Group 1: Copper and Aluminum Inventory Changes - Copper inventory stands at 102,500 tons, reflecting an increase of 5,100 tons [1] - Aluminum inventory totals 384,350 tons, with an increase of 13,200 tons [1] Group 2: Nickel Inventory Changes - Nickel inventory is recorded at 202,620 tons, showing a slight increase of 150 tons [2]

Summary of LME Non-Ferrous Metal Inventory Report Core Insights - The London Metal Exchange (LME) reported changes in non-ferrous metal inventories, indicating fluctuations in supply levels across various metals [1] Inventory Changes - Copper inventory increased by 5,100 tons, totaling 102,500 tons [1] - Aluminum inventory rose by 13,200 tons, reaching 384,350 tons [1] - Nickel inventory saw a slight increase of 150 tons, totaling 202,620 tons [1] - Zinc inventory decreased by 2,100 tons, now at 108,500 tons [1] - Lead inventory declined by 1,900 tons, totaling 258,075 tons [1] - Tin inventory reduced by 100 tons, now at 1,985 tons [1]

Core Viewpoint - Qiming Medical-B (02500) reported a significant decline in revenue and continued losses in its 2024 annual report, indicating ongoing challenges in the micro-invasive medical device market for heart valve diseases [3]. Financial Performance - The company achieved total revenue of 509 million yuan, a year-on-year decrease of 30.51% [3]. - The net profit attributable to shareholders was a loss of 714 million yuan, compared to a loss of 704 million yuan in the same period last year [3]. - The net cash flow from operating activities was 23.739 million yuan, an improvement from a negative 610 million yuan in the previous year [3]. - Basic earnings per share were -1.63 yuan, with a weighted average return on equity of -27.5%, down 6.11 percentage points from the previous year [3][23]. Valuation Metrics - As of April 29, the price-to-book ratio (TTM) for Qiming Medical-B was approximately 0.47 times, and the price-to-sales ratio (TTM) was about 2.23 times [3]. Revenue Composition - In 2024, the revenue from medical device sales was 470.8 million yuan, with the VenusA series products contributing 409.7 million yuan and VenusP-Valve contributing 76.4 million yuan [17][19]. Cash Flow Analysis - The net cash flow from financing activities was -487 million yuan, a decrease of 313 million yuan year-on-year [27]. - The net cash flow from investment activities was -19.898 million yuan, compared to -347 million yuan in the previous year [27]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 67.11%, while goodwill increased by 1.49% [36]. - Short-term borrowings decreased by 96.17%, while long-term borrowings increased by 6.64% [39]. - The current ratio was 2.22, and the quick ratio was 1.95 [42].

