FF301 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: 樂普心泰醫療科技（上海）股份有限公司 (「本公司」) 呈交日期: 2025年12月4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) | 02291 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 346,749,997 | RMB | | 1 RMB | | 346,749,997 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 346,749,997 | RMB | | 1 RMB | | 346,749,997 | 本月底法定/註冊股本總額： ...

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 FF301 | 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) | 02291 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 346,749,997 | RMB | | 1 RMB | | 346,749,997 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 346,749,997 | RMB | | 1 RMB | | 346,749,997 | 本月底法定/註冊股本總額： RMB 346,749,997 備註： 因本公司是於中華人民共和國註冊成立，「法定股本」之概念不適用於本公司。於I節中所示的資料是指本公司的「註冊股本」。 ...

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 a leader in congenital heart disease interventional medical devices in China, with steady profit growth from its biodegradable technology and a new growth curve from heart valve products, which are expected to significantly enhance profits over the next 1-5 years [1][2]. Investment Highlights - The company is rated "Outperform" with a target price of 26.62 CNY / 28.94 HKD based on a cautious approach using both PE and PB valuation methods, predicting EPS for 2025-2027 to be 0.89, 1.15, and 1.45 CNY respectively [1]. - For the first half of 2025, the company achieved revenue of 330 million CNY, a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 182 million CNY, up 29.8% year-on-year [1]. Industry Insights - The concept of "interventional without implantation" is gaining traction, with biodegradable occluders being highly favored, as they reduce long-term complications and offer significant clinical advantages over metal occluders [2]. - The heart valve treatment market in China is entering a harvest phase, with a projected CAGR of 69.8% from 2021 to 2025, indicating substantial market potential [2]. - The company's ScienCrown transcatheter aortic valve system, as the world's first self-expanding short valve with balloon expansion advantages, achieved over 40 million CNY in sales within six months, suggesting strong growth potential as commercialization progresses [2].

Group 1 - The core viewpoint of the report is that Xintai Medical (02291) is rated "outperform" with a target price of 26.62 CNY / 28.94 HKD, based on its comprehensive product layout and strong development in new business segments [1] - The company achieved a revenue of 330 million CNY in H1 2025, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 182 million CNY, with a year-on-year increase of 29.8% [1] - Xintai Medical is a leader in congenital heart disease interventional medical devices in China, with traditional business benefiting from biodegradable technology and the introduction of heart valve products as a second growth curve [1] Group 2 - The penetration rate of cardiac valve interventional surgeries in China is low, indicating significant market potential, with a projected CAGR of 69.8% from 2021 to 2025 [2] - The ScienCrown transcatheter aortic valve system, as the world's first self-expanding short valve with balloon expansion advantages, achieved over 40 million CNY in sales within six months [2] - The sales growth of this product is expected to accelerate as the commercialization process deepens [2]

Core Viewpoint - Haitong International initiates coverage on Xintai Medical (02291) with an "outperform" rating, projecting EPS for 2025-2027 at 0.89/1.15/1.45 CNY, and sets a target price of 26.62 CNY/28.94 HKD based on a cautious approach considering the company's product layout and recent business developments [1] Company Summary - Xintai Medical achieved a revenue of 330 million CNY in H1 2025, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 182 million CNY, up 29.8% year-on-year [1] - The company is a leader in congenital heart disease interventional medical devices in China, with traditional business benefiting from biodegradable technology, leading to steady profit growth [1] - Xintai Medical is advancing the "interventional without implantation" concept, with its biodegradable occluders being highly favored, which is seen as a necessary trend in the development of structural heart interventional occluders [1] Industry Summary - The penetration rate of cardiac valve interventional surgeries in China is low, indicating significant market potential, with a projected CAGR of 69.8% from 2021 to 2025 [2] - The ScienCrown transcatheter aortic valve system, as the world's first self-expanding short valve with balloon expansion advantages, achieved over 40 million CNY in sales within six months through a differentiated approach [2] - The sales growth of this product is expected to accelerate as the commercialization process deepens [2]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3]. Core Insights - The company is a leader in congenital heart disease interventional medical devices in China, with a strong existing product pipeline and significant growth potential in both traditional biodegradable products and new heart valve products [1][2]. - The company achieved a revenue of 330 million RMB in H1 2025, representing a year-on-year growth of 32.4%, and a net profit of 182 million RMB, up 29.8% [3][9]. Financial Summary - Projected total revenue for 2024A is 472 million RMB, with a growth rate of 45%, and expected to reach 1.231 billion RMB by 2027E, with a growth rate of 28% [3]. - The net profit is forecasted to grow from 246 million RMB in 2024A to 503 million RMB in 2027E, with a CAGR of 26% [3]. - The company’s PE ratio is projected to decrease from 24.54 in 2024A to 14.07 in 2027E, indicating improving valuation metrics over time [3]. Business Segments - The company has a robust product portfolio with 30 marketed products and 28 in various stages of development, focusing on congenital heart disease, stroke, and valve disease [8][15]. - The biodegradable occluder products are gaining popularity due to their clinical advantages over metal devices, reducing long-term complications [3][12]. - The heart valve segment is expected to become a significant growth driver, with the market for transcatheter aortic valve replacement (TAVR) projected to grow at a CAGR of 52% from 2021 to 2025 [3][4]. Market Potential - The congenital heart disease occluder market in China is expected to grow at a CAGR of 11.5%, reaching 659 million RMB by 2025 [25][30]. - The overall interventional medical device market for structural heart diseases is projected to reach 10.4 billion RMB in China by 2025, with a CAGR of 51% from 2021 to 2025 [22][24]. Competitive Position - The company holds a 38% market share in the congenital heart disease occluder market in China, indicating a strong competitive position against both domestic and international manufacturers [30][34]. - The company is well-positioned to capitalize on the growing demand for minimally invasive procedures, which are increasingly replacing traditional surgical methods [18][19].

