高达47%。 业内人士判断，港股医药医疗赛道"烟蒂股"持续被挖掘，显示出增量资金回流港股市场的新趋势。与此同 时，公募一季度报告显示，多只医疗QDII基金大幅减持美股医疗器械股，并更换为A股和港股的医药资 产，甚至出现以出海为操作特点的QDII基金，已将产品的第一大仓位变成A股股票的现象。 医药赛道"烟蒂股"又爆发 4月22日，公募基金重仓股乐普医疗在港股上市的控股子公司，收盘暴涨47%。此前该股的日成交额已严 重缩量到不足300万港元，而这种基金重仓股旗下的控股资产在股票市场的暴涨现象，正频频出现在近期 港股"烟蒂股"资产大爆发的趋势中。 值得一提的是，按照当前公募基金经理对相关资产的持仓策略，大多采取直接持有母公司的策略。例如， 多位基金经理买入微创医疗，但甚少买入其控制的子上市公司微创机器人；在绿叶制药的持仓策略上，基 金经理同样对绿叶制药的持仓覆盖 ...

Financial Performance - The company reported a consolidated revenue of HK$1.2 billion for the fiscal year 2024, representing a year-on-year increase of 15%[1]. - Lepu Medical Technology reported a revenue increase of 15% year-over-year for the last fiscal year, reaching RMB 1.2 billion[10]. - For the year ended December 31, 2024, the Company achieved revenue of RMB471.6 million, representing a year-on-year increase of 44.4% from 2023[57]. - Revenue from CHD occluder products grew by 6.8% from RMB230.2 million in 2023 to RMB245.9 million in 2024, representing 70.4% and 52.2% of total revenue, respectively[106]. - Revenue from pathway products increased by 22.1% from RMB66.5 million in 2023 to RMB81.3 million in 2024, accounting for 20.4% and 17.2% of total revenue, respectively[107]. - Revenue from PFO and LAA occluder products surged by 396.6% from RMB29.0 million in 2023 to RMB143.9 million in 2024, representing 8.9% and 30.5% of total revenue, respectively[110]. - Net profit attributable to shareholders of the parent company increased by 62.2% from RMB151.4 million for the year ended December 31, 2023, to RMB245.6 million for the year ended December 31, 2024[26]. - The company achieved a net profit margin of 20%, reflecting strong operational efficiency and cost management[10]. User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users by the end of the fiscal year[1]. - User data indicated a 25% growth in the number of active users of Lepu's medical devices, totaling 500,000 users[10]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - Lepu Medical plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[10]. Research and Development - Investment in R&D increased by 30%, focusing on innovative medical technologies and product enhancements[1]. - The company is investing RMB 200 million in R&D for new medical technologies, including advancements in transcatheter valve replacement systems[10]. - The company launched seven new products in the past year, enhancing its product pipeline in the structural heart disease sector[35]. - The company is actively working on new product development, including biodegradable LAA delivery systems, which are in the preparation stage for registration materials[53]. Product Development and Innovation - The company introduced two new products in the cardiovascular segment, which are anticipated to contribute an additional HK$200 million in revenue next year[1]. - Lepu Medical's new product line, including the TMVR system, is expected to launch in Q3 2024, aiming to capture a significant share of the minimally invasive surgery market[10]. - The company has successfully commercialized multiple occluder products, including MemoPart® ASD occluder (double-rivet), MemoPart® VSD occluder (double-rivet), and MemoPart® PDA occluder (double-rivet)[47]. - The company is preparing for the initiation of overseas clinical trials for MemoSorb® fully-degradable occluder systems[47]. Sustainability Initiatives - Future guidance includes a commitment to sustainability initiatives, with a target of reducing carbon emissions by 25% over the next five years[1]. - Lepu Medical is committed to sustainability initiatives, aiming to reduce its carbon footprint by 15% over the next three years[10]. Financial Management and Cost Control - The gross profit margin improved to 60%, up from 55% in the previous year, due to cost optimization measures[1]. - The company aims to reduce operational costs by 15% through efficiency improvements and automation[1]. - Operating costs rose by 26.9% from RMB37.5 million in 2023 to RMB47.6 million in 2024[115]. - Labor costs rose by 39.7% from RMB10.9 million in 2023 to RMB15.2 million in 2024, driven by increased output and sales volume[120]. Leadership and Management - Ms. Chen has been serving as the Executive Director and General Manager since January 29, 2021, and has been with the Group since December 2011[182]. - Ms. Zhang has been a Director since January 29, 2021, and was appointed as Deputy General Manager and Chief Technology Officer on May 28, 2021[184]. - The Group's management team has a diverse background in both engineering and business, enhancing its strategic decision-making[190]. - The leadership team has a strong track record in both domestic and international markets, positioning the company for future growth[190].

