Financial Performance - Revenue for the six months ended June 30, 2025, was $83,550,000, representing a 5.9% increase compared to $78,910,000 for the same period in 2024[4] - Gross profit for the same period was $55,897,000, slightly up by 0.2% from $55,776,000 in 2024[4] - Profit attributable to owners of the company increased by 5.1% to $19,785,000 from $18,828,000 year-over-year[4] - Basic and diluted earnings per share rose to 2.40 cents, a 5.3% increase from 2.28 cents in the previous year[4] - Operating profit for the period was $16,833,000, an increase from $15,871,000 in the prior year[5] - Total comprehensive income for the period was $25,635,000, compared to $14,871,000 in 2024[6] - Revenue for the six months ended June 30, 2025, was $83,550 thousand, an increase from $78,910 thousand for the same period in 2024, representing a growth of approximately 2.0%[17] - The cost of goods sold for the six months ended June 30, 2025, was $14,857 thousand, an increase from $12,288 thousand in 2024, representing a rise of about 20.9%[22] - The income tax expense for the six months ended June 30, 2025, was $3,322 thousand, compared to $2,103 thousand in 2024, reflecting an increase of approximately 58.0%[23] - Employee benefits expenses increased to $30,959 thousand for the six months ended June 30, 2025, compared to $29,043 thousand in 2024, marking an increase of about 6.6%[22] - The depreciation of property, plant, and equipment for the six months ended June 30, 2025, was $1,212 thousand, up from $1,003 thousand in 2024, indicating a growth of approximately 20.8%[22] - The group recorded a net foreign exchange gain of $1.5 million for the six months ended June 30, 2025, compared to a net loss of $0.7 million for the same period in 2024[81] - Net income attributable to the company's owners increased by 5.1% from $18.8 million to $19.8 million, driven by increased foreign exchange gains and reduced tax expenses[75] Assets and Liabilities - Non-current assets increased to $82,543,000 from $69,553,000 as of December 31, 2024[7] - Current assets totaled $363,259,000, slightly up from $361,457,000 at the end of 2024[7] - Total liabilities decreased to $35,819,000 from $36,633,000 in the previous year[8] - Cash and bank balances decreased from $248.6 million as of December 31, 2024, to $237.1 million as of June 30, 2025, primarily due to dividend payments of $10.6 million[77] - The current ratio was approximately 12.2 times as of June 30, 2025, compared to 11.8 times as of December 31, 2024[78] - The net current asset value increased by 0.8% from $330.7 million as of December 31, 2024, to $333.5 million as of June 30, 2025[79] Revenue Breakdown - Revenue from external customers in the Asia-Pacific region was $27,311 thousand for the six months ended June 30, 2025, compared to $23,955 thousand in 2024, reflecting a growth of about 14.0%[18] - Revenue from the Asia-Pacific region increased significantly to $27.3 million, a year-on-year growth of 14.0%[44] - Revenue from Europe, the Middle East, and Africa rose by 17.0% to $22.4 million, driven by sales growth of proprietary balloon products in direct and distribution markets[45] - Revenue from Japan decreased by 14.8% to $16.1 million due to a shift in sales strategy, although marketing expenses were significantly reduced[46] - Revenue from the U.S. market increased by 20.0% to $8.0 million, attributed to significant sales growth of coronary and peripheral balloons[48] - Revenue from third-party products increased by 20.6% to $4.6 million, driven by sales growth in Indonesia[61] Corporate Governance and Compliance - The company is focused on compliance with the corporate governance code as per the listing rules, ensuring transparency and accountability[101] - The independent auditor has conducted a review of the interim financial data in accordance with the relevant standards, ensuring the integrity of the financial reporting[98] - The company is committed to adhering to the regulations set forth by the Hong Kong Stock Exchange and other applicable laws, reinforcing its operational legitimacy[101] Future Plans and Developments - The company plans to adopt new accounting standards effective January 1, 2026, which are not expected to have a significant impact on the financial position or performance[15] - The company plans to accelerate product registration in Taiwan following the acquisition of a local distributor, aiming to expand its product portfolio[57] - The company expects the new generation Scoreflex QUAD balloon to launch in Q4 2025, which is anticipated to reverse the revenue decline in the Japanese market[57] - The company is constructing its largest R&D and manufacturing facility in Hangzhou, China, expected to be operational by 2027, increasing