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]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Group 1 - The core point of the article is that Peijia Medical-B (09996.HK) has submitted a CE mark registration application for its GeminiOne transcatheter edge-to-edge repair (TEER) system for treating mitral valve regurgitation, indicating steady progress in its global strategy [1] - The company has a market capitalization of HKD 4.288 billion and ranks 12th in the medical device II industry [1] - The stock has received a buy rating from one investment bank in the last 90 days, with CITIC Securities providing the latest buy rating for Peijia Medical-B [1] Group 2 - HighLife SAS is identified as the European partner for Peijia Medical-B in the CE mark registration process [1] - The article includes a summary of key indicators for Peijia Medical-B, although specific metrics are not detailed in the provided text [1]

Core Viewpoint - The company has submitted a CE mark registration application for its GeminiOne transcatheter edge-to-edge repair (TEER) system for treating mitral valve regurgitation, indicating steady progress in its global strategy [1] Group 1: Product Development - GeminiOne is an internally developed innovative TEER device featuring a unique sliding groove mechanical structure that maintains a small implant size and delivery system while achieving a longer grasping arm length [1] - The device includes innovative features such as an independent leaflet capture function to reduce surgical complexity, an automatic locking mechanism to prevent repeated locking and unlocking during the procedure, and a multi-angle release design to accommodate a wider range of anatomical structures [1] - The design of GeminiOne has been patented globally and has passed multiple freedom-to-operate analyses [1] Group 2: Regulatory Progress - As of the announcement date, the registration application for GeminiOne has been accepted by the National Medical Products Administration of the People's Republic of China and is currently under review [1] - Additionally, GeminiOne has received an investigational device exemption from the U.S. Food and Drug Administration to conduct early feasibility studies [1] - The company is actively advancing the registration process for this product in China and Europe, aiming to provide safe and effective treatment options for patients with mitral valve regurgitation as soon as possible [1]

Core Viewpoint - The company has submitted a CE mark registration application for its GeminiOne transcatheter edge-to-edge repair (TEER) system aimed at treating mitral valve regurgitation, marking a significant step in its global strategy [1] Group 1: Product Development - GeminiOne is an internally developed innovative TEER device featuring a unique sliding groove mechanical structure that maintains a small implant size and delivery system while achieving a longer grasping arm length [1] - The device includes innovative features such as an independent leaflet capture function to reduce surgical complexity, an automatic locking mechanism to prevent repeated locking and unlocking during the procedure, and a multi-angle release design to accommodate a wider range of anatomical structures [1] - The design of GeminiOne has been patented globally and has passed multiple freedom-to-operate analyses [1] Group 2: Regulatory Progress - As of the announcement date, the registration application for GeminiOne has been accepted by the National Medical Products Administration of China and is currently under review [1] - Additionally, GeminiOne has received an investigational device exemption from the U.S. Food and Drug Administration to conduct early feasibility studies [1] - The company is actively advancing the registration process for this product in China and Europe, aiming to provide safe and effective treatment options for patients with mitral valve regurgitation as soon as possible [1]

Core Viewpoint - The company has submitted a CE mark registration application for its GeminiOne® transcatheter edge-to-edge repair (TEER) system for the treatment of mitral valve regurgitation, marking a significant step in its global strategy [1] Group 1: Product Development - GeminiOne® is an innovative TEER device developed in-house, featuring a unique sliding mechanical structure that maintains a small implant size and delivery system while achieving longer grasping arm lengths [1] - The device includes innovative features such as an independent leaflet capture function to reduce surgical complexity, an automatic locking mechanism to prevent repeated locking and unlocking during the procedure, and a multi-angle release design to accommodate a wider range of anatomical structures [1] - The design of the GeminiOne® system has been patented globally and has passed multiple freedom-to-operate analyses [1] Group 2: Regulatory Progress - As of the announcement date, the registration application for GeminiOne® has been accepted by the National Medical Products Administration of China and is currently under review [1] - The GeminiOne® device has received an investigational device exemption from the U.S. Food and Drug Administration to conduct early feasibility studies [1] - The company is actively advancing the registration process for the product in China and Europe, aiming to provide safe and effective treatment options for patients with mitral valve regurgitation as soon as possible [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。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：9996） 自願公告 提交GeminiOne® 經導管緣對緣修復系統之EU MDR CE標誌註冊申請 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及新產品開發 進度的更新資料。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司已於近日正式提交用於 治療二尖瓣反流的GeminiOne®經導管緣對緣修復（「TEER」）系統（「該系統」）之 EU MDR CE標誌註冊申請，HighLife SAS為其歐洲合作夥伴。提交CE標誌註冊 申請意味著本公司在推進全球化戰略方面取得穩步進展。 Peijia Medical Limited 沛嘉醫療有限公司 – 1 – 張一博士 香港，2026年2月9日 截至本公告日期，董事會包括執行董事張一博士、張葉 ...

