Core Viewpoint - Sino Medical (688108) has received regulatory approval for its SC HONKYTONKTM coronary balloon dilation catheter in Malaysia, which is expected to enhance its overseas sales potential [1] Company Performance - As of March 28, 2025, Sino Medical's stock closed at 10.88 yuan, a decrease of 0.09% from the previous week [1] - The stock reached a weekly high of 11.08 yuan and a low of 10.35 yuan on March 24, 2025 [1] - The company's current total market capitalization is 4.461 billion yuan, ranking 69th out of 124 in the medical device sector and 3125th out of 5140 in the A-share market [1] Product Development - The SC HONKYTONKTM catheter is designed for the dilation of narrowed segments in coronary arteries, featuring a small delivery diameter, good compliance, and re-crossability [1] - The product has already received medical device registration from the National Medical Products Administration of China in December 2022 and is expected to obtain FDA certification in the U.S. and registrations in several other countries between 2023 and 2025 [1] - The recent approval in Malaysia is anticipated to boost the company's international sales, although potential impacts from various factors remain uncertain [1]

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-009 赛诺医疗科学技术股份有限公司关于 公司产品在马来西亚获得注册证的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 1、SC HONKYTONKTM 冠脉球囊扩张导管 本次获得马来西亚注册证的 SC HONKYTONKTM 冠脉球囊扩张导管，可用于狭窄病 变的扩张，也可用作 PCI 支架植入前的预扩张。极小的导入外径使产品与导丝更贴合； 柔软的球囊材料和三翼折叠技术使产品具有良好的柔顺性和再通过性；较小的外管外径， 提高球囊对吻性能，可实现全规格对吻。该产品已于 2022 年 12 月 14 日获得中国国家药 品监督管理局（以下简称"国家药监局"）颁发的《中华人民共和国医疗器械注册证》， 于 2023 年至 2025 年期间分别获得美国 FDA 认证（510(k)）、泰国、中国台湾、印度、乌 赛诺医疗科学技术股份有限公司（以下简称"赛诺医疗"或"公司"） 于 2024 年 10 月 向马来西亚医疗器械管理局（MDA）递交了公 ...

Summary of Key Points Core Viewpoint - Sino Medical (688108) experienced a slight decline in stock price, closing at 10.88 yuan, down 0.09% from the previous week, with a total market capitalization of 4.498 billion yuan [1] Company Announcements - Multiple directors and executives of Sino Medical plan to reduce their holdings from April 17, 2025, to July 16, 2025, through centralized bidding, citing personal financial needs as the reason for the reduction [1] - The reduction will be based on market prices, and the shareholders will decide on the implementation based on market conditions and company stock prices [1] - The planned reduction is not expected to significantly impact the company's governance structure or ongoing operations [1] Shareholding Details - Mr. Kang Xiaoran holds 1,756,399 shares (0.4248%) and plans to reduce up to 439,100 shares (0.1062%) [2] - Ms. Cui Liye holds 1,794,692 shares (0.4341%) and plans to reduce up to 168,000 shares (0.0406%) [2] - Mr. Cai Wenbin holds 1,252,414 shares (0.3029%) and plans to reduce up to 168,000 shares (0.0406%) [2] - Ms. Shen Lihua holds 237,840 shares (0.0575%) and plans to reduce up to 59,400 shares (0.0144%) [2] - Mr. Huang Kai holds 268,981 shares (0.0651%) and plans to reduce up to 28,800 shares (0.0070%) [2] - Ms. Chen Lin holds 168,000 shares (0.0406%) and plans to reduce up to 42,000 shares (0.0102%) [2]

Group 1 - The core point of the announcement is that Sino Medical Technology Co., Ltd.'s subsidiary, Sino Shenchang Medical Technology Co., Ltd., has secured a credit line of RMB 49 million from the Industrial and Commercial Bank of China, which can be used for various financial services including loans and trade financing [1][2]. - The credit line agreement is valid from January 23, 2025, to March 31, 2026, allowing for one-time or multiple uses within this period [1]. - This credit approval reflects the financial institution's recognition of Sino Shenchang's business development prospects and is expected to improve the company's financial condition and provide strong funding support for its operations [2]. Group 2 - The financing through bank credit is anticipated to enhance the company's strength and align with its overall interests, without significantly impacting its normal operations [2]. - The announcement was made by the board of directors of Sino Medical Technology Co., Ltd. on March 26, 2025 [4].

