Group 1 - The core viewpoint of the article is that Qiming Medical-B (02500) reported a decline in revenue and a reduction in shareholder losses for the six months ending June 30, 2025 [1] Group 2 - The company's revenue for the period was RMB 187 million, representing a year-on-year decrease of 18.9% [1] - The loss attributable to shareholders was RMB 135 million, which is a year-on-year narrowing of 34.7% [1] - The loss per share was RMB 0.31 [1]

Core Viewpoint - The company reported a decline in revenue and a reduced loss for the first half of the fiscal year ending June 30, 2025, indicating ongoing challenges but some improvement in financial performance [1] Financial Performance - The company's revenue for the six months was RMB 187 million, representing a year-on-year decrease of 18.9% [1] - The loss attributable to shareholders was RMB 135 million, which is a year-on-year reduction of 34.7% [1] - The loss per share was RMB 0.31 [1]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 187,137, a decrease of 18.9% compared to RMB 230,720 for the same period in 2024[3]. - Gross profit for the same period was RMB 137,988, down 24.1% from RMB 181,760 in 2024[3]. - The company reported a pre-tax loss of RMB 138,564, which is a 35.1% improvement from a loss of RMB 213,581 in the previous year[3]. - Net loss for the period was RMB 134,772, a reduction of 35.5% compared to RMB 208,825 in 2024[3]. - Non-IFRS EBITDA loss was RMB 82,024, representing a 43.5% improvement from a loss of RMB 145,286 in the prior year[3]. - Non-IFRS commercial profit was RMB 30,363, down 11.0% from RMB 34,131 in 2024, with a commercial profit margin of 16.2%, up 1.4 percentage points year-on-year[3]. - The company's net loss attributable to ordinary shareholders was RMB 134,772,000 for the six months ended June 30, 2025, compared to RMB 206,487,000 for the same period in 2024[26]. - The non-IFRS EBITDA for the six months ended June 30, 2025, was RMB (82,024) thousand, an improvement from RMB (145,286) thousand in the same period of 2024[83]. - The non-IFRS commercial profit for the six months ended June 30, 2025, was RMB 30.4 million, with a commercial profit margin of 16.2%, up from 14.8% in the previous year[83][85]. Assets and Liabilities - Total non-current assets as of June 30, 2025, were RMB 2,387,393, a decrease from RMB 2,447,290 at the end of 2024[8]. - Current assets totaled RMB 732,622, down from RMB 802,480 at the end of 2024[9]. - Total liabilities amounted to RMB 1,053,748, with current liabilities at RMB 403,322 and non-current liabilities at RMB 650,426[9]. - The company's net assets were RMB 2,066,267, down from RMB 2,211,099 at the end of 2024[9]. - Trade receivables as of June 30, 2025, totaled RMB 137,529,000, down from RMB 198,567,000 as of December 31, 2024, with a significant decrease in receivables aged within 6 months[28]. - Total borrowings as of June 30, 2025, amounted to RMB 419.6 million, an increase from RMB 283.0 million as of December 31, 2024[89]. - The capital debt ratio increased to 23.9% as of June 30, 2025, compared to 16.7% as of December 31, 2024[89]. - The net current assets decreased to RMB 329.3 million as of June 30, 2025, down 25.3% from RMB 440.7 million as of December 31, 2024[90]. Market Performance - Revenue from the Chinese market was RMB 146,419,000, down 27% from RMB 200,620,000 in the previous year, while revenue from other countries/regions increased to RMB 40,718,000 from RMB 30,100,000[15]. - The VenusA series products generated RMB 138.5 million in revenue, representing 74.0% of total revenue for the first half of 2025, down from 82.9% in the same period of 2024[68]. - In the first half of 2025, the company's overseas revenue reached RMB 40.7 million, a year-on-year increase of 35.3%, accounting for 21.8% of total revenue[65]. - The company is expanding its market reach in Southeast Asia, targeting a 25% increase in market share by the end of 2024[119]. Research and Development - The company has established a product pipeline consisting of ten innovative devices, focusing on heart valve diseases, including four commercialized TAVR products and one TPVR product[41]. - R&D expenses for the six months ended June 30, 2025, and June 30, 2024, were