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]

Financial Performance - Revenue for the six months ended June 30, 2024, was $78,910 thousand, a decrease of 3.1% compared to $81,410 thousand for the same period in 2023[2] - Gross profit for the same period was $55,776 thousand, down 4.3% from $58,270 thousand year-over-year[2] - Profit before tax decreased by 24.1% to $21,285 thousand from $28,029 thousand in the prior year[2] - Net profit attributable to shareholders was $18,828 thousand, a decline of 25.2% compared to $25,183 thousand in the previous year[2] - Basic earnings per share were 2.28 cents, down 25.0% from 3.04 cents in the same period last year[2] - The gross margin for the period was 70.7%, a decrease of 0.9 percentage points from 71.6%[2] - The net profit margin fell to 23.9%, down 7.0 percentage points from 30.9% in the prior year[2] - The company's total expenses for the six months ended June 30, 2024, amounted to $61,945,000, an increase of 5.4% from $58,850,000 for the same period in 2023[17] - Employee benefits expenses rose to $29,043,000, up 10% from $26,392,000 in the previous year[17] - The company reported a current tax expense of $2,103,000 for the six months ended June 30, 2024, down from $2,763,000 in the previous year[18] - The effective corporate tax rate for the company in Hong Kong remained stable at 16.5% for both 2024 and 2023[19] Revenue Breakdown - Revenue from external customers in the Asia-Pacific region was $23,955 thousand, compared to $18,283 thousand for the same period in 2023, representing a growth of 31.5%[14] - The total revenue for the six months ended June 30, 2024, was $154,175 thousand, compared to $159,974 thousand for the same period in 2023, indicating a decline of 3.6%[14] - Revenue from the Asia-Pacific region increased by 31.0% year-over-year to $24.0 million, driven by strong sales of the Scoreflex TRIO balloon[32] - Revenue from Europe, the Middle East, and Africa slightly increased by 1.3% to $19.2 million, primarily due to increased sales of proprietary balloon products[33] - Revenue from Japan decreased by 3.6% year-over-year to $18.9 million, impacted by unfavorable exchange rates[34] - Revenue from China decreased by 23.3% to approximately $10.2 million, reflecting a 20.4% year-over-year decline in RMB terms[35] - Revenue from the U.S. market decreased by 40.9% to $6.7 million, primarily due to a significant drop in sales of peripheral balloons and Scoreflex NC[36] Assets and Liabilities - Total assets as of June 30, 2024, were $415,435 thousand, compared to $410,144 thousand as of December 31, 2023[5] - Total liabilities increased to $41,667 thousand from $40,726 thousand at the end of 2023[6] - Trade receivables net amount as of June 30, 2024, was $35,663,000, down from $37,966,000 at the end of 2023[26] - Trade payables increased to $6,182,000 as of June 30, 2024, compared to $4,815,000 at the end of 2023, reflecting a rise of 28.4%[28] - The total current assets amounted to approximately $347.7 million as of June 30, 2024, compared to $348.0 million as of December 31, 2023, while total current liabilities were approximately $35.9 million[62] - The group's current ratio was approximately 9.7 times as of June 30, 2024, slightly down from 9.8 times as of December 31, 2023[62] - The net current asset value as of June 30, 2024, was $311.8 million, a decrease of 0.2% from $312.3 million as of December 31, 2023[63] Research and Development - Research and development expenses increased to $7,398 thousand from $6,866 thousand, reflecting a focus on innovation[3] - Research and development expenses increased by 7.7% from $6.9 million to $7.4 million, attributed to higher clinical trial costs[56] Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[70] - The audit committee reviewed the interim financial information for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[72] - The company has adopted a policy for securities trading by directors, managers, and employees, ensuring compliance with the standard code[71] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring strong independence[70] - The company is committed to reviewing and enhancing its corporate governance practices continuously[70] Future Outlook and Strategy - The company is optimistic about restoring growth momentum despite facing challenges in various markets, with a focus on integrating eucatech AG into its operations[46] - The company anticipates a recovery in sales of Scoreflex NC and JADE in the U.S. market in the second half of the year, although annual sales may still decline[45] - The company plans to submit registration applications for new products, including Corepass modular catheters and JADE Plus, to regulatory authorities in 2024[40] - A new R&D and production facility is being constructed in Hangzhou, China, expected to commence operations in 2027, adding an annual capacity of 2.4 million units[42] - 