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-008 赛诺医疗科学技术股份有限公司 特此公告。 赛诺医疗科学技术股份有限公司董事会 2025 年 3 月 26 日 关于控股子公司获得银行授信额度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 本次获得授信额度的基本情况 赛诺医疗科学技术股份有限公司（以下简称"公司"或"赛诺医疗"）控股子公 司赛诺神畅医疗科技有限公司（以下简称"赛诺神畅"或"控股子公司"）于 2025 年 3 月 24 日与中国工商银行股份有限公司苏州吴中支行（以下简称"工行吴中支行"） 签订《公司最高额授信合同》（合同编号：202502140110200117615501），合同约定工 行吴中支行为赛诺神畅提供人民币肆仟玖佰万元整（49,000,000 元）的授信额度， 合同项下的授信融资包括但不限于贷款、银票保函、信用证、贸易融资、金融衍生类 产品、理财投资、委托债权投资等金融业务。授信期限自 2025 年 1 月 23 日起至 2026 年 3 月 31 日止，在授信 ...

赛诺医疗科学技术股份有限公司董事、高管集中竞价减持 以前年度股权激励股归属部分股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 董事、高管持有股份的基本情况 截至本公告披露日，赛诺医疗科学技术股份有限公司（以下简称"赛诺医疗"或"公司"） 董事、副总经理、核心技术人员康小然先生合计持有公司 1,756,399 股，占公司股份总数的 0.4248%。其中，通过持股平台天津阳光福业企业管理合伙企业（有限合伙）间接持有公司 1,084,399 股，占公司股份总数的 0.2623%；通过个人股票账户直接持有公司 672,000 股（股 权激励归属股份），占公司股份总数的 0.1625%。 公司副总经理崔丽野先生合计持有公司 1,794,692 股，占公司股份总数的 0.4341%。其中， 通过持股平台天津阳光德业企业管理合伙企业（有限合伙）间接持有公司 1,626,692 股，占公 司股份总数的 0.3934%；通过个人股票账户直接持有公司 168,000 股（股权激励归属股份）， 占公司股 ...

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-006 赛诺医疗科学技术股份有限公司关于 公司冠脉产品在海外获得注册证的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 赛诺医疗科学技术股份有限公司（以下简称"赛诺医疗"或"公司"）于 2023 年 4 月向 越南卫生部（Ministry of Health，缩写为 MoH）递交了公司 HT Supreme™药物洗脱支架 系统的注册申报资料。公司于近日收到 MoH 通知，递交的注册申报资料获得 MoH 的批 准。现将相关情况公告如下： 一、注册证内容 HT Supreme™药物洗脱支架系统 二、医疗器械基本情况 1、HT Supreme™药物洗脱支架系统 本次在越南社会主义共和国获得注册证的HT Supreme™药物洗脱支架系统是我国支 架厂商自主研发的首个在中国、美国、日本、欧洲同步进行支架上市前临床研究并在前 述国家和地区申请产品注册的心脏支架产品，于 2019 年 12 月获得欧盟 CE 认证，于 2020 年 12 月获 ...

Financial Performance - Total revenue for 2024 reached RMB 458.74 million, a year-on-year increase of 33.64%[3] - Net profit attributable to shareholders was RMB 1.52 million, representing a significant increase of 103.84% compared to the previous year[5] - The basic earnings per share improved to RMB 0.004, a 104.00% increase from the previous year[8] - The weighted average return on equity increased to 0.18%, up 4.93 percentage points from the previous year[3] - The company experienced a significant reduction in losses, with operating profit improving by 75.58% year-on-year[8] - Non-recurring losses decreased, contributing to a 64.79% increase in net profit attributable to shareholders after excluding non-recurring items[12] Assets and Equity - The company's total assets at the end of the reporting period were RMB 1,300.56 million, up 9.68% from the end of the previous year[6] - The net asset value per share rose to RMB 2.10, reflecting a 5.00% increase from the previous year[6] Revenue Growth - Revenue from coronary intervention business grew by 59% due to the implementation of the national centralized procurement policy[7] Research and Development - Research and development expenses totaled RMB 201.92 million, an increase of 21.57% year-on-year, accounting for 44.02% of total revenue[11]