RMB 120.9 million and RMB 180.8 million, representing 64.6% and 78.4% of the company's revenue, respectively[58]. - The company is focused on innovative medical devices for structural heart disease intervention, aiming to advance technology in China to meet patient needs[106]. - The company is committed to increasing R&D investment to maintain its leading position in the heart valve intervention field[56]. - The company has a clear and executable internationalization path supported by a leading R&D pipeline and a mature global commercialization system[108]. Operational Efficiency - Selling and distribution expenses decreased by 23.3% to RMB 100.5 million in the first half of 2025, with the selling expense ratio declining from 56.8% to 53.7%[72]. - Administrative expenses decreased by 28.5% to RMB 54.8 million in the first half of 2025, compared to RMB 76.6 million in the same period of 2024[75]. - Financing costs decreased by 26.5% to RMB 7.2 million in the first half of 2025, down from RMB 9.8 million in the same period of 2024, due to repayment of bank loans[78]. - The company continues to enhance operational efficiency through improved internal production systems and cost management strategies[40]. Corporate Governance - The company has complied with corporate governance codes applicable for the six months ending June 30, 2025[114]. - The audit committee has reviewed the interim financial results for the six months ending June 30, 2025, and found them to comply with relevant accounting standards[115]. - The board has recommended not to pay an interim dividend for the six months ending June 30, 2025[109]. Strategic Initiatives - The company plans to continue expanding its heart valve business in China and globally through organic growth and mergers and acquisitions to maximize shareholder value[100]. - The company is committed to finding strategic partners globally to explore overseas market opportunities through collaboration and joint ventures[107]. - The company aims to deepen its international market presence by integrating overseas resources and expanding into emerging markets while enhancing global sales capabilities[107]. - The company has established a global R&D network with centers in Hangzhou, Israel, and California, leveraging regional advantages for product innovation[57]. Product Development - The company is advancing the VenusP-Valve IDE (PROTEUS) pivotal clinical study in the U.S., which is expected to enroll 60 patients with severe pulmonary regurgitation[48]. - The VenusA-Valve, the first TAVR product approved in China, has a ten-year follow-up data showing a cardiac mortality rate of less than 20% and over 90% of patients experiencing no or minimal paravalvular regurgitation[45]. - VenusP-Valve, the first self-expanding TPVR product approved in Europe, received CE MDR certification in April 2022 and was approved for sale in China in July 2022, filling a clinical gap in the domestic market[46]. - The company is developing several TAVR products, including Venus-PowerX and Venus-Vitae valves[120].

Group 1 - The company, Qiming Medical-B (02500.HK), has announced a board meeting scheduled for August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also consider the proposal for an interim dividend distribution, if applicable, along with other matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 杭州啓明醫療器械股份有限公司 Venus Medtech (Hangzhou) Inc. （股份代號：2500） （於中華人民共和國註冊成立的股份有限公司） 董事會召開日期 杭 州 啓 明 醫 療 器 械 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）茲 通 告 謹 定 於 二 零 二 五 年 八 月 二 十 八 日（星 期 四）舉 行 董 事 會 會 議，以 審 議 及 批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 及 其 發 佈，考 慮 建 議 派 發 中 期 股 息（如 有），以 及 處 理 其 他 事 項。 杭州啓明醫療器械股份有限公司 執行董事 林浩昇先生 杭州，二零二五年八月十八日 於本公告日期，執行董事為林浩昇先 ...

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7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: 杭州啓明醫療器械股份有限公司 (「本公司」) 呈交日期: 2025年8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) | 02500 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 441,010,235 | RMB | | 1 RMB | | 441,010,235 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 441,010,235 | RMB | | 1 RMB | | 441,010,235 | | 2. 股份分類 | 普通股 | 股份類別 ...

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]