Group 1 - The core point of the article is that Yejv Medical (6929.HK) has completed the structural topping of its R&D and production facility in Fuyang, Hangzhou, which is set to be the largest integrated facility globally, with full production expected by 2027 [1] - The new facility will add approximately 2.4 million units of production capacity annually, increasing the total annual output from the current 2.1 million units of balloons and stents [1] - The company currently operates R&D centers, production bases, and logistics hubs in China, Germany, Japan, and the Netherlands, and has a sales network covering over 70 countries and regions [1][1] Group 2 - Yejv Medical holds over 250 authorized patents and has announced patent applications, with more than 55 approved products sold in major global markets [1][1] - The completion of the Hangzhou facility is expected to significantly enhance the company's high-quality production capacity, accelerate the incubation and application of new technologies, and improve the stability of the global supply chain and overall competitiveness [1] - The company aims to capitalize on the continuous growth opportunities in the global PCI and PTA device markets [1]

致：香港交易及結算所有限公司 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9月30日 狀態: 新提交 公司名稱: 業聚醫療集團控股有限公司 呈交日期: 2025年10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) | 06929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,200,000,000 | USD | | 0.0005 | USD | | 600,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,200,000,000 | USD | | 0.0005 | USD | | 600,000 | 本月底法定/註冊股 ...