Financial Performance - In 2024, the company achieved a total revenue of RMB 470 million, with a stable gross margin of 78.1%[9] - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 470.833 million, a decrease of 4.2% compared to RMB 491.373 million in 2023[16] - The company recorded a pre-tax loss of RMB 740.713 million, slightly higher than the loss of RMB 735.340 million in 2023[16] - The net loss attributable to the parent company was RMB 714.307 million, compared to RMB 703.754 million in the previous year, indicating a marginal increase in losses[16] - The gross profit for the same period was RMB 367.746 million, down from RMB 389.205 million in 2023, reflecting a decline of 5.5%[16] - The company's commercialization profit margin increased from 9.3% for the year ended December 31, 2023, to 20.7% for the year ended December 31, 2024, enhancing overall profitability and long-term value creation[45] - The company's sales cost for the year ended December 31, 2024, was RMB 103.1 million, an increase of 0.9% from RMB 102.2 million for the year ended December 31, 2023[54] - The group's gross profit decreased by 5.5% from RMB 389.2 million for the year ended December 31, 2023, to RMB 367.7 million for the year ended December 31, 2024[55] - Other income and gains fell by 84.1% from RMB 241.6 million for the year ended December 31, 2023, to RMB 38.5 million for the year ended December 31, 2024, due to the absence of fair value adjustments related to the acquisition of Nuo Cheng[56] Revenue Sources and Market Expansion - The company's international revenue reached RMB 82.5 million, a year-on-year increase of 13.5%, with overseas revenue accounting for 17.5% of total revenue[10] - Overseas revenue reached RMB 82.5 million, representing a year-on-year growth of 13.5%, with international revenue contributing 17.5% of total sales[22] - The company expanded its product coverage to 13 new countries, bringing the total to nearly 70 countries and regions[10] - The company has covered over 650 hospitals and participated in over 90 third-party conferences, hosting more than 100 self-organized meetings, reaching over 5,500 experts with a total viewership of 2 million[47] - VenusA series products accounted for 80.7% of total revenue for the year ended December 31, 2024, while VenusP-Valve contributed 18.5%[53] Research and Development - The company has established a product pipeline consisting of ten innovative devices targeting heart valve diseases, with four TAVR products already commercialized[23] - The company has invested RMB 341.2 million and RMB 524.9 million in R&D for the years ending December 31, 2024, and December 31, 2023, respectively[40] - Clinical trials for new products such as Venus-PowerX and Venus-Vitae are progressing steadily, with positive feedback from international experts[21] - Key clinical trials for Venus-PowerX and Venus-Vitae have commenced, marking significant milestones in product development[11] - VenusP-Valve has successfully enrolled patients in the IDE critical clinical trial in the U.S., further validating its safety and effectiveness[12] Clinical Trials and Product Development - Cardiovalve's European clinical research has progressed smoothly, with nearly 120 cases enrolled, demonstrating excellent safety and efficacy[12] - Cardiovalve's clinical trials are progressing steadily, with nearly 120 patients enrolled in the Target CE European pivotal clinical trial across over 30 renowned cardiovascular centers in Germany, Italy, Spain, the UK, and Canada[37] - 93.7% of patients experienced a reduction in tricuspid regurgitation to mild or less after treatment with Cardiovalve, demonstrating its safety and efficacy[37] - VenusA-Deluxe received NMPA approval in November 2024, enhancing the delivery system and reducing valve folding rates during loading[27] - VenusP-Valve's 5-year follow-up data showed zero patient deaths or reoperations, with 94% of patients classified as NYHA I/II post-surgery[29] Governance and Internal Control - The company is undergoing internal control and governance improvements, aiming to meet the resumption conditions by March 12, 2025[13] - The company has established a strengthened internal audit and compliance department to oversee compliance and internal control implementation, reporting directly to the audit committee[116] - A management committee consisting of three directors has been formed to supervise the internal control functions of the group[116] - The company has implemented a risk management framework to ensure transparency and performance in risk management across all departments[117] - The audit committee oversees the overall risk management related to the company's operations, ensuring alignment with corporate goals[113] Strategic Outlook and Challenges - The company plans to optimize market strategies and continue commercializing its R&D pipeline to ensure long-term stable growth[13] - The company aims to maintain stability and growth while maximizing shareholder value through regular review and management of its capital structure[85] - The company is facing challenges due to a complex external environment, including geopolitical uncertainties and high federal fund rates, while maintaining its leading position in the domestic structural heart disease industry[99] - The company is restructuring its product pipeline based on cash flow and prioritizing clinical progress while exploring overseas product models[100] - The company may face significant risks related to product development, including potential future losses and the impact of regulatory approvals on commercialization[101] Management and Corporate Governance - The company has appointed new supervisory board members to strengthen governance and oversight[145][146] - The management team includes experienced professionals with extensive backgrounds in finance and compliance, enhancing corporate governance[149][150] - The company has confirmed the independence of all independent non-executive directors as of December 31, 2024[182] - The company has not proposed any service contracts with directors or supervisors that could be terminated without compensation within one year[176] - The company has not made any payments to third parties for obtaining director services as of December 31, 2024[179] Environmental and Social Responsibility - The company aims to minimize its environmental impact by reducing its carbon footprint and managing hazardous materials responsibly[156] - The company has a commitment to sustainable and environmentally friendly practices as part of its corporate social responsibility[156] - The board emphasizes compliance with environmental laws and regulations, with no significant adverse events reported during the reporting period[156] Shareholder Information - As of December 31, 2024, the total issued share capital of the company is 441,011,443 shares, including 441,010,235 H shares and 1,208 non-listed foreign shares[187] - Major shareholders include Mr. Zeng Min with 33,651,618 H shares, representing 7.63% of the total share capital[188] - The company has no related party transactions requiring independent shareholder approval or annual audit compliance[185] - The board has decided not to declare a final dividend for the year ending December 31, 2024[194]

Summary of LME Non-Ferrous Metal Inventory Report Core Insights - The London Metal Exchange (LME) reported changes in non-ferrous metal inventories, indicating fluctuations in supply levels across various metals [1] Inventory Changes - Copper inventory stands at 202,500 tons, with a decrease of 300 tons [1] - Aluminum inventory is at 417,575 tons, down by 2,000 tons [1] - Nickel inventory has increased to 201,564 tons, with an addition of 138 tons [1] - Zinc inventory is recorded at 177,550 tons, showing a reduction of 1,775 tons [1] - Lead inventory is at 267,275 tons, down by 3,750 tons [1] - Tin inventory totals 2,665 tons, with a decrease of 180 tons [1]

