Financial Performance - In 2021, Venus Medtech reported revenue of RMB 415.862 million, a significant increase of 50.7% compared to RMB 276.047 million in 2020[21]. - The gross profit for 2021 was RMB 324.344 million, up 42.7% from RMB 227.280 million in 2020[21]. - The company experienced a pre-tax loss of RMB 377.555 million in 2021, which is an increase in loss compared to RMB 185.843 million in 2020[21]. - VenusA-Valve and VenusA-Plus sales revenue reached RMB 405.3 million for the year ending December 31, 2021, an increase of 49% compared to RMB 272.0 million for the year ending December 31, 2020[30]. - Other income and gains for the year ended December 31, 2021, amounted to RMB 307.1 million, an increase of 159.5% compared to RMB 118.2 million for the year ended December 31, 2020[65]. - Sales and distribution expenses for the year ended December 31, 2021, were RMB 216.1 million, up 60.5% from RMB 134.6 million for the year ended December 31, 2020[66]. - Research and development costs for the year ended December 31, 2021, were RMB 258.3 million, a 54.4% increase from RMB 167.3 million for the year ended December 31, 2020[67]. - Administrative expenses for the year ended December 31, 2021, were RMB 128.6 million, up 23.5% from RMB 104.1 million for the year ended December 31, 2020[70]. - The adjusted net loss for the year ended December 31, 2021, was RMB 371.4 million, compared to an adjusted net loss of RMB 173.9 million for the year ended December 31, 2020[77]. Product Development and Innovation - The company has established a product pipeline consisting of 14 innovative devices, including two marketed TAVR products, VenusA-Valve and VenusA-Plus[25]. - VenusA-Valve, the first TAVR device approved by NMPA in China, has been implanted in over 9,000 cases, demonstrating its safety and efficacy[28]. - VenusA-Plus, launched in November 2020, is the first recoverable TAVR product in China, enhancing procedural ease and reducing learning curves for surgeons[28]. - The company plans to focus on developing new materials, biomimetic technologies, imaging integration, and digital sensing to expand its product offerings[24]. - The company has developed proprietary anti-calcification processing technology to enhance the durability of its TAVR products[35]. - The company is advancing its clinical trials for VenusA-Pro and VenusP-Valve, with NMPA approval pending for both products[27]. - VenusP-Valve is expected to meet the needs of over 85% of patients without the need for stents or balloon dilation[32]. - The company has initiated a training program for engineers between China and Israel to foster innovation talent for long-term development[47]. Market Expansion and Acquisitions - Venus Medtech completed the acquisition of Cardiovalve on January 26, 2022, enhancing its market presence in the mitral and tricuspid valve disease segments[9]. - The company aims to expand its international strategy, with the commercialization of VenusP-Valve in the EU in 2022[9]. - The company has successfully registered VenusA-Valve in Southeast Asia and Latin America, including Thailand, Colombia, and Brazil[28]. - The company aims to enhance its market presence through strategic acquisitions and partnerships with leading technology firms[24]. - Cardiovalve acquisition completed for $266 million, enhancing the company's product portfolio in treating mitral and tricuspid regurgitation[37]. - The company plans to accelerate clinical development and registration of Cardiovalve in the Chinese market following the acquisition[37]. Financial Position and Assets - Total non-current assets amounted to 1,669,835 million, while total current assets reached 3,439,622 million, indicating a strong asset base[22]. - The total liabilities were 208,534 million for current liabilities and 269,079 million for non-current liabilities, reflecting a manageable debt level[22]. - The total equity of the company stands at 4,631,844 million, indicating a solid financial position for future growth[22]. - As of December 31, 2021, the group's cash and cash equivalents amounted to RMB 2,955.2 million, representing a 9.1% increase from RMB 2,708.2 million as of December 31, 2020[81]. - The group's net current assets as of December 31, 2021, were RMB 3,231.1 million, an increase of 9.3% from RMB 2,954.9 million as of December 31, 2020[83]. Risks and Challenges - The company acknowledges the uncertainty in successfully developing and marketing its products, including Cardiovalve and TriGUARD3[38][41]. - The company has incurred net losses since its establishment and may continue to do so in the foreseeable future, posing a high risk for potential investors[102]. - Future growth is largely dependent on the success of the company's research and development products, with significant delays in clinical development or regulatory