annual production capacity by approximately 2.4 million units[55] - The group plans to utilize the net proceeds from the global offering for ongoing product development and capacity expansion, with a total expected use of $31.6 million[90] Employee and Talent Management - The group employed 1,432 employees as of June 30, 2025, with employee benefit expenses amounting to approximately $31.0 million for the six months ended June 30, 2025, compared to $29.0 million for the same period in 2024[89] - The company has adopted various incentive plans, including stock option plans and share reward plans, to motivate and retain talent[103] Dividends - The company declared a final dividend of HKD 0.10 per share (approximately USD 0.0128), totaling about USD 10.61 million for the year ending December 31, 2024[30] - The board declared a special dividend of HKD 0.15 per ordinary share, payable on October 6, 2025, in addition to a previously declared final dividend of HKD 0.10 per ordinary share[91]

Core Viewpoint - The company, Aiyu Medical (06929.HK), has scheduled a board meeting on August 15, 2025, to consider and approve its interim results for the period ending June 30, 2025, and to discuss the potential distribution of an interim dividend, among other matters [1] Group 1 - The board meeting is set for August 15, 2025 [1] - The meeting will address the approval of interim results for the six months ending June 30, 2025 [1] - The company will consider the distribution of an interim dividend, if applicable [1]

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份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。 香港，2025年8月4日 於本公告日期，董事會包括執行董事錢永勛先生、劉桂禎女士及陳泳成先生；非執行董事梁鼎新先 生及周伊博士；以及獨立非執行董事陳業強先生、樓家強先生 BBS、MH、JP 及譚麗芬醫生。 董事會會議召開日期 業聚醫療集團控股有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二五年 八月十五日（星期五）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 公司截至二零二五年六月三十日止之中期業績及其刊發，考慮派發中期股息（如有） 及處理其他任何事務。 承董事會命 業聚醫療集團控股有限公司 董事長、執行董事兼首席執行官 錢永勛先生 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） ...

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7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8月1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 PTCA balloon industry in China is experiencing steady growth due to the increasing prevalence of cardiovascular diseases, the expansion of coronary intervention treatments, and the rise of domestic medical device manufacturers. The market size is projected to grow from 1.059 billion yuan in 2021 to 1.366 billion yuan in 2024, with expectations to exceed 2.274 billion yuan by 2030 [1][11]. Industry Overview - PTCA balloons are medical devices used in cardiovascular interventions to dilate narrowed or blocked coronary arteries, improving blood flow and myocardial supply [1]. - The industry chain consists of upstream raw materials and equipment supply, midstream production, and downstream application in various medical institutions for treating cardiovascular diseases [2]. Industry Environment - The incidence of coronary artery disease (CAD) is rising in China, with the number of patients increasing from 25.272 million in 2020 to 27.953 million in 2024, and projected to exceed 30 million by 2030 [4]. - The mortality rate for CAD has also increased significantly, indicating a growing demand for treatment options [4]. Industry Status - Percutaneous coronary intervention (PCI) is a key treatment method for CAD, with a record of 1.63 million PCI procedures performed in 2023, marking a growth rate of 26.44% [7]. - Despite the increasing number of PCI procedures, the market penetration rate in China remains low at 690.9 procedures per million people, compared to 3022.1 in the U.S., suggesting significant growth potential [9]. Competitive Landscape - The global PTCA balloon market is dominated by international giants like Boston Scientific and Medtronic, which hold over 60% market share, particularly in high-end drug-eluting balloons [13]. - Domestic companies account for 60% of the number of firms but only 40% of the market share, indicating a competitive landscape where local firms are striving to catch up through innovation [13]. Future Trends - The industry is witnessing significant technological innovation and product upgrades, with new polymer materials enhancing balloon performance and the introduction of drug-coated balloons reducing the risk of restenosis [19]. - The trend towards domestic substitution is accelerating, with local companies like MicroPort and Lepu Medical increasing their market share due to improved product quality and performance [20]. - The demand for PTCA balloons is expected to grow as their application expands beyond traditional coronary disease treatment to include peripheral and intracranial vascular diseases [21].

