Core Viewpoint - 2025 marks a significant year for China's innovative pharmaceuticals, with the Hengsheng Hong Kong Stock Connect Innovative Drug Select Index experiencing a year-to-date increase of over 125%, indicating a record high in industry prosperity. Heng Rui Pharmaceutical achieved historical revenue of 31.6 billion yuan and a net profit of 7.7 billion yuan, with innovative drug sales accounting for 58% of total revenue, expected to grow over 30% year-on-year in 2026 [2][11]. Group 1: Company Performance - Heng Rui Pharmaceutical's revenue and net profit reached 31.6 billion yuan and 7.7 billion yuan respectively, both setting historical records [2]. - The proportion of innovative drug sales surged to 58%, with a projected year-on-year growth rate exceeding 30% for 2026 [2][11]. - The company successfully completed an A+H listing, raising a net amount of 11.374 billion HKD, marking the largest IPO in the Hong Kong pharmaceutical sector in the past five years [9]. Group 2: Research and Development - Heng Rui's R&D investment reached 8.724 billion yuan in 2025, accounting for 27.58% of its revenue, translating to nearly 24 million yuan spent on R&D daily [5]. - The company ranked second globally in the scale of self-developed pipelines, with a growth rate among the top three worldwide [5]. - In 2025, Heng Rui obtained approvals for 7 class 1 innovative drugs and 1 class 2 new drug, significantly increasing the number of approved innovative drugs to 24 class 1 and 5 class 2 [8]. Group 3: Market Dynamics and Growth Drivers - The adjustment of the national medical insurance catalog at the end of 2025 is expected to drive growth in 2026, with 20 products/indications entering the new catalog, including 10 products newly covered by insurance [12]. - A significant increase in clinical data readouts is anticipated in 2026, with approximately 25 new molecular entities (NME) expected to report phase III clinical data [12]. - The company has established strategic alliances, including a notable partnership with GSK, which involves the development of up to 12 innovative drugs, with potential total payments reaching approximately 12 billion USD [15]. Group 4: Global Expansion and Strategic Positioning - Heng Rui is building a global network with 15 R&D centers established across Asia, Europe, and Australia, and has initiated overseas clinical trials [20]. - Since 2023, the company has completed 12 overseas business expansion transactions, with a potential total transaction value exceeding 27 billion USD, partnering with top global pharmaceutical companies [22]. - The strategic value of Heng Rui has transcended the company itself, aligning with China's biopharmaceutical industry growth, with an expected 53 innovative products and indications to be approved between 2026 and 2028 [23][24].

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） 建議修訂組織章程大綱及細則並 採納新組織章程大綱及細則 本公告由先瑞達醫療科技控股有限公司（「本公司」）根據香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）第13.51(1)條而作出。 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。 李靜 香港，2026年3月26日 於本公告日期，執行董事為李靜女士，非執行董事為Silvio Rudolf SCHAFFNER 先生、Arthur Crosswell BUTCHER先生及June CHANG女士，以及獨立非執行董 事為王玉琦醫師、倪虹女士及潘建而女士。 本公司董事會（「董事會」）建議修訂組織章程大綱及細則並採納新組織章程大綱 及細則，旨在：(i)對現有組織章程細則作出若干修訂，目的為(a)反映並符合上市 規則附錄A1所載之核心股東保 ...