Financial Performance - Revenue increased by 44.4% from RMB 326.6 million for the year ended December 31, 2023, to RMB 471.6 million for the year ended December 31, 2024[3]. - Gross profit rose by 46.7% from RMB 289.1 million for the year ended December 31, 2023, to RMB 424.0 million for the year ended December 31, 2024[3]. - Net profit attributable to shareholders increased by 62.2% from RMB 151.4 million for the year ended December 31, 2023, to RMB 245.6 million for the year ended December 31, 2024[3]. - The net cash flow from operating activities was RMB 222.5 million, up 35.5% from the previous year[8]. - The total assets of the group amounted to RMB 2,083.0 million, reflecting a 4.8% increase from the beginning of the year[8]. - The net assets of the group were RMB 1,997.0 million, which is a 3.7% increase from the beginning of the year[8]. - Operating profit for 2024 was RMB 286,135,584.69, up 65.9% from RMB 172,327,097.00 in 2023[69]. - The total comprehensive income attributable to the parent company for the year ended December 31, 2024, was RMB 245,559,893.33, compared to RMB 151,378,805.98 for the previous year, representing an increase of approximately 62%[72]. - Basic and diluted earnings per share for the year were both RMB 0.71, up from RMB 0.44 in the previous year, indicating a growth of approximately 61.36%[72]. Research and Development - Research and development expenses decreased by 6.6% from RMB 62.1 million for the year ended December 31, 2023, to RMB 58.0 million for the year ended December 31, 2024[3]. - The company has a total of 29 commercialized products and 28 products in various stages of research and development[5]. - The company is focusing on biodegradable medical devices and exploring advanced fields such as cardiac mechanical circulatory support[5]. - The company is engaged in the research and development of biological valves for heart disease treatment, indicating ongoing innovation in its product offerings[73]. - The company is focusing on the development of vascular closure devices, with significant market potential in China as no products have been approved yet[22]. Product Development and Market Strategy - The company aims to provide safe, efficient, innovative, and comprehensive medical solutions in the cardiac intervention device industry[5]. - The company has 4 products under registration review and preparation, with several others in clinical trials[6]. - The biodegradable oval foramen occluder has generated sales revenue close to one-third of the total revenue, highlighting its market success[11]. - Two innovative products targeting aortic dissection and abdominal aortic aneurysm are entering clinical trials, representing significant advancements in the company's product offerings[12]. - The company is developing a transcatheter aortic valve system for patients with isolated aortic regurgitation, with clinical trials planned to start by the end of 2025 after successful animal testing[13]. - The company has entered the mechanical circulatory support (MCS) device market, with various products in preclinical and clinical testing stages, aiming to provide optimal medical solutions for patients[15]. - The company aims to continue developing innovative medical solutions for structural heart disease, focusing on core technologies and product development[18]. - The company is positioned to leverage its first-mover advantage and superior product characteristics to capture significant market potential in the high-growth, low-penetration domestic market[19]. Financial Management and Expenses - Operating costs rose by 26.9% from RMB 37.5 million for the year ending December 31, 2023, to RMB 47.6 million for the year ending December 31, 2024[31]. - Sales expenses surged by 56.8% from RMB 45.4 million for the year ending December 31, 2023, to RMB 71.1 million for the year ending December 31, 2024[38]. - Management expenses decreased by 15.4% from RMB 42.1 million for the year ending December 31, 2023, to RMB 35.6 million for the year ending December 31, 2024[39]. - Financial expenses improved from RMB -8.7 million for the year ending December 31, 2023, to RMB -23.9 million for the year ending December 31, 2024, reflecting an increase in interest income[41]. - Income tax expense increased by 87.1% from RMB 21.7 million for the year ended December 31, 2023, to RMB 40.5 million for the year ending December 31, 2024, primarily due to increased taxable income from business performance growth[43]. Market Presence and Future Outlook - The company plans to enhance its marketing team and expand its sales network in China to improve brand recognition and service capabilities[23]. - The company aims to increase the market penetration of existing products and establish a good reputation for Chinese brands in the global market[24]. - The global market for mechanical circulatory support (MCS) is expected to grow at a compound annual growth rate of over 10%, reaching approximately USD 3.4 billion by 2025[21]. - The company plans to fully utilize the net proceeds from the global offering by December 31, 2027, subject to business needs and market conditions[115]. Corporate Governance and Compliance - The company has adopted the Corporate Governance Code as its own governance code and has complied with its provisions during the reporting period, with some deviations noted[117]. - The company confirmed compliance with the Standard Code for securities trading by directors and supervisors during the reporting period[118]. - The Audit Committee, consisting of two independent non-executive directors and one non-executive director, reviewed the consolidated financial statements for the year ending December 31, 2024[120].