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[46] Acquisitions and Investments - The company acquired eucatech AG in November 2023 and is actively registering four products (eucaLimus, Support C, Resistant, and VITUS) in multiple countries, with eucaLimus approved for registration in Malaysia in H1 2024[40] - Capital expenditures during the reporting period totaled approximately $9.6 million, primarily for the purchase of property, plant, equipment, intangible assets, and right-of-use assets[65] Market Presence - The company continues to focus on the manufacturing, trading, sales, and marketing of medical devices for treating coronary and peripheral vascular diseases[12] - The company is focused on expanding its market presence in the Asia-Pacific region[74] - The company successfully won the highest bid for Scoreflex balloon catheters in the "3+N" alliance centralized procurement in the Beijing-Tianjin-Hebei region, with implementation starting in May 2024[45]

Financial Performance - The company achieved a record revenue of $153.9 million for the fiscal year 2023, representing a growth rate of 12.5% year-over-year, and a 15.4% increase when excluding currency fluctuations[26]. - Gross profit increased by 15.2% to approximately $106.5 million, while core operating profit rose to $34.4 million, marking a growth of 34.4%[26]. - Global sales volume reached approximately 1.4 million units, reflecting a growth of about 19.6%[26]. - Earnings per share for 2023 were 5.45 cents, compared to 3.17 cents in 2022[26]. - The company reported a revenue of $153.865 million for the year ending December 31, 2023, representing a 12.5% increase from $136.824 million in 2022[29]. - Gross profit increased to $106.498 million, up 15.2% from $92.458 million in the previous year, resulting in a gross margin of 69.2%[29][32]. - The profit attributable to the company's owners surged by 143.8% to $45.073 million, compared to $18.491 million in 2022[29][31]. - The adjusted profit for the year, a non-Hong Kong Financial Reporting Standards measure, was $46.153 million, reflecting a 73.1% increase from $26.666 million in the prior year[29][31]. - The net profit attributable to shareholders was $45.1 million, a significant increase of 143.8% compared to $18.5 million in 2022, resulting in a net profit margin of 29.3%, up 15.8 percentage points year-over-year[36]. - Revenue from the US market reached $21.3 million, reflecting a substantial growth of 27.9%, driven by increased sales of peripheral balloons and semi-compliant balloons[41]. - Revenue from Japan increased by 17.2% to $38.0 million, although the growth was partially offset by the depreciation of the Japanese yen against the US dollar[37]. - The company’s adjusted net profit (non-Hong Kong Financial Reporting Standards) grew by 73.1% to approximately $46.2 million[36]. - The company’s gross profit increased by 15.2% to approximately $106.5 million, driven by higher average selling prices in the Japanese and US markets[36]. - The company recorded a net foreign exchange loss of $0.4 million for the year ended December 31, 2023, down from a loss of $1.0 million in the previous year[64]. Strategic Acquisitions and Partnerships - The company successfully renewed the CE mark for its existing Sapphire PTCA series under the new MDR regulations and obtained CE marks for new products including Scoreflex TRIO and EZ Guide[26]. - In September 2023, the company extended its exclusive distribution agreement in the U.S. with Abbott Laboratories' subsidiary, Cardiovascular Systems, Inc., to enhance product penetration in a rapidly growing market[26]. - The company acquired German medical device engineering firm eucatech AG, enhancing its product offerings and market influence with multiple CE-marked products[27]. - The company acquired 84% of Indonesian distributor PT Revass Utama Medika in November 2023 to enhance its market penetration in Indonesia[28]. - A strategic acquisition of South Korean distributor SJ Medicare Co., Ltd. was completed to improve product offerings and physician education in the Korean market[28]. - The company completed the acquisition of eucatech AG in December 2023, which specializes in the development, manufacturing, and distribution of minimally invasive cardiovascular and endovascular products[111]. Research and Development - Clinical trials for Scoreflex TRIO commenced in China in 2023, following its success in Japan, aiming to benefit a broader patient population[27]. - The company is expanding its production capacity by establishing its largest R&D and production base in Fuyang District, Hangzhou, with construction starting in December 2023[28]. - The company plans to submit the registration application for Scoreflex TRIO in China in the second half of 2024 after completing clinical trials in early 2024[44]. - The company plans to invest approximately RMB 430 million to build the largest R&D and production