approval potentially causing substantial business harm[102]. - The company faces strict regulatory oversight in all critical aspects of product research, development, and commercialization, with delays in obtaining necessary approvals severely impacting revenue generation capabilities[103]. - The complexity of product manufacturing and strict quality control measures mean that any issues with suppliers or logistics could adversely affect the business[106]. - The company may struggle to protect its intellectual property, which is crucial for maintaining competitive advantages in the market[106]. - The company's reputation and profitability could be significantly affected if its products are associated with serious adverse events[105]. Corporate Governance and Management - The company emphasizes the importance of independent directors in corporate governance and strategic decision-making[134]. - The management team has extensive industry experience, with key executives having over 18 years of experience in the medical device sector[120]. - The board includes members with diverse backgrounds in law, finance, and healthcare, enhancing its strategic capabilities[134]. - The company has established collaborations for clinical development, but there is a risk of not realizing the expected benefits from these partnerships[108]. - The company actively participates in major cardiology conferences in China to provide training on TAVR and TPVR procedures, showcasing product innovations[151]. Research and Development - Research and development expenses for the years ended December 31, 2020, and December 31, 2021, were RMB 167.3 million and RMB 258.3 million, respectively, indicating a year-over-year increase of 54.3%[48]. - The company’s R&D centers are located in Hangzhou, Israel, and California, emphasizing its commitment to global R&D innovation[46]. - The company is focused on the development and commercialization of TMVR and TPVR products, including VenusA-Valve and VenusP-Valve[122]. Shareholder Information - The total issued share capital of the company as of December 31, 2021, is 441,011,443 shares, including 441,010,235 H shares and 1,208 non-listed foreign shares[179]. - The company has a significant presence of institutional investors, with multiple entities holding substantial stakes in H shares[176]. - The company’s major shareholders include both domestic and international investment firms, indicating a diversified ownership structure[176]. - The company reported a total issued share capital of 441,011,443 shares as of December 31, 2021, including 441,010,235 H shares and 1,208 non-listed foreign shares[184].

Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 239.27 million, representing a 134% increase compared to RMB 102.05 million for the same period in 2020[8]. - Gross profit for the same period was RMB 188.09 million, up 121% from RMB 85.09 million year-on-year[8]. - Loss before tax increased to RMB 117.21 million, a 169% increase from RMB 43.53 million in the previous year[8]. - The net loss for the period was RMB 117.22 million, compared to RMB 43.54 million in the same period last year, marking a 169% increase[8]. - The company reported a basic and diluted loss per share of RMB 0.26, compared to RMB 0.11 in the same period last year, reflecting a 136% increase in loss per share[8]. - The group reported a loss attributable to ordinary shareholders of RMB 113,063,000 for the six months ended June 30, 2021, compared to a loss of RMB 43,524,000 for the same period in 2020[136]. - The company incurred a net loss of RMB 117.22 million for the six months ended June 30, 2021, compared to a net loss of RMB 43.54 million in the prior year, reflecting a deterioration in profitability[105]. - The company's accumulated losses reached RMB 608,258,000 as of June 30, 2021, compared to RMB 564,734,000 at the end of 2020[110]. Research and Development - The company has a pipeline of ten self-developed medical devices, including two marketed TAVR products and several in various stages of clinical trials and registration[10]. - The company aims to focus on new materials, bionics, imaging fusion technology, and digital sensing in future product development[9]. - Research and development expenses were RMB 67.6 million and RMB 104.3 million for the six months ending June 30, 2020, and June 30, 2021, respectively, indicating a significant increase in investment[27]. - The company is advancing its R&D efforts, with plans to enter clinical trials for new products such as the Vitae balloon-expandable valve and the PowerX self-expanding valve in the second half of 2021 and the first half of 2022, respectively[65]. - The company is developing multiple TTVR devices for tricuspid regurgitation (TR), with several in preclinical or early clinical trial stages, expanding treatment options for