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Financial Performance - The company achieved a record revenue of $164.1 million for the fiscal year 2024, representing a growth of 6.6% year-over-year, with an 8.7% increase excluding foreign exchange fluctuations [9]. - Gross profit increased by 7.5% to approximately $114.5 million, with around 1.7 million products sold globally, of which 1.5 million were proprietary products, marking a 4.8% year-over-year increase [9]. - The company reported a decrease in profit attributable to shareholders by 11.9% to $39.7 million, with basic earnings per share at 4.81 cents, down from 5.45 cents in 2023 [10]. - Core operating profit, after excluding stock-based compensation and other adjustments, was $29.0 million, a decline of 15.8% compared to $34.4 million in 2023 [10]. - Revenue increased from $153.9 million in 2023 to $164.1 million in 2024, a growth of $10.2 million or 6.6% [39]. - The net profit attributable to the company's owners decreased by 11.9% to $39.7 million, with basic earnings per share of 4.81 cents, down 11.7% from 5.45 cents in 2023 [22][19]. Revenue Breakdown - Revenue from the Asia-Pacific region reached $52.2 million, a significant increase of 43.7% year-over-year, driven by new acquisitions and strong internal growth [23]. - Revenue from Europe, the Middle East, and Africa grew by 7.9% to $39.2 million, primarily due to increased sales of proprietary balloon products [24]. - Revenue from Japan decreased by 9.4% to $34.4 million, attributed to the depreciation of the yen against the dollar and price adjustments [25]. - Revenue from China showed a reduced decline of 5.4%, with reported income of approximately $20.7 million, following improved marketing strategies [26]. - Revenue from the U.S. market reached $17.5 million, with a decline of 17.7%, narrowing from a 40.9% drop in the first half of the year [27]. Operational Developments - The company is integrating three acquired companies, which will incur additional operational costs but is essential for long-term development [10]. - The company is enhancing automation at its largest R&D production facility in Hangzhou, China, to reduce labor costs and improve operational efficiency [11]. - The group is constructing its largest R&D and manufacturing facility in Hangzhou, China, expected to increase annual production capacity by 2.4 million units upon completion in 2027 [34]. - The group has established a strong quality management system and a solid global presence, selling products in over 70 countries and regions [11]. Shareholder Returns - The company plans to distribute a final cash dividend of HKD 0.10 per share, maintaining the same level as in 2023, to reward shareholders for their continued support [10]. - The group plans to distribute a final cash dividend of HKD 0.10 per share to reward shareholders for their continued support [37]. - The company proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, consistent with the previous year [180]. Research and Development - Research and development expenses increased by 18.5% to $17.0 million, primarily due to higher service fees paid to contract research organizations [49]. - The company is focusing on the development and commercialization of new products, with $1.5 million allocated for next-generation neurointerventional products [127]. - The company plans to expand its R&D team in Shenzhen, with $0.7 million allocated for this purpose by the end of 2025 [127]. Market Strategy - A partnership was formed with a well-known Chinese manufacturer to distribute innovative products in the Asia-Pacific market, with plans to expand cooperation to other regions [11]. - The group anticipates revenue growth driven by the Asia-Pacific region and Europe, the Middle East, and Africa, with a focus on launching new products like Teleport Glide and Scoreflex QUAD in the Japanese market [36]. - The company is expanding its market presence in Asia, targeting a 30% increase in market share by the end of the fiscal year [83]. Financial Position - As of December 31, 2024, the group holds over 240 authorized patents and published patent applications globally, with more than 40 and 90 in the United States and China, respectively [30]. - The group has a cash and bank balance of $248.6 million as of December 31, 2024, positioning it well for potential acquisitions and industry consolidation opportunities [36]. - The total current assets amounted to approximately $361.5 million, compared to $348.0 million as of December 31, 2023 [55]. - The total current liabilities as of December 31, 2024, were approximately $30.7 million, down from $35.6 million as of December 31, 2023 [55]. - The current ratio as of December 31, 2024, was approximately 11.8 times, an increase from 9.8 times as of December 31, 2023 [57]. Corporate Governance - The company has adopted corporate governance principles to enhance shareholder value and accountability [199]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2024, and found them compliant with applicable accounting standards [195]. - The auditor, PwC, has audited the financial statements and is eligible for reappointment at the upcoming annual general meeting [196]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [200]. Employee and Management - As of December 31, 2024, the company employed 1,331 employees, with employee benefit expenses totaling approximately $59.1 million, up from $53.3 million in 2023, reflecting a year-over-year increase of about 14.0% [113]. - The company has implemented stock option plans and incentive programs to enhance employee performance and retention [113]. - The board of directors includes both executive and independent non-executive members, with specific terms of service ranging from 1 to 3 years [96]. Risks and Compliance - The group has faced various financial risks, including credit risk, liquidity and interest rate risk, and foreign exchange risk, with details provided in the financial risk management section of the annual report [108]. - Legal risks include potential litigation that may involve significant damages, although the company believes it has strong defenses against such claims [110]. - The company is subject to economic sanctions imposed by the U.S., EU, UN, and Australia, which could negatively impact sales to sanctioned countries [111]. - The company has complied with relevant laws and regulations during the reporting period [190].

