Core Viewpoint - The company focuses on "intervention without implantation" treatment philosophy, utilizing drug-coated balloons (DCB) and other devices to treat narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1] Group 1: Technology and Competitive Advantage - The company emphasizes a multi-technology platform including drug coating technology, radiofrequency ablation technology, suction platform technology, and material technology, which not only fosters product innovation but also reduces production costs, creating a core competitive advantage [1] Group 2: Domestic Market Dynamics - The upcoming centralized procurement policy is expected to ease pressure on the company, with its core product, peripheral drug balloons, included in the procurement scope. The new procurement rules may be more lenient compared to previous ones [1] - Recent approvals for new products such as vertebral artery DCB and coronary DCB are anticipated to mitigate growth pressures from centralized procurement [1] - The company's peripheral venous product line, including the intravascular radiofrequency ablation system and peripheral thrombectomy system, is experiencing stable growth, providing additional growth momentum [1] Group 3: International Expansion - The company has formed a deep partnership with Boston Scientific, with complementary product lines and significant long-term collaboration potential. Currently, the intravascular radiofrequency ablation system has been approved in the U.S., and the below-knee drug balloon is undergoing clinical trials in the U.S., indicating an accelerated international expansion process [1] Group 4: Investment Outlook - The company has been assigned a "Buy-A" investment rating with a 6-month target price of 15 HKD. Projected revenue growth rates for 2025 to 2027 are 19.99%, 21.99%, and 29.05%, respectively, while net profit growth rates are expected to be 130.43%, 66.62%, and 73.46%, indicating strong growth potential [1]

Core Viewpoint - Company is rated "Buy" with a target price of 15 HKD, focusing on "intervention without implantation" as its core philosophy, leveraging innovative products like drug-coated balloons (DCB) and a diverse technology platform to build competitive advantages [1] Group 1: Core Competitiveness - Company specializes in "intervention without implantation" treatment philosophy, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels and release therapeutic drugs without leaving permanent implants, thus avoiding related complications and preserving future treatment options [2] - Company focuses on multiple technology platforms including drug coating technology, radiofrequency ablation technology, suction platform technology, and material technology to achieve product innovation while reducing production costs, thereby creating core competitive advantages [2] Group 2: Domestic Market Dynamics - Domestic centralized procurement policies are expected to ease, with the company's core product, peripheral drug balloons, included in the procurement scope, and the new products like vertebral artery DCB and coronary DCB recently approved for market entry, which may offset growth pressures from procurement [3] - The company's peripheral venous product line, including the venous intraluminal radiofrequency ablation system and peripheral thrombectomy system, is also experiencing stable growth, providing additional growth momentum [3] Group 3: International Expansion - Company has a deep partnership with Boston Scientific, with complementary product lines and significant long-term collaboration potential; currently, the venous intraluminal radiofrequency ablation system has been approved in the U.S., and the below-the-knee drug balloon is undergoing clinical trials in the U.S., indicating an accelerated international expansion process [4]

Core Viewpoint - Guotou Securities initiates coverage on Xianruida Medical-B (06669) with a "Buy" rating and a target price of 15 HKD, highlighting the company's core concept of "intervention without implantation" and its innovative products like drug-coated balloons (DCB) as key competitive advantages [1] Group 1: Core Competitiveness - The company focuses on the "intervention without implantation" treatment philosophy, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels and release therapeutic drugs without leaving permanent implants, thus avoiding related complications and preserving future treatment options [2] - By concentrating on drug coating technology, radiofrequency ablation technology, suction platform technology, and material technology, the company achieves product innovation while reducing production costs, thereby establishing a core competitive edge [2] Group 2: Domestic Market Dynamics - The domestic centralized procurement policy is expected to ease, with the company's core product, peripheral drug balloons, included in the procurement scope, and the new products like vertebral artery DCB and coronary DCB recently approved for market entry, which may offset growth pressures from procurement [3] - The company's peripheral venous product line, including the venous intraluminal radiofrequency ablation system and peripheral thrombectomy system, is also experiencing stable growth, providing additional growth momentum [3] Group 3: International Expansion - The company has a deep partnership with Boston Scientific, with complementary product lines and significant potential for long-term collaboration [4] - Currently, the company's venous intraluminal radiofrequency ablation system has been approved in the U.S., and the below-the-knee drug balloon is undergoing clinical trials in the U.S., indicating an accelerated international expansion process [4]

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 15 HKD over the next six months, reflecting a dynamic P/E ratio of 21 times for 2026 [4][6]. Core Insights - The company focuses on "interventional non-implant" treatment, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1][19]. - Recent domestic procurement policies are expected to ease, and new products are entering a growth phase, with the company's core products included in the procurement scope [2][39]. - The partnership with Boston Scientific is anticipated to accelerate the company's international expansion, with several products already approved in the U.S. [3][38]. Summary by Sections Company Overview - The company, established in 2011, specializes in "interventional non-implant" treatment solutions for various vascular diseases and has developed several leading medical devices [15]. - The company has a strong management team with extensive experience in the medical device industry [16][17]. Product and Technology - The company has developed a comprehensive range of DCB products for multiple indications, including above-knee, below-knee, coronary, and arteriovenous fistula stenosis [22][26]. - The technology platforms include drug coating technology, aspiration platform technology, radiofrequency ablation technology, and materials technology, which enhance product functionality and reduce production costs [28][29]. Market Dynamics - The domestic procurement policy is set to ease, with the sixth batch of high-value consumables procurement rules expected to optimize the bidding process [2][39]. - The DCB market in China is projected to grow significantly, from over 1 billion CNY in 2019 to 14.2 billion CNY by 2030 [22]. Financial Projections - Revenue growth is expected to be 19.99%, 21.99%, and 29.05% from 2025 to 2027, with net profit growth of 130.43%, 66.62%, and 73.46% during the same period [4][9].