high-risk patients[21]. - The company is focused on expanding its market presence through innovative minimally invasive procedures like TAVR and TMVR[170]. - The ongoing development of the TPVR technology reflects the company's commitment to addressing unmet medical needs in cardiac care[170]. Product Development and Market Expansion - The VenusA-Valve and VenusA-Plus TAVR products have received approvals in multiple countries, including Colombia, Brazil, and Thailand[12]. - The company is preparing for the registration phase of the VenusA-Pro TAVR product and is entering first-in-man (FIM) trials for Venus PowerX and Venus Vitae[12]. - The company is in the pre-clinical stage for Venus PowerX Valve, a third-generation self-expanding TAVR device, expected to enter clinical trials in China in the first half of 2022[19]. - Venus Vitae Valve, another third-generation TAVR device, has completed animal trials and is anticipated to enter clinical trials in the second half of 2021[19]. - The company has registered VenusA-Valve in Southeast Asia and Latin America, including countries like the Philippines, Thailand, Colombia, and Brazil[13]. - The market outlook for TAVR treatment is promising, with an expected increase in AS patients receiving TAVR therapy due to expanded indications[14]. - The company plans to launch the VenusP-Valve product in the EU, with established distribution channels in Germany, Belgium, the Netherlands, Canada, the UK, and Ireland[68]. Sales and Revenue - The sales revenue for VenusA-Valve and VenusA-Plus for the six months ending June 30, 2021, was RMB 234.7 million, an increase of 131.0% compared to RMB 101.6 million for the same period in 2020[17]. - Sales from VenusA-Valve and VenusA-Plus accounted for 98.1% of total revenue, with VenusA-Valve generating RMB 234.7 million and VenusA-Plus contributing significantly to growth[37]. - As of June 30, 2021, the total surgical implant volume for VenusA-Valve and VenusA-Plus reached approximately 1,900 units, covering around 300 hospitals, with VenusA-Plus accounting for over 20% of the surgeries[15]. - The company has conducted over 6,000 surgeries with its first-generation TAVR product, VenusA-Valve, and increased its hospital coverage to 300, adding 51 hospitals compared to the end of 2020[62]. - The sales of VenusA-Plus are showing rapid growth, with one-year clinical follow-up data indicating a low incidence of complications[62]. Financial Position and Assets - The group's cash and cash equivalents increased by 32.2% to RMB 3,579.8 million as of June 30, 2021, from RMB 2,708.2 million as of December 31, 2020[51]. - The group's net current assets increased by 31.4% to RMB 3,882.4 million as of June 30, 2021, from RMB 2,954.9 million as of December 31, 2020[53]. - The total non-current assets as of June 30, 2021, amounted to RMB 1,089.85 million, an increase from RMB 957.79 million at the end of 2020[106]. - The company reported a net cash increase of RMB 886,001,000 for the six months ended June 30, 2021, compared to a net cash decrease of RMB 451,238,000 in the same period of 2020[doc id='113']. - The total capital expenditure for the six months ended June 30, 2021, was approximately RMB 165.3 million, allocated to investments in an associate, financial assets, property, plant and equipment, equity investments, and intangible assets[56]. Corporate Governance and Compliance - The company has adopted and applied the corporate governance code as per the listing rules, complying with all mandatory provisions during the reporting period[81]. - The audit committee reviewed the interim financial performance for the six months ending June 30, 2021, ensuring compliance with relevant accounting standards[84]. - There were no significant litigation or arbitration matters during the reporting period[85]. - The company has not granted any rights to directors or supervisors to benefit from purchasing shares or debt securities[75]. Strategic Partnerships and Collaborations - The company established a joint venture with Healium Medical Ltd for the development of a new generation renal denervation (RDN) device, enhancing treatment for uncontrolled hypertension[25]. - The company has entered into collaborations to introduce innovative technologies, including a partnership with Endoluminal Sciences for active anti-paravalvular leak technology[30]. - The company is exploring strategic partnerships to enhance its product development and market reach[171]. Future Outlook - The company plans to continue expanding in both the Chinese and global markets through internal development, mergers, and acquisitions, supported by various financing channels including internal funds and bank loans[60]. - Future guidance indicates a strong focus on expanding the product pipeline and increasing market penetration in the coming years[171].

