Core Viewpoint - The company, Peijia Medical, reported revenue growth and a reduction in losses for the year ending December 31, 2025, driven by advancements in TAVR product iterations and the expansion of neurointerventional products [2][25]. Financial Performance - In 2025, the company achieved operating revenue of 713 million RMB, a year-on-year increase of 15.8%, and a gross profit of 486 million RMB, up 12.1% [4][8]. - The sales cost was 227 million RMB, resulting in a gross margin of approximately 68.2% [7]. - The net loss for the year was 208 million RMB, narrowing by 8.9% compared to the previous year [7][8]. - The neurointerventional segment generated a profit of 97 million RMB, reflecting an 86.6% year-on-year growth, while the transcatheter valve therapy segment incurred a loss of 216 million RMB, which was a 20.2% reduction from the previous year [7][8]. Product and Technology - The company has developed a multi-generation product system for transcatheter aortic valve replacement (TAVR) targeting aortic, mitral, and tricuspid valve diseases [9]. - The TAVR product line includes: - TaurusMax® (third generation) expected to be approved in 2024 and commercialized in 2025, featuring a 3D adjustable delivery system [10]. - TaurusElite® (second generation) with "retrievable and repositionable" capabilities [10]. - TaurusOne® (first generation) designed for durability and sealing [10]. - TaurusTrio® expected to be approved in 2025 for aortic regurgitation treatment [10]. - Ongoing TAVR developments include TaurusNXT® and TaurusApex®, which utilize advanced materials and technologies to enhance durability and reduce calcification risks [11][12]. Research, Business, and Market - The company increased its R&D investment to 254 million RMB, a 25.0% year-on-year growth, and has multiple products entering registration or clinical stages [18][19]. - The business model focuses on interventional consumables as the core revenue source, integrating R&D, production, and commercialization [20]. - In the domestic market, the company’s products have entered over 780 hospitals, with a TAVR implantation volume of approximately 3,900 cases, reflecting a 14.4% year-on-year increase [21]. Observations - Peijia Medical is in a phase of simultaneous commercialization and innovation pipeline development, with significant contributions from the neurointerventional business and ongoing advancements in TAVR product iterations and indications [25].

Summary of the Conference Call for Peijia Medical Company Overview - **Company**: Peijia Medical - **Industry**: Medical Devices, specifically focusing on structural heart disease and neurointervention Key Points Financial Performance - **2025 Revenue Growth**: Achieved a 15.8% increase in overall revenue, with core businesses (valve and neurointervention) showing significant cash flow improvements, rising from 0.2 billion to 0.7 billion RMB [2][3] - **Operating Cash Flow**: Core businesses generated positive cash flow of approximately 7 million RMB in 2025, a significant improvement from a negative cash flow of 20 million RMB [4][3] - **Cost Management**: Sales, management, and R&D expenses decreased in absolute terms, leading to a notable reduction in expense ratios, indicating effective operational leverage [3][4] Business Segments Performance - **Valve Business**: - 2025 saw approximately 3,900 valve implants, with a market share increase to 26.4% [2][5] - The TaurusElite valve for aortic regurgitation is expected to contribute 1,500 implants in 2026 [2] - The company aims for a 30% increase in implant volume in 2026, targeting 5,000 implants [3][11] - **Neurointervention Business**: - Revenue grew nearly 20% in 2025, with a market share of nearly 20% for thrombectomy stents, maintaining the leading position among domestic brands [2][8] - The DCY micro-guidewire received FDA approval, opening access to a global market worth 1.5 billion USD [2][9] Market Dynamics - **Impact of Healthcare Pricing Policies**: Recent adjustments in healthcare pricing have had a mild impact, with a significant increase in surgical volume expected in Q1 2026 [2][5] - **Product Portfolio**: The company has a competitive product pipeline, including first and second-generation products for aortic stenosis and the TaurusElite for aortic regurgitation, enhancing market competitiveness [5][6] International Expansion - **Outreach Strategy**: Focus on high-end markets in Europe and the US, with the GeminiOne mitral valve clip already registered in Europe [2][12] - **Funding for R&D**: The company plans to support R&D through external financing, particularly for cutting-edge technology without impacting core business cash flow [4][20] Future Outlook - **2026 Projections**: The company anticipates 2026 to be a year of accelerated growth, aiming for breakeven at the group level and significant revenue increases in both valve and neurointervention segments [11][29] - **Sales Strategy**: Emphasis on product differentiation and maintaining a comprehensive product line to address various market segments, ensuring resilience against price competition [17][18] Regulatory and Clinical Developments - **Clinical Trials**: Ongoing clinical trials for products like Monarch and GeminiOne, with expected advancements in regulatory approvals [20][21] - **Market Positioning**: The company is strategically positioned to leverage its innovative capabilities in the structural heart disease sector, aiming to enhance its reputation internationally [30] Competitive Landscape - **New Entrants**: The company acknowledges the challenges posed by new competitors but remains confident in its established market position and product competitiveness [27] Conclusion - **Long-term Strategy**: Peijia Medical is committed to balancing immediate financial performance with long-term growth potential, focusing on innovation and market expansion to enhance shareholder value [30]

