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 第 1 頁 共 10 頁 v 1.2.0 截至月份: 2026年1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: 先瑞達醫療科技控股有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06669 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 ...

Core Viewpoint - The sixth batch of national organized high-value medical consumables centralized procurement results have been announced, including 12 types of medical consumables, with execution expected around May 2026. The long-term growth potential of the high-value consumables sector is viewed positively due to the continuous increase in surgical and diagnostic volumes driven by aging populations and gradual import substitution [1]. Group 1: Event Details - On January 13, the results of the sixth batch of national organized high-value medical consumables centralized procurement were announced in Tianjin, involving 12 types of medical consumables, with 496 products from 227 companies bidding and 440 products from 202 companies winning [1]. - The procurement includes drug-coated balloons and urological intervention consumables, with a high selection ratio for the bidding products [2]. Group 2: Selection Process Optimization - The selection rules have been optimized to ensure that clinically recognized and capable products are chosen, stabilizing clinical usage [3]. - For differentiated products with certain functional innovations, a pricing coefficient based on clinical value has been established to reflect price differences reasonably [3]. - The lowest price is not the sole criterion for selection; if the lowest price is excessively low, a control benchmark of 65% of the average entry price is applied [3]. Group 3: Related Listed Companies - Companies related to coronary drug balloons include Lepu Medical, Blue Sail Medical, and MicroPort Medical [4]. - For peripheral drug balloons, companies such as Xianruida Medical-B, Gree创通桥, Xinmai Medical, and Lepu Medical are involved [4]. - In the urological intervention category, companies like Weili Medical and Weigao Group have all won bids, with examples of winning prices showing moderate reductions compared to earlier procurements [4].

Group 1 - The core viewpoint of the article highlights that the optimization of the national procurement rules for medical consumables signals a positive trend towards "anti-involution" and stabilizing expectations, with limited short-term disruption to the industry price system, while benefiting leading companies with strong product capabilities and nationwide supply capacity in the medium to long term [1] - The sixth batch of national centralized procurement for high-value medical consumables will take place on January 13, 2026, involving 12 types of medical consumables, with 496 products from 227 companies bidding, and 440 products from 202 companies selected [1] - The introduction of a "reference price" mechanism aims to rationalize price competition, with 8 out of 20 competitive groups triggering this rule, effectively curbing extreme low-price behaviors by some companies [2] Group 2 - The multi-layer selection rules significantly increased the selection rate, with an overall selection rate of 89% for both companies and products, supporting functional innovation products with reasonable pricing space [3] - The ongoing push for domestic substitution is particularly prominent in the urology intervention sector, with market share increasingly shifting towards domestic companies like Guichuang Tongqiao and Weili [4] - The distribution mechanism strengthens the revenue predictability for leading companies, with different rules corresponding to 70%-100% of demand allocation, which is expected to enhance industry concentration in the medium to long term [5]

Macro Economy - The Ministry of Industry and Information Technology (MIIT) issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to have over 450 influential platforms and more than 120 million industrial devices connected by 2028, with a platform penetration rate exceeding 55% [2] - MIIT held the 18th manufacturing enterprise symposium, emphasizing active participation in industry rule-making and self-regulation to promote a win-win environment and protect industry development [2] Investment News - On January 13, A-shares experienced a collective pullback, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64%. The total trading volume in Shanghai, Shenzhen, and Beijing reached 3.7 trillion, setting a new historical record [5] - The Hang Seng Index rose by 0.9%, with the Hang Seng Technology Index increasing by 0.11%. Pharmaceutical stocks performed well, with WuXi AppTec rising over 8% and WuXi Biologics nearly 6%. The H-share listing of Zhaoyi Innovation saw a peak increase of over 53% on its first day, closing with a 37.53% rise, valuing the company at 155.2 billion HKD [5] - As of January 12, the management scale of ETF products under Huaxia Fund officially surpassed 1 trillion RMB, reaching 1,016.424 billion RMB, making it the first domestic ETF manager to enter the "trillion club" [5] - Approximately 130 A-share listed companies have disclosed their 2025 performance forecasts, with around 70 companies expecting positive results, including profit increases and recoveries [5] - A total of 186 listed companies have been subject to concentrated research by public funds and brokerages, with the number of research instances reaching 220, indicating strong interest in popular stocks like Aipeng Medical and Entropy Technology [5] Company Movements - Guizhou Moutai is establishing a dynamic adjustment mechanism for retail prices based on market orientation, aiming for a "market-following, relatively stable" self-operated system [6] - The "Dead or Alive APP" will officially adopt the global brand name Demumu in its upcoming new version [7] - Alibaba Cloud has completed further strategic investment in ZStack, achieving a controlling stake, and plans to create a standardized and inclusive cloud-edge integrated solution [7] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University [7] - Huaxia Happiness expects a net loss of 16 billion to 24 billion RMB in 2025, with potential delisting risk warnings for its stock [8] - Zhongwen Online anticipates a net loss of 580 million to 700 million RMB in 2025, as its overseas short drama business is still in the investment phase [8] - Luxshare Precision has terminated its acquisition of the business asset package held by India's Wingtech [8]