Financial Performance - The company's total revenue for the year reached RMB 276 million, representing an 18.3% year-over-year growth, with a 38.3% increase in the second half of the year[5]. - In 2020, the company reported revenue of RMB 276,047,000, an increase of 18.3% from RMB 233,272,000 in 2019[13]. - For the fiscal year ending December 31, 2020, the company's total revenue was RMB 276.0 million, an increase of 18.3% from RMB 233.3 million in the previous year[53]. - VenusA-Valve sales revenue reached RMB 272.0 million for the year ended December 31, 2020, an increase of 17.2% compared to RMB 232.1 million for the year ended December 31, 2019[25]. - The gross profit for 2020 was RMB 227,280,000, representing a gross margin of approximately 82.2%[13]. - The group's gross profit increased by 16.7% from RMB 194.7 million in the year ended December 31, 2019, to RMB 227.3 million in the year ended December 31, 2020[57]. - Other income and gains rose significantly by 667.5% to RMB 118.2 million for the year ended December 31, 2020, compared to RMB 15.4 million for the year ended December 31, 2019, mainly due to increased government project subsidies and higher interest income[58]. - The adjusted net loss for the year ended December 31, 2020, was RMB 173.868 million, a decrease from RMB 235.473 million in 2019, representing a 26.2% improvement[69]. Product Development and Innovation - The second-generation artificial valve system, VenusA-Plus, was approved for market launch, becoming China's first artificial valve system with a recapturable feature, enhancing surgical safety[6]. - The self-expanding pulmonary valve product, VenusP-Valve, is in the final stage of CE certification and is preparing for clinical registration in the U.S.[10]. - The company has two TAVR products currently on the market and several others in various stages of development, including one product in the pre-registration phase[19]. - The company is conducting preclinical studies for VenusA-Pro Valve, which aims to improve control over valve deployment and recapturability[33]. - The design phase for Venus PowerX Valve is currently underway, focusing on self-expanding technology and improved safety and efficacy for patients[34]. - The company is also developing Venus Vitae Valve, which utilizes balloon-expandable technology for treating severe aortic stenosis[37]. - The company plans to commercialize VenusP-Valve and other products in China, leveraging its experience from the successful commercialization of VenusA-Valve[93]. - The company plans to expand its pipeline in structural heart disease, covering all four heart valves and investing in technological innovation to enhance competitiveness[99]. Market Expansion and Strategic Partnerships - The company aims to enhance its international presence, with products and sales networks expanding rapidly across global markets[10]. - The company is actively seeking strategic partners globally, collaborating with Opus Medical Therapies, LLC and Pi-Cardia Ltd. for innovative device development[9]. - The company plans to expand its market presence in China and globally through internal development, mergers, and acquisitions, supported by sufficient bank credit facilities[87]. - The company intends to expand its market share in North America, the EU, and emerging markets, benefiting from higher healthcare spending levels in these regions[96]. - The company plans to leverage existing brands like TriGUARD3 to enter the US and EU markets, with clinical trials and registration applications ongoing[97]. Operational Efficiency and Cost Management - The company has established a strong R&D platform with capabilities in development, production, and commercialization of catheter-based heart valve products[47]. - The internal sales team focuses on academic marketing to promote TAVR products and increase market penetration in China[51]. - Sales and distribution expenses increased by 8.0% to RMB 134.6 million for the year ended December 31, 2020, from RMB 124.6 million in the previous year, aligning with the increase in sales revenue[59]. - Administrative expenses decreased by 47.3% to RMB 104.1 million for the year ended December 31, 2020, compared to RMB 197.6 million in the previous year, primarily due to the absence of significant prior year expenses related to employee incentives and listing fees[62]. - The company aims to enhance its corporate governance and compliance measures, ensuring alignment with industry standards and regulations[151]. Risk Management and Compliance - The company emphasizes the importance of risk management and internal control, with the audit committee overseeing significant risks and management's handling of these risks[121]. - The company faces significant risks related to product development, regulatory approvals, and potential delays in commercialization[101]. - Regulatory approvals are critical for the commercialization of in-development products, and delays could severely impact revenue generation capabilities[104]. - The company is required to pay taxes on global income in China, which may affect dividend payments and shareholder returns[117]. - The company has established a dedicated intellectual property department to assist in the registration and analysis of intellectual property rights[126]. Employee and Stakeholder Engagement - The company provides various incentives and benefits to attract and retain quality employees, including competitive compensation and training programs[185]. - The company has a commitment to continuous education and training for its employees to enhance their skills and knowledge[185]. - The company recognizes the importance of maintaining strong relationships with various stakeholders, including employees and business partners, for sustainable development[185].

日 信明医疗 杭州啓明醫療器械股份有限公司 Venus Medtech (Hangzhou) Inc. (於中華人民共和國註冊成立的股份有限公司) 股份代號：2500 2020 中期報告 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|----------------------------------|-------|-------|-------| | | | | | 目錄 | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | 公司資料 | | | | | | | | 3 | 財 務 摘 要 | | | | | | | | 4 | 管理層討論與分析 | | | | | | | | 23 | 企業管治 及 其他資料 | | | | | | | | 37 | 中期簡明綜合損益及其他全面收益表 | | | | | | | | 39 | 中期簡明綜合財務狀況表 | | | | | | | | 41 | 中期簡明綜合權益變動表 | | | | ...