Financial Performance - Revenue for the year ended December 31, 2025, reached RMB 644.6 million, representing a year-on-year increase of 20.7% compared to RMB 533.9 million in 2024[2]. - Gross profit for the same period was RMB 476.3 million, up 18.3% from RMB 402.7 million in 2024[2]. - Profit before tax surged to RMB 122.2 million, marking a 132.3% increase from RMB 52.6 million in the previous year[2]. - Net profit for the year was RMB 119.2 million, reflecting a 128.0% growth compared to RMB 52.3 million in 2024[2]. - Basic earnings per share increased to RMB 0.40 from RMB 0.17, reflecting strong profitability growth[12]. - The company reported a total comprehensive income of RMB 116,946,000 for the year, up from RMB 53,288,000 in 2024[14]. - The company reported a pre-tax profit of RMB 122.181 million for 2025, compared to RMB 52.601 million in 2024, marking a 132.4% increase[38]. - The group’s gross profit increased by approximately 18.3% from RMB 402.7 million for the year ending December 31, 2024, to approximately RMB 476.3 million for the year ending December 31, 2025, with a gross margin of about 73.9%, down from 75.4%[112]. Product Development and Regulatory Approvals - The company received regulatory approval for 11 new products during the reporting period, enhancing its product portfolio significantly[3]. - AcoArt Verbena® and AcoArt Canna® received regulatory approval, expanding the company's product offerings in the drug-coated balloon segment[5][6]. - The company has received registration approval for eleven new products during the reporting period, including six in vascular surgery and three in cardiology[68]. - The vascular surgery approvals include pressure-controlled thrombectomy extension tubes and peripheral high-pressure balloon dilatation catheters, among others[68]. - The company has received regulatory approvals for multiple products, including drug-coated technologies for SFA and PPA diseases, with CE marking in Europe and NMPA approval in China[70]. - The company has received regulatory approval for the AcoArt AVENS® high-pressure balloon for treating arteriovenous fistula stenosis in hemodialysis patients as of April 2023[92]. - The company anticipates obtaining regulatory approval for the lower limb rapamycin DCB by 2027, which has shown preliminary efficacy in animal models[81]. - The company has received regulatory approval for the peripheral hydrophilic coated guidewire in August 2025, with no significant adverse events reported since the approval date[84]. Market Expansion and Sales - The company has established a sales and marketing team covering over 3,000 hospitals in China and recorded active sales in 17 countries globally[4]. - The company aims to continue expanding its product registration globally and explore broader collaboration opportunities with Boston Scientific[9]. - The company plans to continue expanding its market presence, particularly in the domestic market, while focusing on innovation and new product development[28]. - The company has established active sales of its cooperative products in 17 countries globally as of the end of the reporting period[104]. - The company aims to strengthen its global market presence through strategic partnerships and marketing activities[136]. Research and Development - The company has a total of 653 employees as of December 31, 2025, with 145 in the R&D team, emphasizing its commitment to talent development[11]. - Total R&D expenses were RMB 269.563 million, up from RMB 258.726 million in 2024[34]. - The company has established a comprehensive talent development and training framework to support its business growth[11]. - The company is committed to obtaining necessary documentation and quality systems to support global commercialization of its products and services[153]. - The company plans to enhance its R&D capabilities through increased investment in technological innovation to maintain its leading position in the DCB market[106]. Financial Position and Resources - Current assets rose to RMB 1,336,885,000, compared to RMB 1,210,572,000 in 2024, indicating improved liquidity[15]. - Total equity increased to RMB 1,476,085,000 from RMB 1,349,816,000, reflecting the company's strong financial position[16]. - The total available financial resources amounted to approximately RMB 948.0 million as of December 31, 2025, a 9.7% increase from RMB 864.2 million as of December 31, 2024, mainly due to cash generated from operating and financing activities[123]. - The total borrowings amounted to RMB 68.3 million as of December 31, 2025, compared to RMB 10.0 million as of December 31, 2024, leading to an increase in the debt-to-equity ratio from approximately 23.2% to 26.6%[124]. - The company has sufficient bank credit facilities to support its capital expenditures[134]. Strategic Partnerships - The strategic partnership with Boston Scientific has been extended through a new framework agreement, enhancing global commercialization efforts[8]. - The company has entered into a total cooperation agreement with BSG for the period from July 20, 2023, to December 31, 2025, focusing on collaborative efforts[148]. - Three R&D projects have been initiated under the R&D services agreement with BSG, focusing on joint product development and regulatory approval[66]. - The company is actively exploring opportunities to expand its product registration globally and seeks joint development opportunities with BSG[66]. Corporate Governance - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[152]. - The company will continue to review its corporate governance practices to ensure compliance and enhance shareholder value[140]. - The company has adopted a standard code of conduct for securities trading, confirming compliance by all directors during the reporting period[143].

（於開曼群島註冊成立的有限公司） 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 承董事會命 先瑞達醫療科技控股有限公司 執行董事、董事會主席及首席執行官 李靜 香港，2026年3月16日 於本公告日期，執行董事為李靜女士，非執行董事為Silvio Rudolf SCHAFFNER 先生、Arthur Crosswell BUTCHER先生及June CHANG女士，以及獨立非執行董 事為王玉琦醫師、倪虹女士及潘建而女士。 （股份代號：6669） 董事會會議通告 先瑞達醫療科技控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 將於2026年3月26日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公 司及其附屬公司截至2025年12月31日止年度之經審核全年業績及其發佈，以及考 慮派付末期股息（如有）。 ...

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: 2026年2月28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3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 | 本月底法定/註冊股本總額： USD 1 ...

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]