Group 1 - The National Medical Products Administration (NMPA) is seeking public opinion on measures to optimize the lifecycle regulation to support the innovation of high-end medical devices [1] - The NMPA plans to strengthen standardization to lead innovation, including the rapid release of standards for medical exoskeleton robots and radioactive nuclide imaging devices [1] - A total of 308 medical device products were approved for registration by the NMPA in March 2025, including 248 domestic Class III medical devices and 34 imported Class III medical devices [1] Group 2 - Huatai Securities believes that the policy for medical equipment updates will gradually stimulate demand in the medical device sector, benefiting leading companies [1] - The equipment update policy is expected to last for three years and may expand to other areas such as endoscopy, leading to a recovery in hospital procurement [1] - The medical device market is anticipated to see a sustained recovery as previously suppressed demand is gradually released [1] Group 3 - Related companies in the medical device industry chain listed in Hong Kong include Qiming Medical-B (02500), Aikang Medical (01789), MicroPort Scientific Corporation-B (02252), Peijia Medical-B (09996), MicroPort Medical (00853), Kunbo Medical-B (02216), and Yimai Sunshine (02522) [2]

报名：首届全球眼科大会 | 议程更新 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 心未来 2025年3月30日， 启明医疗 发布截至2024年12月31日止年度业绩公告。 # 财报数据 # 关于启明 医疗 启明医疗 是中国领先的心脏瓣膜微创介入治疗领域龙头企业，成立于2009年，总部位于杭州国家高新技术产 业开发区。公司专注于 结构性心脏病领域创新医疗器械的开发及商业化， 产品涵盖主动脉瓣、肺动脉瓣、二 尖瓣、三尖瓣等心脏瓣膜疾病，以及高血压肾动脉去交感神经消融术和手术配套产品等完整管线。 2024年公司实现营收 4.71亿 元，同比 下降4.2% 。 收入下降主要由于产品单价小幅下降及市场竞争加剧 所致。其中，主瓣产品VenusA系列实现收入3.80亿元，同比下降7.3%；肺瓣产品VenusP-Valve收入0.87 亿元，同比增长14.0%。经计算，公司H2实现收入2.20亿元，同比增长6.4%。 分地区来看， 2024年公司中国大陆实现收入3.88亿元， 同比下滑7.3%；海外地区实现收入0.83亿元，同 比增长13.5%，海外 ...

