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（「 ...

Group 1 - The core viewpoint of the article highlights that Xianruida Medical-B (06669) has seen a nearly 5% increase in stock price following the announcement of a strategic partnership with Boston Scientific [1] - The collaboration includes a total cooperation agreement and a total service agreement, aimed at deepening the strategic partnership established in 2023 [1] - Over the next three years, Boston Scientific is set to purchase Xianruida's products for global sales, with a transaction cap of $170 million [1]

消息面上，先瑞达与波士顿科学旗下公司签署了总合作协议及总服务协议。这是继2023年首次签约后， 双方将继续深化战略合作，延续并拓展此前的成功伙伴关系，共同协定未来三年内，双方在产品全球商 业化、产品制造服务、产品研发等领域开展的一系列合作。其中，在销售层面，未来三年波士顿科学采 购先瑞达产品用于全球销售的交易金额上限合计1.7亿美元。 先瑞达医疗-B(06669)午后涨近5%，截至发稿，涨4.36%，报13.17港元，成交额304.16万港元。 ...

Group 1 - A-shares and Hong Kong stocks experienced a significant rebound, with the Shanghai Composite Index rising by 1.19% and the Hang Seng Index increasing by 0.92% [1] - The largest medical ETF in the market (512170) and the only drug ETF (562050) both rose over 1%, indicating a broad recovery in the medical sector [1] - The medical ETF (512170) showed a strong technical signal with a "bullish engulfing" pattern, suggesting a potential trend reversal [1] Group 2 - The pharmaceutical sector in A-shares also saw a surge, with the drug ETF (562050) rising by 1.19%, driven by contributions from innovative and traditional Chinese medicine stocks [3] - The drug ETF (562050) has approximately 25% weight in traditional Chinese medicine, which helps mitigate the volatility of the overall pharmaceutical index [3] Group 3 - The Hong Kong innovation drug sector is showing signs of recovery, with the Hong Kong innovation drug ETF (520880) successfully closing in the green, attracting "bottom-fishing" funds [5] - The fund size of the Hong Kong innovation drug ETF (520880) reached a new high of 4.172 billion shares, reflecting strong investor interest [5] Group 4 - The A+H pharmaceutical sector has been in a correction phase for three months, and analysts suggest that this may be an opportune time for medium to long-term investments in pharmaceutical assets [8] - Recent positive developments in the pharmaceutical industry include overseas collaborations and increasing demand for CXO services, indicating a favorable outlook for the sector [9] Group 5 - The fund manager of the Hong Kong innovation drug ETF (520880) maintains a balanced allocation strategy, highlighting the potential for recovery in the innovative drug industry and related sectors [10] - New investment tools, such as the Hong Kong medical ETF (159137), are being launched to track the medical innovation theme, covering various core leaders in the medical field [7]

Acotec Scientific Holdings Limited 先瑞達醫療科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號 : 6669) N O T I F I C AT I O N L E T T E R Dear non-registered shareholder(s), 17 December 2025 Acotec Scientific Holdings Limited (the "Company") – Notice of Publication of Circular for Extraordinary General Meeting (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and ar ...

Acotec Scientific Holdings Limited 先瑞達醫療科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號 : 6669) N O T I F I C AT I O N L E T T E R 17 December 2025 Dear registered shareholders, Acotec Scientific Holdings Limited (the "Company") – Notice of Publication of Circular for Extraordinary General Meeting and Form of proxy (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese lang ...