Core Viewpoint - The percutaneous coronary intervention (PCI) market in China is experiencing significant growth due to increasing rates of cardiovascular diseases driven by aging population and rising obesity rates, with the number of PCI procedures expected to reach 3.6 million by 2030 from 1.9 million in 2024 [1][11]. Industry Overview - PCI is a minimally invasive procedure aimed at improving blood flow in narrowed or blocked coronary arteries, with various techniques including balloon angioplasty and stent implantation [1][5]. - The PCI industry is supported by a supply chain that includes raw materials like stainless steel and cobalt-chromium alloys, as well as advanced medical devices and technologies [5]. Industry Environment - China has approximately 330 million patients with cardiovascular diseases (CVD), with a significant portion being elderly, which correlates with a rising incidence of heart diseases [7]. - The aging population in China is projected to increase from 145 million in 2015 to 220 million by the end of 2024, leading to a higher prevalence of cardiovascular diseases [7]. Industry Status - The total number of registered PCI cases in China reached 1,636,055 in 2023, marking a year-on-year growth rate of 26.44%, the highest recorded [9]. - National policies are enhancing healthcare services and infrastructure, leading to increased accessibility and acceptance of PCI procedures among patients [11]. Development Trends - The PCI industry is witnessing rapid technological innovation and product upgrades, with advancements in drug-eluting stents and biodegradable stents improving treatment outcomes and reducing complications [20]. - Market demand for PCI is expected to continue growing due to rising cardiovascular disease rates and increased public awareness of health [21]. - The industry faces intensified international competition, necessitating domestic companies to enhance innovation and expand into global markets [22]. Competitive Landscape - The PCI market in China is characterized by a mix of international giants like Medtronic and Abbott, and domestic companies such as Lepu Medical and Sino Medical, with the latter gaining market share through competitive pricing and innovative products [15][16]. - Companies like Weimai Medical and Yiju Medical are focusing on comprehensive solutions in interventional devices, with a strong emphasis on research and development [16][18].

Financial Performance - The company's revenue for the year ended December 31, 2024, was $164,097,000, representing a 6.6% increase compared to $153,865,000 in 2023[4] - Gross profit increased to $114,467,000, up 7.5% from $106,498,000 in the previous year[4] - Profit attributable to the company's owners decreased by 11.9% to $39,717,000 from $45,073,000 in 2023[4] - Basic earnings per share fell to 4.81 cents, down 11.7% from 5.45 cents in the prior year[4] - The company's net profit margin decreased to 24.2%, down 5.1 percentage points from 29.3% in 2023[4] - Total revenue for the group reached $331,383 thousand in 2024, up from $305,418 thousand in 2023, indicating an overall growth of about 8.5%[24] - The company reported a revenue of $164.1 million for the second half of 2024, representing a year-on-year growth of 6.6%[56] - The company's profit attributable to owners decreased by 11.9% from $45.1 million for the year ended December 31, 2023, to $39.7 million for the year ending December 31, 2024, primarily due to increased operating expenses and reduced government grants for R&D activities[98] Expenses and Costs - Research and development expenses increased to $17,045,000, compared to $14,379,000 in the previous year[5] - The company’s total expenses for the year amounted to $129,372,000 in 2024, compared to $116,586,000 in 2023, indicating an increase of approximately 10.9%[31] - The company’s employee benefits expenses rose to $59,069,000 in 2024 from $53,298,000 in 2023, an increase of approximately 10.5%[31] - General and administrative expenses increased by 33.7% from $18.9 million for the year ended December 31, 2023, to $25.3 million for the year ending December 31, 2024, primarily due to increased employee count and overall compensation costs[91] - Sales and distribution expenses rose by 4.1% to $37.4 million in 2024, attributed to increased employee benefits and marketing costs following an acquisition[90] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $431,010,000, an increase from $410,144,000 in 2023[8] - The company reported a total equity of $394,377,000, compared to $369,418,000 in 2023[10] - Trade receivables increased to $42.7 