Group 1: Stock Market Movements - China Merchants Energy (01138) fell over 5%, currently down 4.09%, as the company assesses safety conditions regarding its vessels in the Strait of Hormuz [1] - Shenzhen Expressway (00548) dropped over 9%, currently down 7.86%, after reporting 2025 revenue of approximately 9.264 billion yuan, a 0.2% year-on-year increase, and a net profit of about 1.149 billion yuan, up 0.38% [1] - Television Broadcasts (00511) rose nearly 3% after announcing a 2025 revenue of 3.192 billion HKD, a 2.02% decrease, and a shareholder loss of 491 million HKD [2] - Chaoyun Group (06601) increased over 6%, currently up 4.07%, reporting a revenue of 1.988 billion yuan, a 9.24% year-on-year growth, and a net profit of 224 million yuan, up 9.98% [2] - Golden stocks fell again, with companies like Zijing Mining (02899) and Shandong Gold (01787) experiencing declines of 3.09% and 4.02% respectively, as spot gold prices dipped below 4500 USD [3] Group 2: Company Earnings and Forecasts - GSK Group (01285) surged over 40%, currently up 31.87%, after announcing an expected net profit of between 101.4 million and 111.1 million yuan for the year ending December 31, 2025, representing a year-on-year increase of approximately 210% to 230% [4] - Aoda Holdings (09929) fell over 12%, currently down 16.19%, reporting a revenue of 66.258 million HKD, a 27.75% decrease, and a net loss of 18.856 million HKD [5] - Peijia Medical (09996) rose nearly 4%, reporting a revenue of 713 million yuan, a 15.82% year-on-year increase, and a narrowed net loss [3] Group 3: Market Trends and Sector Performance - The pork concept stocks collectively declined, with COFCO Joycome (01610) down 3.57% as the average trading price of lean pigs fell below 10 yuan/kg, marking a 15-year low [3] - Semiconductor stocks saw a strong start, with Arm Holdings (ARM.US) rising 16.38% after announcing its entry into chip manufacturing, aiming for 15 billion USD in annual revenue within five years [8] - AI application software stocks collectively rose, with Braze (BRZE.US) increasing by 19.87% [8]

本公告乃由沛嘉醫療有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，以告知本公司股東及潛在投資者有關執行董事、首席執行官兼本公司 董事會（「董事會」）董事長張一博士（「張博士」）於本公司持股增加的事宜。 董事會獲悉，張博士透過其所控制的公司，自2026年3月26日起擬於公開市 場上繼續購買本公司股份（「持股增加」）。是次持股增加合共代價預期不超過 15,000,000港元。 經張博士告知，持股增加反映其對本公司內在價值的認可，以及其對本公司發 展前景及增長潛力的堅定信心。張博士將不排除根據適用法律及法規於適當 時候進一步增加其於本公司持股的可能性。 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分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Peijia Medical Limited 沛嘉醫療有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 自願公告 執行董事、首席執行官兼董事會董事長的持股增加 於本公告日期，董事會包括執行董 ...