base in Fuyang, Hangzhou, covering an area of about 20,000 square meters, with an expected annual production capacity increase of 2.4 million units upon completion in 2027[45]. - The company has reallocated approximately HKD 4.6 million saved from land acquisition costs and HKD 77.1 million from unused proceeds for the development and commercialization of drug-eluting balloon products and new generation COMBO dual therapy stent products to the construction and renovation of a new R&D and production base in Hangzhou[111]. Financial Management and Capital Allocation - The company is focused on maintaining a strong financial foundation amid economic challenges, emphasizing prudent capital allocation[27]. - The company holds approximately $255.8 million in cash and bank balances as of December 31, 2023, to support future growth and acquisition opportunities[48]. - The company plans to utilize the net proceeds from the global offering for significant investments, including a new R&D and production base in Fuyang, Hangzhou[66]. - The company has confirmed that the proposed changes in the use of proceeds will not adversely affect its existing business and operations[111]. - The company has adopted a dividend policy effective from March 8, 2023, considering various financial performance factors before declaring dividends[144]. - The board proposed a final dividend of HKD 0.10 per ordinary share for the year ended December 31, 2023, compared to no dividend in 2022[146]. Corporate Governance - The company has a strong management team with extensive experience in finance, healthcare, and business management, enhancing its strategic direction[75][77][78]. - The company has maintained a focus on independent board oversight, with independent non-executive directors providing critical judgment and governance[75][77]. - The company’s independent directors bring diverse expertise from various sectors, contributing to robust corporate governance[75][77]. - The board composition includes three executive directors, three non-executive directors, and three independent non-executive directors, ensuring strong independence[162]. - The company has established a Director Nomination Policy to ensure the board possesses the necessary skills, experience, and diversity to meet business needs[181]. - The company has adhered to all applicable corporate governance code provisions during the reporting period, except for the separation of roles between the Chairman and CEO[160]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements, as well as the company's governance practices[172]. Risk Management - The group faces various financial risks, including credit risk, liquidity and interest rate risk, and foreign exchange risk, with details provided in the financial risk management section[93]. - The company has implemented a comprehensive risk management policy to identify, assess, and monitor key risks related to its strategic objectives[187]. - The audit committee oversees the implementation of risk management policies and ensures alignment with corporate objectives[188]. - The company has established a Risk Management Committee to oversee risk management and internal control systems, including sanctions risk exposure[190]. - The company has implemented enhanced sanctions policies and control systems tailored to the specific nature, scale, and risk of its operations[190]. Employee and Shareholder Relations - As of December 31, 2023, the company employed 1,249 employees, with 732 in China and 193 in Indonesia[97]. - Employee benefit expenses for the year ended December 31, 2023, were approximately $53.3 million, up from $50.6 million in 2022, reflecting a year-over-year increase of about 3.4%[97]. - The company has adopted various stock option plans, including pre-IPO and post-IPO stock option plans, to incentivize employees[97]. - The company has confirmed the independence of all independent non-executive directors as per listing rules[87]. - The company actively considers sustainability and has implemented ESG management policies, with an ESG working group established to promote and develop ESG initiatives[154]. Legal and Compliance - The company believes it has substantial defenses against potential legal actions that may arise, although outcomes are unpredictable[95]. - The company has not established an internal audit function but will review the need for one periodically based on the scale and complexity of its operations[191]. - The company has provided anti-corruption compliance training to senior management and employees to enhance awareness of applicable laws and regulations[191]. - The company has adopted a whistleblowing policy and established reporting channels to encourage employees and directors to report any suspected violations[193]. - The Chief Compliance Officer has been designated as the OFAC Compliance Officer to manage sanctions risk and ensure compliance[190].