Group 1 - The core viewpoint of the report is that Xianruida Medical-B (06669) is given a "strong buy" investment rating due to its innovative capabilities and product strength, supported by the global platform of its controlling shareholder, Boston Scientific, which enhances performance certainty through collaboration in overseas expansion and new product development [1] Group 2 - Xianruida is a leading domestic company focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, and is positioned at the forefront of the peripheral intervention field [1][2] Group 3 - The company has established a multi-technology platform since 2011, developing drug-coated balloon (DCB) and percutaneous transluminal angioplasty (PTA) products, achieving a comprehensive layout in the peripheral intervention field with over 30 listed products by H1 2025, covering vascular surgery, cardiology, nephrology, and neurology [2] Group 4 - The product lineup is structured in a "pyramid" model, with mature products like DCB and PTA balloons being the main revenue source, while growth products such as peripheral suction systems and radiofrequency ablation systems are expected to drive future revenue growth [3] Group 5 - A new three-year cooperation agreement was signed with Boston Scientific for 2026-2028, which includes global commercialization, product manufacturing, and R&D support, with projected sales to Boston Scientific reaching up to $30 million, $62 million, and $78 million in the respective years [4]

Core Viewpoint - The report from China Merchants Securities initiates coverage on Xianruida Medical-B (06669) with a "strong buy" rating, highlighting the company's innovative capabilities and product strength, as well as the performance certainty brought by the collaboration with its controlling shareholder, Boston Scientific, in overseas expansion and new product development [1]. Company Overview - Xianruida is a leading domestic innovative medical device platform focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, and is positioned at the forefront of the peripheral intervention field [2]. Technology and Product Development - The company has been engaged in the R&D of PTA and DCB products since 2011, establishing a multi-technology platform that includes drug-coated technology, radiofrequency ablation technology, polymer material technology, and aspiration platform technology, achieving a comprehensive layout in vascular intervention with over 30 listed products by H1 2025, covering vascular surgery, cardiology, nephrology, and neurology [3]. Product Portfolio and Growth - The company has built a "pyramid" product group since the launch of its core knee DCB product in China in 2016, leading to steady revenue growth: 1. Mature products, including DCB and PTA balloons, are the main revenue sources, with the company holding the top market share in the domestic peripheral DCB sector and securing multiple procurement bids [4]. 2. Growth-stage products, such as peripheral aspiration systems and radiofrequency ablation systems, are in early volume expansion and are expected to contribute significantly to future revenue growth [4]. 3. The pipeline includes in-development projects like lower limb rapamycin DCB and IVL systems, covering mainstream departments and serving as a core source for medium to long-term growth [4]. Collaboration with Boston Scientific - In February 2023, Boston Scientific became the controlling shareholder of Xianruida with a 65% stake and signed a memorandum of understanding in June 2023. A new three-year cooperation agreement was signed for 2026-2028, which includes: 1. Global commercialization, sharing Boston Scientific's global channel resources, with projected sales to Boston Scientific capped at $30 million, $62 million, and $78 million for 2026, 2027, and 2028 respectively [5]. 2. Product manufacturing, providing OEM services with projected transaction amounts of $1 million, $1 million, and $3 million for the same years [5]. 3. Product R&D, with mutual support and CSO services [5].