Financial Performance - In 2019, Venus Medtech generated revenue of RMB 233.3 million, a 102.5% increase from RMB 115.3 million in 2018[8]. - The gross profit for 2019 was RMB 194.7 million, compared to RMB 99.0 million in 2018, reflecting a significant growth in profitability[8]. - The company reported a pre-tax loss of RMB 381.5 million in 2019, an increase from RMB 299.6 million in 2018[8]. - Total revenue for the year ended December 31, 2019, was RMB 233.3 million, an increase of 102.3% from RMB 115.3 million for the year ended December 31, 2018[28]. - Sales of VenusA-Valve accounted for 99.5% of total revenue in 2019, up from 98.6% in 2018[29]. - Cost of sales for the year ended December 31, 2019, was RMB 38.6 million, an increase of 135.4% from RMB 16.4 million in 2018[30]. - Gross profit increased by 96.7% to RMB 194.7 million in 2019, with a gross margin of 83.5%, down from 85.8% in 2018[31]. - Other income and gains for 2019 were RMB 15.4 million, a 16.7% increase from RMB 13.2 million in 2018[32]. - Research and development costs for the year ended December 31, 2019, were RMB 200.5 million, an increase of 91.3% from RMB 104.8 million in 2018[34]. - Selling and distribution expenses for 2019 were RMB 124.6 million, an increase of 86.2% from RMB 66.9 million in 2018[33]. - Administrative expenses decreased by 11.7% to RMB 197.6 million in 2019, down from RMB 223.9 million in 2018[36]. - Financing costs for the year ended December 31, 2019, were RMB 21.9 million, an increase of 584.4% from RMB 3.2 million in 2018[39]. - The adjusted net loss for the year ended December 31, 2019, was RMB (235,473) thousand, a significant increase from RMB (54,662) thousand in 2018, reflecting a deterioration of approximately 329%[42]. Product Development and Market Expansion - The company is actively pursuing clinical trials for its VenusP-Valve product in the US and EU, with plans for NMPA and CE certification[5]. - The TriGUARD3 device received CE certification in March 2020, enhancing the company's product portfolio[5]. - Venus Medtech aims to expand its market presence by implementing systematic TAVR training programs for physicians[5]. - The company has six products in its heart valve portfolio, including one marketed TAVR product (VenusA-Valve) and five products in various stages of development[12]. - The company is currently seeking registration for VenusA-Valve in Taiwan, having already received approvals in Colombia, the Philippines, and Brazil[12]. - The TAVR market is expected to grow as the number of patients with severe aortic stenosis increases, with TAVR procedures anticipated to be approved for low to moderate surgical risk patients in China[14]. - VenusA-Plus, an upgraded product based on VenusA-Valve, is expected to be the first recoverable TAVR product in China once launched[15]. - VenusA-Pilot, the next-generation TAVR product, features improved DCS functionality for enhanced valve positioning accuracy[16]. - The company has completed clinical trials for VenusA-Valve and is preparing for registration applications in various markets[12]. - The company anticipates that the TAVR market size will continue to grow due to the increasing number of patients with severe aortic stenosis and regurgitation[15]. - The company is in the process of conducting animal studies for its TMVR and TTVR products, with clinical trials ongoing for other products[12]. - VenusP-Valve is designed for treating patients with pulmonary regurgitation, with clinical trials completed in China and NMPA approval obtained in April 2019[17]. - The company plans to generate more operating cash flow through increased sales of existing products and the launch of new products, supported by ongoing marketing and operational efficiency improvements[45]. Financial Position and Capital Management - Non-current assets totaled RMB 764.4 million as of December 31, 2019, up from RMB 743.7 million in 2018[9]. - Current assets increased to RMB 2.9 billion in 2019, compared to RMB 290.6 million in 2018, indicating strong liquidity[9]. - The total equity of the company rose to RMB 3.0 billion in 2019, significantly higher than RMB 470.4 million in 2018[9]. - Cash and cash equivalents as of December 31, 2019, amounted to RMB 2,413.3 million, representing an increase of 1,363.5% compared to RMB 164.9 million as of December 31, 2018, primarily due to proceeds from the initial public offering[45]. - Total borrowings, including interest-bearing loans, increased by 50% to RMB 120 million as of December 31, 2019, up from RMB 80 million in the previous year[46]. - The capital debt ratio decreased by 77.7% to 4.8% as of December 31, 2019, compared to 21.5% as of December 31, 2018, indicating improved financial stability[46]. - The net current assets as of December 31, 2019, were RMB 2,336.0 million, a change of RMB 1,236.7 million from the net current liabilities of RMB 205.5 million as of December 31, 2018[47]. - The company relies on shareholder capital contributions and bank loans as primary sources of working capital, alongside cash generated from sales of existing commercialized products[45]. Risks and Challenges - The company acknowledges several risks, including those related to product development, government regulations, commercialization, production, intellectual property, and reliance on third parties[64]. - The