million in 2024 from $38.6 million in 2023, with a net trade receivables amount of $41.7 million[44] - The company’s trade payables rose to $6.84 million in 2024, compared to $4.82 million in 2023[50] - Total current assets as of December 31, 2024, were approximately $361.5 million, compared to approximately $348.0 million as of December 31, 2023[100] Revenue by Region - Revenue from external customers in the Asia-Pacific region was $52,241 thousand for 2024, compared to $36,357 thousand in 2023, reflecting a significant increase of approximately 43.6%[24] - The group’s revenue from the European, Middle Eastern, and African regions was $39,234 thousand in 2024, compared to $36,362 thousand in 2023, showing an increase of about 7.7%[24] - Revenue from the U.S. market reached $17.5 million, with a significant narrowing of the decline from 40.9% in the first half to 17.7% for the full year, aided by discussions with distributors[64] - Revenue from Japan decreased by 9.4% to $34.4 million, primarily due to the depreciation of the yen against the dollar and periodic reimbursement price reductions[60] - Revenue from mainland China showed a reduced decline of 5.4%, with reported income of approximately $20.7 million, thanks to proactive marketing strategies and the implementation of volume-based procurement[61] New Initiatives and Future Outlook - The company is constructing its largest R&D and manufacturing facility in Hangzhou, expected to increase annual production capacity by 2.4 million units upon completion in 2027[74] - The company plans to launch new products, including Teleport Glide and Scoreflex QUAD, targeting the Japanese market[76] - The company expects revenue growth to be driven by the Asia-Pacific and Europe, Middle East, and Africa regions, with the US market also showing signs of recovery[76] - The company is actively seeking suitable downstream businesses to enhance its overseas sales network[78] Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions during the reporting period[118] - The audit committee has reviewed the financial reporting process and internal controls, recommending the board to approve the audited consolidated financial statements for the year ending December 31, 2024[124] - The company is committed to compliance with the corporate governance code as per the listing rules[135] Shareholder Information - The company did not declare any dividends for the year ending December 31, 2024, maintaining the same dividend of approximately $10.615 million for the previous year[53] - The board has proposed a final dividend of HKD 0.10 per share for the year ending December 31, 2024, which is the same as the previous year[115] - The annual general meeting is scheduled for May 27, 2025, with related documents to be published in April 2025[130]

Revenue Performance - Revenue for the first half of 2024 was $78.9 million, a decrease of 3.1% compared to $81.4 million in the same period of 2023[19] - Revenue from the Asia-Pacific region increased by 31.0% to $24.0 million, driven by strong sales of the Scoreflex TRIO balloon in Malaysia and contributions from newly acquired distributors[22] - Revenue from Europe, the Middle East, and Africa rose by 1.3% to $19.2 million, primarily due to increased sales of proprietary balloon products in direct and distribution markets[23] - Japanese market revenue decreased by 3.6% to $18.9 million, despite an 8.1% increase in yen-denominated revenue from the Scoreflex TRIO[24] - Revenue from China decreased by 23.3% to approximately $10.2 million, with a year-on-year decline of 20.4% compared to the strong base in the first half of 2023[25] - Revenue from the US market fell by 40.9% to $6.7 million, primarily due to a significant drop in sales of JADE peripheral balloons and Scoreflex NC[26] - The revenue for the first half of 2024 decreased by $2.5 million to $78.9 million compared to $81.4 million in the same period of 2023, representing a decline of 3.1%[36] - The group's total revenue decreased by approximately $3.2 million due to significant appreciation of the USD against various currencies, but would have increased by 0.6% year-on-year without the foreign exchange impact[39] Profitability and Earnings - Gross profit decreased by 4.3% to approximately $55.8 million, attributed to the decline in revenue[21] - Profit attributable to owners of the company fell by 25.2% to $18.8 million, with basic earnings per share at 2.28 cents, down from 3.04 cents in the previous year[19] - Operating profit decreased significantly to $15,871 thousand, compared to $24,110 thousand in the prior year, representing