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[1]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 15% to 1.38 billion RMB[1]. - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the reporting period, representing a 25% year-over-year growth[11]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 30% and aiming to reach RMB 1.56 billion[13]. - For the six months ended June 30, 2024, the company achieved revenue of RMB 249.1 million, representing a period-on-period increase of 49.7% from the same period in 2023[62]. - Net profit attributable to shareholders for the same period was RMB 140.2 million, reflecting an increase of 85.6% compared to the previous year[62]. - The interim results for the six months ended June 30, 2024, reflect significant growth in both revenue and net profit, indicating strong market performance[20]. - The total profit for the six months ended June 30, 2024, was RMB 164,137,210.86, compared to RMB 87,108,001.98 in the same period of 2023, representing an increase of approximately 88.5%[198]. User Growth and Market Expansion - User data indicates a growth in active users, reaching 500,000, which is a 40% increase compared to the previous period[1]. - Market expansion efforts include entering two new international markets, which are projected to generate 300 million RMB in additional revenue[1]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the fiscal year[15]. Product Development and Innovation - New product launches are expected to contribute an additional 200 million RMB in revenue over the next six months[1]. - Ongoing research and development efforts have led to the advancement of two new medical technologies, expected to be commercialized by Q3 2024[11]. - The company is focusing on the development of biodegradable medical devices, successfully implementing degradability based on traditional metal medical devices[24]. - The MemoSorb® biodegradable ASD occluder has obtained NMPA registration, indicating progress in the commercialization of biodegradable products[50]. - The company is actively pursuing clinical trials for its biodegradable left atrial appendage occluder, indicating a commitment to innovative solutions[52]. - The company has a robust pipeline with products at various stages, including 4 under registration review and several in clinical trials, showcasing its growth potential[24]. Financial Management and Cost Control - The management highlighted a focus on improving operational efficiency, aiming for a 5% reduction in costs by the end of the fiscal year[1]. - The gross margin improved to 60%, up from 55% in the previous year, indicating better cost management[13]. - The company continues to focus on cost management, as evidenced by the reduction in R&D expenses while achieving higher revenue and profit margins[20]. - Research and development expenses decreased by 21.3% from RMB 27.6 million for the six months ended June 30, 2023, to RMB 21.7 million for the six months ended June 30, 2024[20]. Strategic Acquisitions and Investments - The company is considering strategic acquisitions to enhance its product portfolio and market presence[1]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of up to USD 50 million allocated for this purpose[12]. - The company plans to fully utilize the net proceeds by December 31, 2027, subject to changes based on evolving business needs[169]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the reporting period, except for the separation of the roles of chairman and CEO[171]. - The board structure includes one executive director, three non-executive directors, and three independent non-executive directors, ensuring a balance of power[171]. - The audit committee has reviewed the unaudited interim financial information for the six months ended June 30, 2024, ensuring compliance with accounting standards[181]. Cash Flow and Liquidity - The company believes its liquidity requirements will be satisfied through cash flows generated from operating activities and funds raised from capital markets[125]. - As of June 30, 2024, total assets were RMB 2,149.5 million, up 8.2% from the beginning of the reporting period[62]. - Total cash and cash equivalents decreased by 10.5% from RMB 1,212.0 million as of December 31, 2023, to RMB 1,084.2 million as of June 30, 2024, primarily due to cash used in investing activities[126]. Employee and Operational Metrics - The company had 239 full-time employees as of June 30, 2024, up from 219 as of December 31, 2023[136]. - The total staff costs for the six months ended June 30, 2024, amounted to approximately RMB 52.1 million, including capitalized staff costs of approximately RMB 9.1 million[136].