Investment Rating - The report assigns a "Buy" rating for the company, Sainuo Medical (688108.SH), marking its first coverage [1]. Core Viewpoints - Sainuo Medical is a leader in high-end interventional medical devices, with a strong technological foundation and a comprehensive product matrix. The company focuses on the development of products in critical areas such as cardiovascular and cerebrovascular diseases, with over 1.9 million core products used and a significant number of patents globally [1][10]. - The company is expected to experience rapid revenue growth due to technological innovation and business expansion, with projected revenues of 459 million, 596 million, and 774 million yuan for 2024, 2025, and 2026 respectively [1][4]. - The report highlights the strong demand in the coronary intervention market and the accelerating growth of neurointervention procedures, driven by an increasing patient base and favorable national policies [2][37]. Summary by Sections Company Overview - Sainuo Medical was established in 2007 and specializes in high-end interventional medical devices, covering key areas such as cardiovascular and cerebrovascular diseases. The company has a robust product lineup and has achieved significant market penetration [10][11]. - The company has a stable shareholding structure, with the chairman and general manager, Sun Jianhua, holding a significant portion of shares, ensuring alignment of interests between management and shareholders [16][20]. Market Demand and Growth - The coronary intervention market in China is expected to grow significantly, with the number of coronary heart disease patients projected to increase from 25.27 million in 2020 to 31.67 million by 2030, reflecting a CAGR of 2.28% [2][38]. - The report notes that the company’s coronary stents have successfully entered centralized procurement, leading to a substantial increase in revenue, with a 184.51% year-on-year growth in 2023 [24][28]. Financial Performance - The company reported a revenue of 343 million yuan in 2023, a 77.99% increase from the previous year, primarily due to the successful inclusion of its coronary drug-eluting stents in national procurement [24][28]. - The gross margin has remained stable above 55%, indicating strong profitability potential, despite fluctuations in net profit due to market conditions and procurement policies [24][32]. Strategic Initiatives - Sainuo Medical is actively expanding its international presence, with several products registered in mature markets such as Europe and the US, and aims to enhance its global footprint [3][33]. - The company emphasizes continuous investment in research and development, with R&D expenses increasing from 90 million yuan in 2019 to over 106 million yuan in 2023, reflecting its commitment to innovation [31][33].

Investment Rating - The report assigns a "Buy" rating for the company, Sainuo Medical (688108.SH), marking its first coverage [1]. Core Insights - Sainuo Medical is a leader in high-end interventional medical devices, focusing on key areas such as cardiovascular and structural heart diseases. The company has a strong technological foundation with over 190 million units used and holds more than 200 global patents [1][10]. - The company is expected to see rapid revenue growth, with projected revenues of 459 million, 596 million, and 774 million yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a P/S ratio of 9.9, 7.6, and 5.9 for the same years, indicating a relatively low valuation compared to peers [1][4]. Summary by Sections Company Overview - Sainuo Medical, established in 2007, specializes in the research, production, and sales of high-end interventional medical devices, covering critical areas such as cardiovascular and cerebrovascular diseases. The company has launched 19 products and has a robust patent portfolio [10][11]. Market Demand and Growth - The coronary intervention market in China is expected to grow significantly due to the increasing prevalence of coronary heart disease, with the number of patients projected to rise from 25.27 million in 2020 to 31.67 million by 2030, reflecting a CAGR of 2.28% [2][38]. - The company has successfully entered the national centralized procurement for coronary stents, leading to a 99% year-on-year revenue increase in its coronary intervention business [2][28]. Financial Performance - The company reported a revenue of 343 million yuan in 2023, a 78% increase from the previous year, with a projected revenue of 459 million yuan for 2024. The gross margin for 2023 was 58.9%, indicating strong profitability [4][24]. - The net profit is expected to improve significantly, with projections of -10 million yuan in 2024 turning to 24 million yuan in 2025 and 58 million yuan in 2026 [4][24]. Strategic Initiatives - Sainuo Medical is actively expanding its international presence, with several products registered in mature markets such as Europe and the US. The company emphasizes talent development and has established subsidiaries in key regions to support its global strategy [3][33].