a decline of 34.2%[88] - Net profit for the period was $18,873 thousand, down 25.1% from $25,183 thousand in the previous year[88] - Total comprehensive income for the period was $14,871 thousand, down from $23,891 thousand, a decrease of 37.7%[89] - The company's profit attributable to owners decreased by 25.2% to $18.8 million for the six months ended June 30, 2024, down from $25.2 million, mainly due to lower sales volumes in key markets[50] Expenses and Costs - Operating expenses related to newly acquired businesses amounted to $4.2 million, with eucatech AG contributing $1.5 million in expenses[21] - Core operating expenses for sales, distribution, general and administrative, and R&D remained similar to the previous year, excluding the impact of new acquisitions[21] - Sales and distribution expenses decreased by 4.1% to $18.5 million, down from $19.3 million, due to reductions in employee benefits and travel expenses[43] - General and administrative expenses increased by 35.4% to $12.9 million, up from $9.5 million, primarily due to increased overall compensation and employee count following an acquisition[44] - R&D expenses increased by 7.7% to $7.4 million, compared to $6.9 million, mainly due to higher clinical trial costs for the company's products[45] - Other income decreased by 88.0% to $0.2 million, down from $1.4 million, mainly due to a reduction in government subsidies for R&D projects in China[41] Market and Product Development - The company is actively expanding its business into structural heart disease and neurovascular intervention fields, diversifying its product offerings[20] - The company plans to submit registration applications for new products, including Corepass modular microcatheters and JADE Plus, in 2024[30] - The company established a joint venture, OrbusNeich P&F, in 2020 to develop and commercialize innovative structural heart disease products, with TricValve clinical trials ongoing in 13 hospitals in China[33] - The company anticipates that TricValve will be commercially available in the Greater Bay Area by Q2 2025, pending hospital access approvals[33] - The Scoreflex balloon catheter won the highest bid in the centralized procurement in the Beijing-Tianjin-Hebei region, with implementation starting in May 2024[34] Financial Position and Cash Flow - The company has approximately $246.7 million in cash and bank balances as of June 30, 2024, indicating a strong financial position to pursue growth opportunities[35] - As of June 30, 2024, the company's cash and bank balances were $246.7 million, down from $255.8 million as of December 31, 2023, primarily due to dividend payments of $10.6 million[52] - Operating cash flow for the six months ended June 30, 2024, was $8,838 thousand, a decrease of 33.5% from $13,180 thousand in the same period of 2023[95] - Net cash inflow from operating activities was $8,211 thousand, down from $12,360 thousand year-over-year[95] - Cash and cash equivalents decreased by $26,215 thousand, with ending cash and cash equivalents at $30,536 thousand, down from $75,514 thousand[95] - The company has a liquidity risk management plan in place to ensure sufficient cash flow for operational needs and compliance with borrowing covenants[104] Shareholder Information and Corporate Governance - Major shareholders include HART, which holds 521,523,844 shares, representing 62.99% of the total shares[66] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[82] - The company believes that having the roles of Chairman and CEO held by the same person benefits the management of the group[82] - The company has adopted several equity incentive plans, including the stock option plan and share award plans, to enhance employee motivation and retention[174] Research and Development - The company is focused on research and development of medical devices for treating coronary and peripheral vascular diseases[97] - The company continues to invest in research and development to innovate and improve its product offerings in the medical sector[173] - The company is focused on expanding its R&D team in Shenzhen for new generation neuro-interventional products[69] Acquisitions and Joint Ventures - The company plans to actively seek acquisition opportunities to enhance its commercialization capabilities and complement its existing product portfolio[35] - The company has committed to provide funding of $4,942,000 to its joint venture as of June 30, 2024[144] - Receivables from joint ventures increased to $1,336,000 as of June 30, 2024, from $640,000 as of December 31, 2023, indicating a significant increase of 108.8%[166]