Financial Performance - The company reported a revenue of RMB 712.9 million for the year ended December 31, 2025, representing a year-on-year growth of 15.8%[4]. - Gross profit increased to RMB 486.1 million, with a gross margin of 68.2%[4][12]. - The company reported a segment loss of RMB 215,142 thousand for the total operations, with the transcatheter valve therapy segment contributing a loss of RMB 215,517 thousand[29]. - Total revenue for the year ended December 31, 2025, reached RMB 712,870 thousand, an increase from RMB 615,483 thousand in 2024, representing a growth of approximately 15.9%[29]. - The net financial (cost) income for 2025 was a loss of RMB 3,929 thousand, a decline from a net income of RMB 17,744 thousand in 2024[39]. - The basic loss per share for the year ended December 31, 2025, was RMB (0.31), compared to RMB (0.34) for the year ended December 31, 2024, reflecting a slight improvement in loss per share[43]. - The company did not declare or pay any dividends for the year ended December 31, 2025, consistent with 2024[45]. - The company reported a pre-tax loss of RMB (202,599) thousand for 2025, an improvement from a loss of RMB (221,601) thousand in 2024[42]. - The net assets decreased to RMB 1,858.09 million as of December 31, 2025, from RMB 2,044.60 million in 2024[19]. Expenses and Cost Management - Sales and distribution expenses decreased by 2.3% to RMB 320.8 million, while administrative expenses fell by 16.6% to RMB 126.0 million[4]. - Total expenses for sales costs, sales and distribution expenses, administrative expenses, and R&D expenses amounted to RMB 928,012 thousand in 2025, an increase from RMB 864,722 thousand in 2024, representing a growth of approximately 7.3%[36]. - R&D service expenses increased significantly to RMB 104,806 thousand in 2025 from RMB 42,498 thousand in 2024, indicating a growth of approximately 147.5%[36]. - The sales and distribution expenses totaled RMB 320,813 thousand, highlighting the significant investment in market outreach and customer engagement[29]. - Administrative expenses decreased by 15.3% year-on-year to RMB 101.9 million, with the administrative expense ratio declining by 11.1 percentage points to 35.1%[13]. - The sales and distribution, administrative, and R&D expense ratios improved, decreasing by 3.5, 3.2, and 4.4 percentage points to 23.4%, 4.8%, and 9.8% respectively[15]. Research and Development - Research and development expenses rose by 25.0% to RMB 254.4 million, reflecting the company's commitment to innovation[4]. - The total R&D expenditure for the year was RMB 254,361 thousand, reflecting the company's commitment to innovation and development in medical devices[29]. - The internal R&D team consists of 152 employees focused on transcatheter valve therapy products and neurointerventional product development as of December 31, 2025[102]. - The company has developed next-generation products based on clinical feedback to optimize existing product performance and is actively advancing related iterative product development and registration[98]. - The company is actively involved in the research and development of innovative technologies for treating intracranial vascular diseases[162]. Product Development and Innovation - The company achieved a significant increase in segment profit for the neurointervention business, which grew by 86.6% to RMB 97.2 million[4][6]. - TAVR-related product sales reached RMB 290.1 million, up 11.6% year-on-year, driven by the successful launch of the TaurusMax® system[5]. - Neurointervention product sales increased by 18.9% to RMB 422.8 million, supported by strong performance of core products[5]. - The company has established a separate reporting segment for its cutting-edge technology business, which focuses on innovative solutions for heart valve diseases[28]. - The company is engaged in the development of medical devices for neurovascular diseases, with a focus on minimally invasive treatments[162]. - The company is exploring market expansion opportunities in the cardiovascular intervention sector, particularly through minimally invasive techniques[168]. Regulatory Approvals and Market Expansion - The TaurusTrio® TAV system received regulatory approval, marking a significant milestone in the company's product offerings[8]. - The DCwire® microguidewire received FDA approval in March 2026, marking a significant milestone for the company's global expansion strategy[16]. - The YonFlow® flow-directed stent received regulatory approval in April 2025, leading to its first commercial implant in June 2025, contributing significant incremental revenue[110]. - The registration application for the NRcoil® detachable coil was approved by the National Medical Products Administration in August 2023, offering a new option for embolization procedures[88]. - The company has established strong relationships with global leaders in transcatheter valve therapy and neurointerventional fields, enhancing its R&D capabilities[99]. Strategic Focus and Future Outlook - The group aims to maintain its leadership position in the Chinese TAVR market and expand its international presence in structural heart and neurovascular intervention therapies by 2030[112]. - The group plans to continue advancing the registration of the TaurusTrio® TAV system and the GeminiOne® TEER system, enhancing its product portfolio to meet unmet clinical needs[112]. - The neurointervention business is expected to enter the initial phase of global expansion by 2026, with plans for overseas regulatory registration and market access initiatives[114]. - The group will explore suitable global financing opportunities to support the development of cutting-edge treatment solutions and expand the accessibility of advanced technologies[113]. - The company is committed to ongoing research and development of new products and technologies in the field of interventional cardiology[168]. Corporate Governance and Compliance - The financial statements are prepared in accordance with the International Financial Reporting Standards, ensuring compliance and transparency in financial reporting[21]. - The audit committee has reviewed the consolidated financial statements for the reporting period and found them compliant with applicable accounting standards and regulations[153]. - The company has adopted a standard code for securities trading for directors and senior management, confirming compliance for the reporting period[151]. - The company is committed to adhering to the corporate governance code as outlined in the listing rules[160].

Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

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。 沛嘉醫療有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 自願公告 DCwire® 微導絲獲FDA 510(k)許可 本公告乃由沛嘉醫療有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願作出，為本公司股東及潛在投資者提供有關本集團最新業務發展及新產品 研發進度的最新資料。 本公司董事（「董事」）會（「董事會」）欣然宣佈，由本公司附屬公司加奇生物有 限公司獨立設計及開發的DCwire®微導絲近期已獲得美國食品藥品監督管理局 （「FDA」）的510(k)許可。這是本集團首個獲得FDA許可的產品，也是本集團全球 化戰略的重要里程碑。 本公司可能最終無法於中國境外成功營銷DCwire®微導絲。本公司股東及潛在 投資者於買賣本公司股份時務請審慎行事。 Peijia Medical Limited 承董事會命 沛嘉醫療有限公司 董事長兼執行董事 張一博士 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Peijia Medical Limited 沛嘉醫療有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司 將於2026年3月25日（星期三）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2025年12月31日止年度之年度業績及其發佈，並考慮建 議派付末期股息（如有）。 承董事會命 沛嘉醫療有限公司 董事長兼執行董事 張一博士 香港，2026年3月13日 截至本公告日期，董事會包括執行董事張一博士、張葉萍太太及葉紅女士；非執行董事 關繼峰先生、陳飛先生及楊俊先生；及獨立非執行董事Stephen Newman OESTERLE博士、 Robert Ralph PARKS先生、葉偉明先生及衛華誠先生。 沛嘉醫療有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 董事會會議日期 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 沛嘉醫療有限公司 (「本公司」)（於開曼群島註冊成立的有限公司） 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09996 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | 0.0001 | USD | | 100,000 | 本月底法 ...

Summary of the Conference Call for Peijia Medical Company and Industry Overview - **Company**: Peijia Medical - **Industry**: Medical Devices, specifically focusing on TAVR (Transcatheter Aortic Valve Replacement) and neurointerventional products Key Points and Arguments Industry Updates 1. The TAVR industry is projected to grow at a rate of 7-8% by 2025, which is slower than previous expectations of around 10% [3] 2. The overall surgical volume in January showed positive growth, indicating a potential recovery in the TAVR market [3] 3. Price adjustments initiated by the healthcare authorities have led to a more favorable pricing structure for innovative products, allowing for higher price points for new offerings [4][11] Company Performance 1. Peijia Medical reported a surgical volume of nearly 3,900 TAVR procedures, with a growth rate of approximately 15%, which is double the industry average [7] 2. The company’s new 2.5 generation valve has gained significant market acceptance, contributing to a 5% increase in implant volume despite being priced at a premium [7] 3. The company expects to achieve a break-even point in profitability by 2026, driven by the performance of its neurointerventional products and the anticipated growth in TAVR procedures [21][56] Product Developments 1. The company successfully launched its new aortic valve product, which is expected to drive significant revenue growth in 2026 [6] 2. Peijia Medical has submitted registration applications for its mitral valve product in Europe, with expectations for approval by the end of the year [6] 3. The company anticipates that the new mitral valve product will generate substantial revenue, with an estimated 1,000 procedures expected in the first half of 2026 [25] Pricing and Market Strategy 1. The pricing strategy for the new mitral valve product aims to position it at the highest price point among domestic competitors, reflecting its innovative features [24] 2. The company has adopted a more conservative approach to subsidies, focusing on financial profitability rather than aggressive market share expansion [32] 3. The recent price adjustments are expected to enhance patient affordability and increase surgical volumes, despite concerns about reimbursement from healthcare authorities [35][41] Competitive Landscape 1. New entrants in the market are expected to increase competition, but Peijia Medical believes that these companies will require time to establish themselves [50] 2. The company maintains a strong market position, with a market share increase to approximately 26.5%, reflecting a growth of 1-2 percentage points from the previous year [10] Other Important Insights 1. The company is optimistic about the long-term growth potential of the TAVR market, despite current challenges [3] 2. Peijia Medical's strategy emphasizes continuous innovation and product differentiation to maintain a competitive edge in the market [52] 3. The management is focused on balancing immediate profitability with long-term growth objectives, ensuring that investments in R&D continue to drive future success [56]