Core Viewpoint - Peijia Medical-B (09996) reported annual performance for the period ending December 31, 2025, with revenue approximately RMB 700 million to 720 million, reflecting a year-on-year growth of about 13.7% to 17.0% [1][3]. Group 1: Revenue Performance - The company achieved revenue of approximately RMB 700 million to 720 million during the reporting period [1][3]. - The year-on-year growth rate is estimated to be between 13.7% and 17.0% [1][3]. Group 2: Growth Drivers - The sustained revenue growth is primarily attributed to the strong performance of all three major product lines in the neurointerventional business [1][5]. - The market share in China's transcatheter aortic valve replacement (TAVR) sector continues to expand, driven mainly by the successful launch of the high-end TaurusMax® 3D adjustable TAVR system [1][5].

Core Insights - The company reported annual revenue of approximately RMB 700 million to 720 million for the period ending December 31, 2025, representing a year-on-year growth of about 13.7% to 17.0% [1] Group 1: Revenue Growth - The continuous revenue growth is primarily attributed to the strong performance of all three product lines in the neurointervention business and the expanding market share in the transcatheter aortic valve replacement (TAVR) market, driven by the successful launch of the high-end TaurusMax 3D adjustable TAVR system [1] - All three product lines in neurointervention recorded robust revenue growth, reflecting strong performance of their core products [1] - The vascular access products saw revenue growth due to the increasing sales of the high-performance DCwire microcatheter, leading to a rapid increase in market share [1] Group 2: Product Performance - The hemorrhagic products benefited from the successful launch of the YonFlow blood flow-directed stent, which drove revenue growth for that product line [1] - Revenue growth in the ischemic product segment was mainly due to increased sales of the Syphonet thrombectomy stent and Tethys AS thrombectomy catheter [1] - Despite a price reduction in balloon dilation catheters following the implementation of volume-based procurement in the second half of 2025, sales volume significantly increased, particularly for the Fastunnel delivery balloon dilation catheter, keeping overall revenue stable compared to 2024 [1] Group 3: TAVR Market Expansion - The commercialized TAVR product portfolio was adopted in approximately 130 new hospitals during the reporting period, covering over 780 hospitals as of December 31, 2025 [2] - A total of approximately 3,900 units were implanted during the reporting period, representing a year-on-year growth of 14.4%, significantly exceeding the overall market growth rate [2] - With the registration application for the TaurusTrio transcatheter aortic valve system approved by the National Medical Products Administration in December 2025, the company anticipates a full commercialization in the Chinese aortic regurgitation market [2]

Core Viewpoint - Peijia Medical expects revenue in 2025 to be approximately 7.0 to 7.2 billion yuan, representing a year-on-year growth of about 13.7% to 17.0% driven by strong performance across all three product lines in the neurointervention business and an expanding market share in the transcatheter aortic valve replacement (TAVR) sector, primarily due to the successful launch of the high-end TaurusMax 3D adjustable TAVR system [1] Group 1 - The expected revenue for 2025 is projected to be around 7.0 to 7.2 billion yuan [1] - The year-on-year growth rate is estimated to be between 13.7% and 17.0% [1] - The growth is attributed to strong performance in all three product lines of the neurointervention business [1] Group 2 - The market share in the TAVR sector is continuously expanding [1] - The expansion is mainly driven by the successful launch of the TaurusMax 3D adjustable TAVR system [1]