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Li Ning (82331), and JD Group (89618) having the highest short-selling ratios at 100.00%, 100.00%, and 91.68% respectively [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with figures of 3.531 billion, 1.787 billion, and 1.421 billion respectively [1][3] - China Mobile (80941), Shanghai Industrial Holdings (00807), and AIA Group (81299) have the highest deviation values, indicating significant differences from their historical short-selling averages [1][3] Short-Selling Ratios - AIA Group (81299) and Li Ning (82331) both have a short-selling ratio of 100.00%, while JD Group (89618) has a ratio of 91.68% [2] - Other notable companies with high short-selling ratios include Kuaishou (81024) at 90.75% and China Mobile (80941) at 90.20% [2] Short-Selling Amounts - Alibaba (09988) has the highest short-selling amount at 3.531 billion, followed by Xiaomi (01810) at 1.787 billion and Tencent (00700) at 1.421 billion [3] - Other companies with significant short-selling amounts include XPeng Motors (09868) at 1.012 billion and BYD (01211) at 1.001 billion [3] Deviation Values - China Mobile (80941) leads with a deviation value of 43.82%, indicating a significant increase in its short-selling ratio compared to its historical average [3] - Other companies with high deviation values include Shanghai Industrial Holdings (00807) at 40.85% and AIA Group (81299) at 36.63% [3]

Core Viewpoint - The company received approval from the National Medical Products Administration of China for its coronary overall exchange balloon dilation catheter, enhancing its product portfolio in the cardiovascular medical device market [1] Product Approval - The approval is for the "井翼" balloon dilation catheter, which is designed for treating coronary artery stenosis and bypass graft stenosis [1] - The catheter features a diameter range of 2.0-5.0mm, suitable for post-stent dilation [1] Product Features - The "井翼" is a semi-compliant balloon dilation catheter that offers superior passability and pushability due to its smaller head diameter and optimized delivery system [1] - It effectively addresses complex lesions such as chronic total occlusions and severe calcifications, improving procedural efficiency and safety [1] Marketing Plans - The company plans to initiate marketing activities in China at an appropriate time following the approval [1]

Core Viewpoint - The company, Xianruida Medical-B (06669), has received registration approval from the National Medical Products Administration of China for its coronary overall exchange balloon dilation catheter, Jingyi®, which is designed to improve myocardial perfusion in patients with coronary artery stenosis [1] Group 1: Product Details - Jingyi® is suitable for balloon dilation at sites of coronary artery stenosis or bypass graft stenosis, with balloon diameters ranging from 2.0 to 5.0 mm also applicable for post-stent dilation [1] - The product features a semi-compliant balloon dilation catheter with a smaller head diameter and optimized delivery system, enhancing its passability and pushability [1] - Jingyi® effectively addresses complex lesions such as chronic total occlusions and severe calcifications, improving surgical efficiency and safety through its overall exchange design [1] Group 2: Market Strategy - The company plans to conduct marketing activities in China at an appropriate time following the approval [1]

Core Viewpoint - The company, Xianruida Medical-B (06669.HK), has received approval from the National Medical Products Administration of China for its coronary overall exchange balloon dilation catheter, Jingyi®, which is designed to improve myocardial perfusion in patients with coronary artery stenosis [1] Group 1: Product Approval - The approval was granted on November 13, 2025, for the Jingyi® balloon dilation catheter [1] - The product is suitable for balloon dilation at sites of coronary artery stenosis or bypass graft stenosis [1] - The catheter features a diameter range of 2.0-5.0mm, which is also applicable for post-stent dilation [1] Group 2: Product Features - Jingyi® is a semi-compliant balloon dilation catheter that offers superior passability and pushability due to its smaller head diameter and optimized delivery system [1] - The design effectively addresses complex lesions such as chronic total occlusions and severe calcifications [1] - The overall exchange design enhances surgical efficiency and safety [1] Group 3: Marketing Plans - The company plans to initiate marketing activities in China at an appropriate time following the approval [1]

本公司董事會（「董事會」）欣然宣佈，於2025年11月13日，本集團收到中國國家 藥品監督管理局對冠脈整體交換型球囊擴張導管井翼®的註冊批准。井翼®適用 於冠狀動脈狹窄部位或冠狀動脈旁路血管狹窄部位進行球囊擴張，以改善心肌灌 注，球囊直徑為2.0-5.0mm的型號還適用於支架遞送後擴張。井翼®是一款半順應 性球囊擴張導管，憑藉其更小的頭端通過外徑和球囊折疊外徑，以及優化的推送 系統，實現了卓越的通過性和推送性，能有效應對慢性完全閉塞及嚴重鈣化等複 雜病變，其整體交換設計也提升了手術效率與安全性。本公司將適時在中國開展 營銷活動。 （於開曼群島註冊成立的有限公司） （股份代號：6669） 自願性公告 冠脈整體交換型球囊擴張導管井翼®的註冊 申請獲中國國家藥品監督管理局批准 本公告由先瑞達醫療科技控股有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願刊發，以向本公司股東及潛在投資者提供有關本集團最新業務及新產品 開發進展的最新資訊。 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，概不就因本公告全部或任何部分內容所產生或因依 賴該等 ...

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10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: 2025年11月3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 | ...