company has incurred net losses since its establishment and is likely to continue doing so in the foreseeable future due to the high-risk nature of the medical device industry[65]. - Sales are primarily dependent on a single product, VenusA-Valve, which poses a significant risk to future growth[65]. - Future growth is heavily reliant on the success of ongoing product development; delays in clinical development, regulatory approval, or commercialization could severely impact the business[65]. - The company faces risks related to regulatory approvals, which are critical for the commercialization of its products; failure to obtain these approvals could significantly impair revenue generation capabilities[66]. - The company relies on a limited number of suppliers, and any disruption in supply could severely affect operations and manufacturing capabilities[69]. - The complexity of manufacturing processes and strict quality control measures mean that any issues could adversely impact the business[68]. - The company may face significant additional costs or delays if clinical trials do not meet regulatory standards for safety and efficacy[66]. - Maintaining effective distribution channels is crucial; failure to do so could negatively impact sales and overall business performance[68]. - The company is exposed to intense competition, which could lead to others successfully developing or commercializing competitive products before it does[68]. - Fluctuations in raw material prices could have a significant adverse effect on the company's financial performance[68]. - The company faces risks related to the inability to protect its intellectual property, which could lead to reduced or canceled protections[70]. Corporate Governance and Management - The company emphasizes the importance of clinical trial results and government policies in the development and marketing of new products[24]. - The management team includes experienced professionals with over 15 years in the industry, contributing to the company's strategic direction and operational management[81][82][83]. - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[91]. - The independent directors provide valuable insights into the company's operations and strategic initiatives[93]. - The board includes professionals with significant expertise in medical and legal fields, enhancing the company's strategic direction[93]. - The company has established a clear management structure and internal management mechanisms[177]. - The company has established three board committees: Audit Committee, Remuneration and Assessment Committee, and Nomination Committee[185]. - All directors received training related to their responsibilities as directors of a listed company in 2019[184]. - The company has confirmed the independence of its independent non-executive directors in accordance with listing rules[178]. Market Trends and Future Outlook - The company plans to continue expanding its market presence in China and globally through internal development, mergers, and acquisitions, supported by sufficient bank credit facilities[56]. - The company aims to enhance the sales of VenusA-Valve in the Chinese TAVR market, leveraging existing hospital relationships and expanding its sales network[58]. - The company believes there is significant unmet demand for TAVR products among hospitals currently purchasing VenusA-Valve, indicating potential for growth[58]. - The company plans to implement and improve systematic TAVR training programs to accelerate physician education and promote TAVR products[58]. - The company aims to increase market share in North America and the EU, benefiting from higher healthcare expenditure levels in these regions compared to China[61]. - The company is conducting various clinical trials and registration applications in the US and EU markets, leveraging existing brands like TAV8 and TriGUARD3[62]. - The company plans to advance its pipeline products in the structural heart disease sector, covering all four heart valves and investing in technological innovation[63]. - The company is focusing on expanding its market presence through strategic partnerships and investments[134]. - Future outlook includes potential market expansion and product development initiatives[134]. Shareholder Information and Capital Structure - The total issued share capital of the company as of December 31, 2019, was 404,468,943 shares, including 137,867,143 non-listed foreign shares, 83,886,936 domestic shares, and 182,714,864 H shares[5]. - The company has a significant ownership structure with multiple stakeholders, including independent third parties[128]. - The ownership structure indicates a diverse range of investors, enhancing its financial stability and governance[129]. - The company has not declared a final dividend for the year ending December 31, 2019[145]. - The company has not issued any convertible bonds as of the report date[155]. - The largest customer accounted for 16.76% of total sales, while the top five customers together represented 58.91% of total sales as of December 31, 2019[163]. - The company has established long-term relationships with key customers to enhance product quality and increase sales[164]. - The company has a significant presence of institutional investors, including major stakes held by Goldman Sachs Group, Inc.[138].