[Company Information](index=4&type=section&id=Company%20Information) This section provides essential details about OrbusNeich Medical Group Holdings Limited, including its board members, committees, registered office, and auditor [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section provides basic information about OrbusNeich Medical Group Holdings Limited, including its board members, audit committee, remuneration committee, nomination committee, authorized representatives, company secretary, registered office, company headquarters, principal place of business in Hong Kong, share registrar, legal advisers, auditor, principal bankers, stock code, and company website - Board members include Executive Directors Mr. Qian Yongxun, Ms. Liu Guizhen, Mr. Chen Yongcheng; Non-executive Directors Mr. Liang Dingxin, Dr. Zhou Yi, Mr. Zhou Jingzhong (resigned); Independent Non-executive Directors Mr. Chen Yeqiang, Mr. Lou Jiaqiang, Dr. Tan Lifen[8](index=8&type=chunk) - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in Hong Kong located in Hong Kong Science Park[8](index=8&type=chunk) - The auditor is PricewaterhouseCoopers, stock code is **6929**, and the company website is https://orbusneich.com/[10](index=10&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) This section summarizes the Group's financial performance, highlighting revenue growth, profit for the period, and key profitability ratios [Operating Results and Profitability](index=6&type=section&id=Operating%20Results%20and%20Profitability) For the six months ended June 30, 2025, the company's revenue increased by 5.9% year-on-year to USD 83,550 thousand, but gross margin decreased by 3.8 percentage points to 66.9%; profit for the period attributable to owners of the company grew by 5.1% to USD 19,785 thousand, with basic earnings per share at 2.40 US cents For the six months ended June 30, Operating Results and Profitability | Metric | 2025 (USD thousands) | 2024 (USD thousands) | Change (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 83,550 | 78,910 | 5.9% | - | | Cost of Sales | (27,653) | (23,134) | 19.5% | - | | Gross Profit | 55,897 | 55,776 | 0.2% | - | | Profit Before Income Tax | 20,775 | 21,285 | -2.4% | - | | Profit for the Period Attributable to Owners of the Company | 19,785 | 18,828 | 5.1% | - | | Basic EPS (US cents) | 2.40 | 2.28 | 5.3% | - | | Diluted EPS (US cents) | 2.40 | 2.28 | 5.3% | - | | Gross Margin | 66.9% | 70.7% | - | -3.8% | | Net Margin | 23.7% | 23.9% | - | -0.2% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's business operations, financial performance, strategic outlook, and capital management for the reporting period [Business Review](index=7&type=section&id=Business%20Review) OrbusNeich Medical is a global medical device company specializing in PCI and PTA interventional devices, headquartered in Hong Kong, with products sold in over 70 countries and regions worldwide; in H1 2025, despite macroeconomic and geopolitical challenges, the company's revenue grew by 5.9%, driven by strong growth in Asia Pacific and EMEA markets, partially offset by declines in Japan and China, while actively expanding its direct sales model and investing in product development and manufacturing facilities - OrbusNeich Medical specializes in PCI and PTA interventional devices, with products sold in over **70** countries and regions globally, and is actively expanding into the structural heart disease field[14](index=14&type=chunk) - In H1 2025, the Group's revenue reached **USD 83.6 million**, a year-on-year increase of **5.9%**, with proprietary product sales growing by **8.6%** year-on-year[15](index=15&type=chunk) - Profit attributable to owners of the Company was **USD 19.8 million**, a year-on-year increase of **5.1%**; the Board declared a special dividend of **HK 15 cents** per ordinary share to celebrate the Group's 25th anniversary[16](index=16&type=chunk) [Performance by Geographical Market](index=7&type=section&id=Performance%20by%20Geographical%20Market) The Asia Pacific and Europe, Middle East & Africa markets showed strong performance, with revenue growth of 14.0% and 17.0% respectively; the US market also saw significant growth of 20.0% despite tariff impacts, while Japan and Mainland China experienced revenue declines of 14.8% and 5.1% due to sales strategy adjustments and volume-based procurement For the six months ended June 30, Revenue Performance by Geographical Market | Region | 2025 (USD thousands) | 2024 (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Asia Pacific | 27,311 | 23,955 | 14.0% | | Europe, Middle East & Africa | 22,429 | 19,170 | 17.0% | | Japan | 16,114 | 18,908 | -14.8% | | Mainland China | 9,652 | 10,176 | -5.1% | | United States | 8,044 | 6,701 | 20.0% | | **Total** | **83,550** | **78,910** | **5.9%** | - Revenue in the Asia Pacific region significantly increased by **14.0%**, primarily due to strong growth in the Indonesian market and widespread adoption of Scoreflex TRIO in Singapore and Malaysia[17](index=17&type=chunk) - Revenue in Europe, Middle East, and Africa (EMEA) significantly rose by **17.0%**, mainly driven by increased sales of proprietary balloon products in direct sales markets (e.g., Germany, France, Spain) and distribution markets (e.g., UK, Slovakia, Czech Republic)[18](index=18&type=chunk) - Revenue in Japan decreased by **14.8%** year-on-year, primarily due to adjusted sales strategy, shifting focus away from lower-priced coronary balloon products, leading to a decline in sales volume[19](index=19&type=chunk) - Revenue in Mainland China decreased by **5.1%** year-on-year, mainly due to a decline in average selling prices caused by the volume-based procurement program, despite an increase in sales volume of conventional balloon products[20](index=20&type=chunk) - Revenue in the US market significantly increased by **20.0%**, primarily due to a notable rise in sales volume of conventional and scoring coronary balloons, and peripheral balloons (including high-value Scoreflex NC balloons)[21](index=21&type=chunk) [Operations Summary](index=8&type=section&id=Operations%20Summary) The company's strategy focuses on enhancing brand value through a direct sales model and extensive distributor network covering over 70 countries and regions globally; in H1 2025, the company acquired a Taiwanese distributor, transitioning the Taiwan market to a direct sales model and increasing its direct sales team to 13; the company continues to invest in R&D, holding over 250 granted patents, with several new products receiving regulatory approvals or entering clinical trials; global manufacturing facilities include a new Hangzhou facility expected to be operational by 2027, significantly boosting production capacity - The company covers over **70** countries and regions through its direct sales team and distributor network; in H1 2025, it acquired a Taiwanese distributor, transitioning the Taiwan market to a direct sales model, increasing the direct sales team to **13**[23](index=23&type=chunk) - As of June 30, 2025, the Group had **286** sales and marketing personnel (December 31, 2024: 266), with direct sales and distributor sales contributing **57.7%** and **42.3%** of total revenue, respectively[23](index=23&type=chunk) - The Group holds over **250** granted patents and published patent applications in major global jurisdictions, with several products having obtained CE Mark, PMDA, or FDA approvals[27](index=27&type=chunk)[28](index=28&type=chunk) - The company has manufacturing facilities in multiple global locations, including Shenzhen (China), Hoofddorp (Netherlands), and Weil am Rhein (Germany); the largest R&D and manufacturing facility in Hangzhou is expected to be operational by **2027**, increasing annual production capacity by approximately **2.4 million units**[29](index=29&type=chunk) [Third-Party Product Collaboration](index=9&type=section&id=Third-Party%20Product%20Collaboration) OrbusNeich Medical expanded its exclusive distribution agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. ("Mindray Medical") to include intravascular ultrasound (IVUS) products, extending the collaboration from Hong Kong and Macau to direct sales markets such as Singapore, Malaysia, France, Germany, Spain, and Switzerland, and covering six additional distribution markets in Europe - The exclusive distribution agreement with Kaili Medical has been expanded to direct sales markets including Singapore, Malaysia, France, Germany, Spain, and Switzerland, and covers six additional distribution markets in Europe for its IVUS products[26](index=26&type=chunk) [Joint Ventures](index=10&type=section&id=Joint%20Ventures) The joint venture OrbusNeich P&F focuses on developing innovative structural heart products, with TricValve's clinical trials in Mainland China progressing well, expanding to 21 participating institutions and achieving its first commercial application in July; the joint venture also boasts a pipeline of structural heart interventional devices - Joint venture OrbusNeich P&F focuses on innovative structural heart products; TricValve's clinical trials in Mainland China have expanded to **21** participating institutions and achieved its first commercial application in Mainland China in **July 2025**[30](index=30&type

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8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: 業聚醫療集團控股有限公司 呈交日期: 2025年9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) | 06929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,200,000,000 | USD | | 0.0005 | USD | | 600,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,200,000,000 | USD | | 0.0005 | USD | | 600,000 | 本月底法定/註冊股本 ...

Core Viewpoint - The company reported its 1H25 performance, showing revenue and net profit growth, with a stable profitability outlook despite regional challenges [1][2]. Financial Performance - 1H25 revenue reached $83.55 million, a year-on-year increase of 5.9% - Net profit attributable to shareholders was $19.79 million, up 5.1% year-on-year - The performance aligns with the company's expectations [1]. Regional Growth Trends - Asia-Pacific (excluding China and Japan) revenue grew by 14%, driven by rapid growth in Indonesia and benefits from the Scoreflex TRIO balloon's market expansion - EMEA revenue increased by 17% - Japan's revenue declined by 15% due to a shift in sales strategy and reduced sales of low-priced coronary balloons, although sales expenses were significantly reduced - Revenue in China fell by 5%, with an increased proportion of revenue from centralized procurement products - U.S. revenue rose by 20%, despite tariff disruptions, with a positive outlook for coronary and peripheral balloon products in 2024 [1]. Profitability and Cost Management - 1H25 gross margin was 66.9%, down 3.8 percentage points year-on-year, attributed to declining sales in Japan and price reductions in China - Sales and management expense ratios decreased, while R&D expense ratios remained stable, leading to a stable net profit margin [1]. Global Business Network and Product Introduction - The company has established a mature and reliable direct sales team in over a dozen countries in Europe and Asia-Pacific - Recent acquisitions of distributors in Indonesia, South Korea, and Taiwan aim to enhance direct sales - The company has partnered with KaiLi Medical to distribute IVUS products in multiple regions, indicating a strong potential for introducing high-quality products [2]. Earnings Forecast and Valuation - The company maintains its earnings forecast for 2025/26, with a current price corresponding to a P/E ratio of 12/11 times - The target price has been raised by 36% to HKD 6.4, reflecting a 29% upside potential based on the overall recovery of the Hong Kong medical device sector and confidence in the company's global sales network [2].

Core Insights - The company celebrates its 25th anniversary by declaring a special dividend of 15 Hong Kong cents per share [1][3] - Despite macroeconomic challenges, the company reported revenue growth of 5.9% year-on-year, reaching $83.6 million [2][3] - The company’s profit attributable to shareholders increased by 5.1% to $19.8 million, with core operating profit rising 11.4% to $15.1 million [2][3] Financial Performance - Revenue for the reporting period was $83.6 million, up 5.9% year-on-year [2] - Sales volume reached 919,000 units, with 779,000 units being proprietary products, reflecting an 8.6% increase [1] - Basic earnings per share increased to 2.40 US cents from 2.28 US cents in the first half of 2024 [2] Market Growth - The Asia-Pacific market saw a revenue increase of 14.0%, while Europe, the Middle East, and Africa (EMEA) grew by 17.0%, and the U.S. market grew by 20.0% [1][3] - The company has established a sales network covering over 70 countries and regions, with direct sales teams in 13 regions [4] Strategic Initiatives - The company acquired a Taiwanese distributor and plans to establish direct sales teams in Belgium and the Netherlands to enhance its presence in the Asia-Pacific and EMEA markets [1][3] - The company is leveraging its global commercialization expertise to form strategic partnerships with peers in the medical device industry, enriching its product portfolio [4] Product Development - The company holds over 250 authorized patents and has more than 55 approved products [4] - Clinical trials for several products are progressing, with expectations for new product launches in the U.S. and Japan [5] Production Capacity - The company has production bases in Shenzhen, the Netherlands, and Germany, with an annual production capacity of approximately 2.1 million units [5] - A new R&D and production facility in Hangzhou is expected to be operational by 2027, adding an annual capacity of 2.4 million units [5] Future Outlook - The company remains optimistic about the second half of 2025, anticipating continued growth in emerging markets and plans to shift some markets from distribution to direct sales [6] - The company aims to enhance its market influence in Europe and Japan while expanding its product coverage in China [6]

Core Insights - Globalization remains the main theme for the medical device industry in 2025, with Yejun Medical leading in the cardiovascular intervention sector, achieving an overseas revenue share of 88.4% across over 70 countries and regions [1][3] - The company's mid-year report shows robust growth in both revenue and net profit, validating its "globalization + innovation" dual-driven strategy, and the announcement of a special dividend reflects management's optimistic outlook [1][3][4] - The capital market has responded positively, with the company's stock price increasing by 35.89% year-to-date as of August 15 [1] Financial Performance - In the first half of 2025, Yejun Medical reported total revenue of $83.55 million, a year-on-year increase of 5.9%, with product sales volume reaching 91,900 units, including 77,900 units of proprietary products, which saw an 8.6% increase [3][4] - The net profit attributable to shareholders reached $19.80 million, up 5.1%, with core operating profit increasing by 11.4% to $15.10 million, and basic earnings per share rose by 5.26% to $0.024 [3][4] - The board proposed a special dividend of HKD 0.15 per share, in addition to a previously declared final dividend of HKD 0.10 per share, totaling HKD 0.25 per share for the year [3] Cash Flow Management - As of June 30, 2025, the company had cash and bank balances of $237 million, providing a solid financial safety net for R&D, product commercialization, global acquisitions, and key capacity construction [4] Strategic Pillars for Growth - Yejun Medical focuses on three strategic pillars: regional deepening, innovative mergers and acquisitions, and capacity building [5] - The Asia-Pacific region is the largest contributor to revenue, generating $27.31 million, a 14% increase year-on-year, with strong performance in Indonesia and accelerated sales in Singapore and Malaysia [5][6] - In Europe, the Middle East, and Africa, revenue grew by 17% to $22.43 million, driven by strong sales of proprietary balloon products in direct sales markets like Germany, France, and Spain [5][6] Product Strategy - The company employs a multi-faceted expansion strategy through innovation, mergers, and collaborations, enhancing its competitive moat [7] - As of mid-2025, Yejun Medical holds over 250 authorized patents and has received multiple key product certifications, increasing its approved product count to over 55 [7] - The company is actively pursuing new product registrations and has several products in clinical trials, including the Sapphire 3 coronary balloon [7] Production and Supply Chain - Yejun Medical is accelerating capacity construction and strengthening supply chain management, with production bases in Shenzhen, the Netherlands, and Germany, achieving an annual capacity of approximately 2.1 million units [9] - The new R&D and production base in Hangzhou is expected to be operational by 2027, adding an annual capacity of 2.4 million units, which will enhance cost advantages and support sustainable commercialization [9] Future Outlook - Several catalysts are expected to positively impact the company in the short term, including easing U.S. tariffs, the launch of high-end products in Japan, and the establishment of new direct sales teams in Europe [10] - The company's long-term growth path is clear, with plans to participate in volume-based procurement in China and the upcoming launch of self-developed products [10][11] - The company's intrinsic value is not fully reflected in the market, with a PE ratio of 13.174, indicating significant upside potential [10]

Core Viewpoint - Globalization remains the main theme for the medical device industry in 2025, with the company Yejuy Medical leading in the cardiovascular intervention field through a proactive global strategy, achieving an overseas revenue share of 88.4% [1][3]. Financial Performance - In the first half of 2025, the company reported total revenue of $83.55 million, a year-on-year increase of 5.9%, with product sales reaching 91,900 units, including 77,900 units of proprietary products, which saw an 8.6% increase [3][4]. - The net profit attributable to shareholders was $19.80 million, up 5.1%, while core operating profit reached $15.10 million, growing by 11.4% [3][4]. - The company announced a special dividend of 15 HKD per share, in addition to a previously declared dividend of 10 HKD per share, totaling 25 HKD per share for the year, reflecting management's confidence in long-term prospects [3][4]. Cash Flow Management - As of June 30, 2025, the company had cash and bank balances of $237 million, providing a solid financial safety net for R&D, product commercialization, global acquisitions, and capacity building [4][9]. Strategic Pillars for Growth - The company focuses on three strategic pillars: regional deepening, innovation and acquisitions, and capacity building [4][9]. - The Asia-Pacific region contributed $27.31 million in revenue, a 14% increase, with Indonesia showing significant growth [5][6]. - In Europe, the Middle East, and Africa, revenue grew by 17% to $22.43 million, driven by strong sales of proprietary balloon products [5][6]. Product Strategy - The company has over 250 authorized patents and has successfully obtained multiple product certifications, expanding its product portfolio [7][8]. - New product registrations and clinical trials are ongoing, with several products expected to launch globally in the coming years [7][8]. Production and Supply Chain - The company has established production bases in Shenzhen, the Netherlands, and Germany, with an annual capacity of approximately 2.1 million units, and a new facility in Hangzhou expected to add 2.4 million units by 2027 [9]. Market Outlook - Short-term catalysts include easing U.S. tariffs, the launch of high-end products in Japan, and the establishment of new direct sales teams in Europe [10]. - Long-term growth is supported by participation in volume-based procurement in China, the launch of self-developed products, and rising demand in emerging markets [10][11]. Market Valuation - The company's PE ratio as of August 15 was 13.174, indicating potential for upward growth compared to historical levels [11][13].

Core Insights - The company reported a revenue of $83.6 million for the six months ending June 30, 2025, representing a 5.9% increase year-on-year [1] - Core operating profit increased by 11.4% to $15.1 million, while profit attributable to shareholders rose by 5.1% to $19.8 million [1] - The company declared a special cash dividend of HKD 0.15 per ordinary share, celebrating its 25th anniversary, alongside a final dividend of HKD 0.10 per share paid on June 16, 2025, totaling HKD 0.25 per share for 2025 [1] Financial Performance - Revenue growth was driven by strong performance in the U.S. market and contributions from emerging markets in the Asia-Pacific, Europe, the Middle East, and Africa [1][2] - The company maintained a robust financial position with cash and bank balances reaching $237.1 million as of June 30, 2025 [1] Strategic Outlook - The CEO emphasized the company's commitment to innovation and global commercialization, which has established a strong reputation and resilience through various economic cycles [2] - The company aims to enhance brand value and competitive advantage through direct sales coverage, excellent sales support, investment in innovation, and a comprehensive range of PCI and PTA products [2]

Core Viewpoint - The company reported a revenue of $83.55 million for the six months ending June 30, 2025, reflecting a year-on-year increase of 5.88% and a profit attributable to shareholders of $19.785 million, up 5.08% year-on-year, with a proposed special dividend of HK$0.15 (approximately $0.0192) per share [1] Group 1 - The company achieved strong year-on-year growth in the U.S. market despite tariff disruptions, indicating robust demand for its quality products [1] - Emerging markets, particularly in the Asia-Pacific and Europe, Middle East, and Africa regions, have become the main growth engines for the first half of the year due to ongoing socio-economic development [1] - The growth was partially offset by a decrease in sales in the Japanese market and a decline in average selling prices in the Chinese market [1] Group 2 - The increase in net profit was primarily driven by foreign exchange gains and reduced income tax expenses, although it was offset by decreased interest income and increased selling and marketing expenses [1]