Core Viewpoint - The company reported a revenue of RMB 471 million for the fiscal year ending December 31, 2024, while focusing on the structural heart disease sector and enhancing its clinical development pipeline [1] Group 1: Financial Performance - The company achieved a revenue of RMB 471 million during the reporting period [1] Group 2: Product Development and Clinical Trials - The company has established a product pipeline consisting of ten innovative devices targeting heart valve diseases, with a focus on interventional treatments [2] - The product lineup includes four commercialized TAVR products and one TPVR product, along with two catheter-based surgical accessories [2] - Clinical trials are ongoing for new generation TAVR products and innovative devices that can be used for both TMVR and TTVR [2] Group 3: Clinical Milestones - The company has made significant progress in global clinical research projects, achieving multiple important milestones [1] - The first self-expanding TAVR product, Venus-PowerX, and the first balloon-expandable TAVR product, Venus-Vitae, have commenced clinical trials [1] - The Cardiovalve product has shown excellent safety and efficacy in key clinical studies in Europe, receiving positive feedback from overseas experts [1]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 470,833,000, a decrease of 4.2% compared to RMB 491,373,000 in 2023[3] - Gross profit for the same period was RMB 367,746,000, down 5.5% from RMB 389,205,000 in 2023[3] - The company reported a net loss of RMB 717,373,000 for the year, a slight improvement of 1.6% compared to a loss of RMB 729,056,000 in 2023[3] - Non-IFRS commercial profit increased significantly by 112.6% to RMB 97,670,000, with a commercial profit margin of 20.7% compared to 9.3% in the previous year[3] - The company reported an adjusted non-IFRS EBITDA loss of RMB 253,671,000, an improvement of 45.6% compared to a loss of RMB 465,959,000 in 2023[3] - Other income decreased to RMB 33,999 thousand in 2024 from RMB 57,427 thousand in 2023, a decline of 40.7%[27] - The group reported a pre-tax loss attributable to equity holders of RMB 714,307,000 in 2024, compared to a loss of RMB 703,754,000 in 2023, indicating a slight increase in losses[41] - The company recognized a full impairment loss of RMB 73.6 million on its investment in Opus, reflecting significant uncertainty regarding its ongoing viability[101] - The impairment loss on intangible assets was fully recognized at RMB 62.0 million, compared to RMB 15.8 million in 2023, reducing the carrying amount to zero[103] - The net impairment loss on financial assets increased to RMB 21.4 million, up from a reversal of RMB 2.2 million in 2023, primarily due to provisions for other receivables[106] Research and Development - Research and development expenses decreased to RMB 341,185,000 from RMB 524,915,000, reflecting a reduction of 35%[6] - The company invested RMB 341.2 million and RMB 524.9 million in R&D for the years ending December 31, 2024, and December 31, 2023, respectively[74] - Research and development costs for the year ended December 31, 2024, were RMB 341.2 million, a reduction of 35.0% from RMB 524.9 million in the previous year[95] - The company is focused on optimizing its R&D pipeline to enhance efficiency and accelerate clinical progress in core areas[49] - The company has established three R&D centers in Hangzhou, Israel, and California to enhance global collaboration and innovation efficiency[72] Market Expansion and Product Development - The company plans to focus on market expansion and new product development to drive future growth[2] - The company has established a product pipeline consisting of ten innovative devices targeting heart valve diseases, including four commercialized TAVR products and several in clinical trials[52] - The company aims to continuously innovate and meet the growing demands of patients through the application of new technologies and materials[48] - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[160] - The company plans to expand its market presence in the United States and Europe, targeting a 25% increase in market share by 2025[160] Financial Position and Liquidity - The company’s cash and cash equivalents decreased to RMB 298,036,000 from RMB 774,396,000, indicating a significant reduction in liquidity[10] - Total non-current assets decreased to RMB 2,447,290,000 from RMB 2,805,647,000, a decline of 12.7%[10] - Total current liabilities decreased significantly to RMB 361,749 thousand from RMB 805,168 thousand in 2023, a reduction of 55.1%[24] - The company reported a total asset net value of RMB 440,731 thousand, down from RMB 802,899 thousand in 2023, a decrease of 45%[24] - The total borrowings of the group as of December 31, 2024, were RMB 283.0 million, down from RMB 705.9 million as of December 31, 2023[120] - The capital debt ratio as of December 31, 2024, was 16.7%, a decrease from 28.3% as of December 31, 2023[120] - The net current assets of the group as of December 31, 2024, were RMB 440.7 million, a decrease of 45.1% from RMB 802.9 million as of December 31, 2023[121] Corporate Governance and Compliance - The company is committed to maintaining compliance with corporate governance codes and has adhered to all mandatory provisions during the reporting period[137] - The audit committee has reviewed the financial information for the year ending December 31, 2024, and discussed internal controls and financial reporting matters with the independent auditor[145] - The company has not engaged in the purchase, sale, or redemption of any of its listed securities during the year ending December 31, 2024[139] Employee and Operational Changes - As of December 31, 2024, the company has a total of 691 employees, down from 865 employees as of December 31, 2023[132] - The company is implementing cost reduction and efficiency enhancement measures to significantly reduce losses in its valve membrane business[136] Future Outlook - The company plans to focus on its core heart valve business and has begun to divest from the healthcare industry park project due to changes in the real estate market[104] - The group anticipates increased cash flow from operations due to the growth of existing commercial product sales and the launch of new products[119] - The company aims to achieve a 30% reduction in production costs through new manufacturing technologies by 2024[160]

医疗器械的历史，是科技突破与医学进步交织的史诗。从公元前3400年战国时期的青铜"砭镰"，到18世纪的 手工骨锯、19世纪首台听诊器，再到20世纪人工心脏瓣膜等高精尖器械。这也是一场跨越世纪的产业角逐。 21世纪，全球医疗器械产业迈入高端化、全球化、资本化的新阶段。中国的医疗器械企业正在试图打破欧美 企业的长期垄断，但这也对自身组织能力、技术创新提出了更高要求。 在这场产业角逐中，启明医疗是如何选择产品赛道、制定国际化策略，并在企业治理层面优化自身，以适应全 球竞争的？ 思宇根据林总的访谈撰写本文给业内参考。毕竟，在医疗科技创新加速发展的今天，启明医疗的 探索不仅关乎自身的成长，也折射出整个中国医疗器械行业的未来趋势。 # 启明医疗的产品管线：创新、突破与聚焦 "从主动脉瓣到肺动脉瓣，再到二尖瓣、三尖瓣，我们的产品布局并非偶然，而是基于技术、专利和市场准入 的综合考量。"林浩昇在访谈中回忆道，"这些瓣膜治疗方案在技术上存在高度协同，适用于同一类手术体 系。当第一个产品成功落地并形成规模后，我们顺理成章地进行下一步的拓展。" 启明医疗的产品线布局，经历了 从单一主动脉瓣膜的突破到"四瓣一体"的协同，从国内市场主 ...