Core Viewpoint - Xianruida is a leading domestic innovative medical device platform focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, and is positioned at the forefront of the peripheral intervention field [1] Group 1: Product Development and Market Position - The company has established a multi-technology platform since 2011, developing PTA and DCB products, and has over 30 listed products as of H1 2025, covering vascular surgery, cardiology, nephrology, and neurology [1] - The product lineup includes mature products like DCB and PTA balloons, which are the main revenue sources, with the company holding the number one market share in the domestic peripheral DCB sector [2] - Growth-stage products such as peripheral suction systems and radiofrequency ablation systems are expected to drive future revenue growth due to their early-stage market penetration [2] Group 2: Strategic Partnerships and Future Outlook - In February 2023, Boston Scientific became the controlling shareholder of Xianruida, holding 65%, and a new three-year cooperation agreement was signed in December 2025, focusing on global commercialization, manufacturing services, and R&D collaboration [3] - The agreement includes projected sales to Boston Scientific of up to $30 million, $62 million, and $78 million from 2026 to 2028, and manufacturing service transactions of up to $1 million, $1 million, and $3 million in the same period [3] - The company is expected to achieve net profits of 120 million, 220 million, and 320 million yuan from 2025 to 2027, with year-on-year growth rates of 137.7%, 73.3%, and 49.7%, respectively, and a strong investment recommendation is given based on its innovative capabilities and strategic partnerships [3]

Investment Rating - The report gives a "Strong Buy" investment rating for the company, marking its first coverage [2][4]. Core Insights - The company is a leading innovative medical device platform focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, establishing a leading position in the peripheral intervention field [1][12]. - A new three-year cooperation agreement with Boston Scientific was signed in December 2025, which includes global commercialization, manufacturing services, and R&D collaboration [2][15]. - The company is expected to see significant profit growth, with projected net profits of 120 million, 220 million, and 320 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 137.7%, 73.3%, and 49.7% [2][3]. Financial Data and Valuation - Total revenue is projected to grow from 474 million yuan in 2023 to 1.238 billion yuan in 2027, with a compound annual growth rate (CAGR) of 33.7% [3][21]. - The company’s net profit is expected to increase from 15 million yuan in 2023 to 322 million yuan in 2027, with significant year-on-year growth [3][21]. - The price-to-earnings (PE) ratio is projected to decrease from 266.5 in 2023 to 12.0 in 2027, indicating improving valuation as earnings grow [3][4]. Product and Market Position - The company has established a multi-technology platform since 2011, with over 30 products approved by 2025, covering vascular surgery, cardiology, nephrology, and neurology [8][12]. - The product lineup includes mature products like DCB and PTA balloons, which are the main revenue sources, and growing products like peripheral suction systems and RF ablation systems, which are expected to drive future growth [8][28]. - The company has a strong market position in the peripheral DCB sector, being the first to market with its products and holding a leading market share [28][42]. Collaboration and Growth Strategy - The partnership with Boston Scientific is expected to enhance the company's global reach and product development capabilities, leveraging Boston Scientific's extensive distribution network [2][15]. - The agreement includes provisions for shared resources in product commercialization and R&D, which will likely accelerate the company's growth trajectory in international markets [15][17]. Revenue Growth and Performance - The company has shown a consistent increase in revenue, with a notable rise from 125 million yuan in 2019 to an expected 534 million yuan in 2024, driven by the successful launch of new products [21][23]. - The revenue from the company's venous intervention products has significantly increased, contributing to a growing share of total revenue [23][31]. Future Outlook - The company is well-positioned for future growth with a robust pipeline of products in various stages of development, including innovative DCB products and other vascular intervention solutions [28][31]. - The expected increase in the number of patients requiring vascular interventions in China provides a favorable market environment for the company's continued expansion [34][40].

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12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: 先瑞達醫療科技控股有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06669 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | | USD | | 0.00001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.00001 | USD | | 100,000 | ...

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的內容概不負責，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 賴該等內容而引致的任何損失承擔任何責任。 Acotec Scientific Holdings Limited 先瑞達醫療科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6669） 於2025年12月31日（星期三）舉行的 股東特別大會的投票結果 於股東特別大會當日，本公司股本中的已發行股份（「股份」）總數為313,389,171 股。BSG（本公司控股股東，持有203,702,962股股份，佔本公司截至股東特別大 會日期已發行股本總額約65%）須於股東特別大會上就2026年框架協議項下擬進 行的非豁免持續關連交易（包括建議年度上限）放棄投票。因此，賦予獨立股東 權利出席股東特別大會並於會上就該決議案投票的股份總數為109,686,209股。持 有合共67,144,408股股份（佔賦予獨立股東權利出席並投票的已發行股份總數約 61.2%）的獨立股東（包括其代理及授權代表）出席股東特別大會。 股東特別大會的投票結果 本公司董事（「 ...