FF301 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: 樂普心泰醫療科技（上海）股份有限公司 (「本公司」) 呈交日期: 2025年10月8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) | 02291 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 346,749,997 | RMB | | | 1 RMB | | 346,749,997 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 346,749,997 | RMB | | | 1 RMB | | 346,749,997 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 500 million RMB for the first half of 2025, representing a 25% year-over-year growth[1]. - The company reported a revenue of RMB 500 million for the first half of 2025, representing a 20% increase compared to the same period last year[31]. - Revenue increased by 32.4% from RMB249.1 million for the six months ended June 30, 2024 to RMB329.7 million for the six months ended June 30, 2025[34]. - Net profit attributable to shareholders of the parent company increased by 29.8% from RMB140.2 million for the six months ended June 30, 2024 to RMB182.0 million for the six months ended June 30, 2025[34]. - The Group achieved revenue of RMB 329.7 million for the six months ending June 30, 2025, representing a year-on-year growth of 32.4% compared to the same period in 2024[59]. - Net profit attributable to shareholders for the same period was RMB 182.0 million, reflecting a year-on-year increase of 29.8%[59]. - Net cash flows generated from operating activities for the six months ended June 30, 2025, were RMB 166.8 million, representing a significant increase of 61.2% from the previous year[56]. - Total cash and cash equivalents increased by 17.8% from RMB1,121.3 million as of December 31, 2024 to RMB1,321.1 million as of June 30, 2025, primarily due to net cash generated from operating activities of RMB166.8 million[154]. User Growth and Market Expansion - User data showed an increase in active users, reaching 1.2 million, which is a 15% increase compared to the previous period[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2026[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2026[31]. Product Development and Innovation - New product development includes a cutting-edge medical device expected to enter the market by Q4 2025, with anticipated sales of 100 million RMB in the first year[1]. - Investment in R&D increased by 30% year-over-year, focusing on innovative medical technologies such as TAVR and TMVR systems[31]. - The company has invested 50 million RMB in R&D for innovative technologies aimed at improving patient outcomes[1]. - The company has launched two new products in the first half of 2025, contributing to 15% of total revenue[31]. - The company is exploring new fields such as heart valves and mechanical circulatory support, aiming to provide innovative medical solutions[36]. - The company continues to expand its product offerings in the medical technology sector, focusing on innovative solutions for cardiovascular treatments[53]. Financial Management and Cost Control - The gross margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[1]. - The gross margin improved to 60%, up from 55% in the previous year, due to cost optimization strategies[31]. - Operating costs increased by 102.2% from RMB22.4 million for the six months ended June 30, 2024, to RMB45.4 million for the six months ended June 30, 2025[116]. - Labor costs increased by 37.0% from RMB5.8 million for the six months ended June 30, 2024, to RMB8.0 million for the six months ended June 30, 2025[125]. - Administrative expenses decreased by 20.7% from RMB18.4 million for the six months ended June 30, 2024, to RMB14.6 million for the six months ended June 30, 2025[140]. Strategic Initiatives - A strategic acquisition of a local competitor is in progress, which is expected to enhance the company's product portfolio and increase market penetration[1]. - A strategic acquisition of a local medical technology firm is anticipated to enhance product offerings and distribution channels[31]. - The company plans to enhance its digital marketing efforts, allocating an additional 20 million RMB to increase brand awareness and customer engagement[1]. - The management emphasized a commitment to sustainability, aiming to reduce operational carbon emissions by 30% by 2027[1]. Clinical Trials and Partnerships - The company has established partnerships with three major hospitals to facilitate clinical trials for new technologies[31]. - The company is in the clinical preparation stage for a thrombus protection device and has products in mass clinical trials, such as the vascular closure device system[48][50]. - The vascular closure device system is in clinical trial stage, with over half of the clinical progress completed, and is expected to submit for registration in Q1 2026[80]. Market Trends and Opportunities - The global market for mechanical circulatory support (MCS) devices is expected to grow at a compound annual growth rate of over 10%, reaching approximately USD 3.4 billion by 2025, presenting significant market opportunities for the company[94]. - The company is developing vascular closure devices, with a significant market growth expected in the PRC, particularly for aortic valve intervention technology[95]. Sustainability and Corporate Governance - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[189]. - As of June 30, 2025, the company had no outstanding balance of borrowings or unutilized banking facilities[155]. - The gearing ratio increased to 13.4% as of June 30, 2025, from 4.1% as of December 31, 2024[184].

FF301 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8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: 樂普心泰醫療科技（上海）股份有限公司 (「本公司」) 呈交日期: 2025年9月4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) | 02291 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 346,749,997 | | 0 | | 346,749,997 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 346,749,997 | | 0 | | 346,749,997 | 第 2 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | ...