療 集 OrbusNeich Medical Group Holdings Limited 業聚醫療集團控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 6929 中期報告 2025 OrbusNeich Medical Group Holdings Limited 業 聚 醫 團 控 股 有 限 公 司 INTERIM REPO R T 2025 中期報告 Interim Report 2025 ( Incorporated in the Cayman Islands with limited liability ) Stock Code : 6929 OrbusNeich Medical Group Holdings Limited 業聚醫療集團控股有限公司 永 遠 懷 念 業聚醫療集團創辦人 錢 學 雄 先生 (1931 – 2025) 26604_C00b_Founder__P.1.indd 1 03/09/2025 08:35:16 目錄 | 公司資料 | 3 | | --- | --- | | 財務摘要 | 5 | | 管理層討論及分析 | 6 | | 其他資料 | 16 | | 中期 ...

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]

2025年，全球化依然是医疗器械行业发展的主旋律。而心血管介入领域的先行者——业聚医疗，凭借前瞻性的全球化 布局，在地缘政治的复杂变局下，仍能深入超70个国家和地区的市场。其海外营收占比高达88.4%，稳居行业领先地 位。 近日，业聚医疗交出的中报成绩单同样亮眼：营收与净利润双增长，有力印证了其"全球化+创新"双轮驱动战略的成 功，而特别分红更是管理增对前景乐观的重要启示。 资本市场的回应同样积极。截至8月15日收盘，公司股价年内累计涨幅达35.89%。这份逆势上扬的成绩单，究竟揭示 了怎样的增长密码? 图表一：公司今年股价走势图 营收盈利双升，增长韧性凸显 财务数据是最有力的注脚。业聚医疗的营收与盈利能力持续稳健攀升，不仅印证了其在创新医疗（002173）器械领域 的深厚积淀，更昭示了未来发展的强劲势能。 财报显示，2025年上半年，公司实现总收入8355万美元，同比稳健增长5.9%。期内产品销售量达9.19万件，其中自有 产品销量7.79万件，同比显着提升8.6%，核心业务增长动能坚实。 盈利能力方面，公司展现出强劲的盈利韧性。上半年归母净利润达1980万美元，同比增长5.1%;核心经营利润1510万美 ...

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]

Core Viewpoint - Yiju Medical (06929) reported a revenue of $83.55 million for the six months ending June 30, 2025, representing a year-on-year increase of 5.88% [1] - The profit attributable to shareholders for the period was $19.785 million, an increase of 5.08% year-on-year, with basic earnings per share at 2.4 cents [1] - The company proposed a special dividend of 15 Hong Kong cents (approximately 1.92 US cents) per share [1] Group Performance - Despite tariff disruptions, the company achieved strong year-on-year growth in the U.S. market, indicating robust demand for its quality products [1] - Emerging markets, particularly in the Asia-Pacific region and Europe, the Middle East, and Africa, have shown positive trends, becoming the main growth engines in the first half of the year [1] - However, 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] Financial Analysis - The net profit growth was primarily driven by an increase in foreign exchange gains and a reduction in income tax expenses [1] - This growth was partially countered by a decrease in interest income and an increase in sales and marketing expenses [1]

Core Viewpoint - The company Yiju Medical (06929) announced a special dividend of HKD 0.15 per share, to be distributed on October 6, 2025 [1] Group 1 - The special dividend reflects the company's commitment to returning value to shareholders [1] - The announcement indicates the company's financial health and ability to generate cash flow [1]