Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The neurointerventional industry is entering a rapid growth phase, with the market size expected to increase from RMB 58 billion in 2020 to RMB 175 billion by 2026, representing a compound annual growth rate (CAGR) of 20.1% from 2020 to 2026 [1][26]. - The company is a leading player in the domestic neurointerventional market, with a comprehensive product portfolio that includes various fields such as acute ischemia, stenosis, hemorrhage, and access [1][3]. - The company is expected to recover from previous losses and achieve profitability, with projected revenues of approximately RMB 4.48 billion, RMB 5.78 billion, and RMB 7.00 billion for 2024, 2025, and 2026, respectively [3][5]. Summary by Sections Neurointerventional Market - The neurointerventional market is characterized by a significant increase in the number of procedures, with an expected CAGR of 28.9% from 2020 to 2026 [22][23]. - The market for neurointerventional medical devices is projected to grow from RMB 28 billion in 2015 to RMB 175 billion by 2026, driven by rising disease prevalence and advancements in domestic medical devices [26][28]. Company Overview - The company was established in 2007 and began its neurointerventional business in 2016, listing on the STAR Market in 2019 [1]. - The company's flagship product, the NOVA stent, is the world's first drug-eluting stent specifically designed for intracranial artery stenosis, which is expected to drive significant revenue growth [2][38]. Financial Projections - The company is projected to achieve revenues of RMB 343 million in 2023, with a growth rate of 78.0%, and is expected to turn profitable by 2025 [5][3]. - The forecasted net profit for 2024 is expected to be RMB 0.33 billion, with a year-on-year growth rate of 86.1% [5][3]. Competitive Landscape - The company holds a competitive advantage with its NOVA stent, which has shown significant clinical efficacy compared to bare metal stents, and is positioned well in a market with limited competition [2][38]. - The neurointerventional product pipeline includes several high-barrier, high-margin new products that are anticipated to enhance the company's profitability [2][3].

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-004 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 2024 年 9 月向阿根廷共和国国家药品、食品和医疗技术管理局 Administración Nacional de Medicamentos, Alimentos y Tecnología Médica，（以下简称"ANMAT"）递交了公司 HT Supreme™药物洗脱支架系统的注册申报资料。于 2024 年 10 月向厄瓜多尔共和国国家 卫生监管控制与监督局 Agencia Nacional de Regulación, Control y Vigilancia Sanitaria，（以下简称"ARCSA"）递交了公司 HT Supreme™药物洗脱支架系统、Tytrak PTCA 球囊扩张导管以及 NC Thonic 非顺应性 PTCA ...

Revenue Projections - The company expects revenue for 2024 to be between 446.4 million and 461.3 million CNY, representing a year-on-year increase of 30% to 34%[3]. Profit Projections - The net profit attributable to shareholders is projected to range from -20 million to 3.7 million CNY, an increase of 1.963 million to 4.333 million CNY compared to the previous year, reflecting a growth of 50% to 109%[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -40 million and -15.3 million CNY, an increase of 971 thousand to 3.441 million CNY, indicating a growth of 20% to 69%[3]. Business Segment Growth - The coronary intervention business is anticipated to see a revenue increase of 59% year-on-year, driven by the implementation of the national volume-based procurement policy and increased sales of two stent products[5][6]. - The neuro-intervention business is expected to grow by 6% to 15%, primarily due to increased sales of intracranial stents despite a slight decrease in unit price[6]. Cost Management - Operating costs are projected to increase, but at a rate lower than revenue growth, due to economies of scale leading to a decrease in unit costs[7]. - Sales expenses are expected to rise, but the growth rate will be lower than that of revenue, reflecting increased marketing costs[8]. - Management expenses are anticipated to decrease slightly due to the production commencement of a subsidiary, leading to reduced operational costs[9]. - R&D expenses are expected to grow, but at a rate lower than revenue growth, due to increased project activity and milestone achievements[10]. - Asset impairment losses are projected to increase significantly due to low capacity utilization at a subsidiary, resulting in higher fixed cost allocation per product[11].

证券代码：688108 证券简称：赛诺医疗 公告编号：2025-001 赛诺医疗科学技术股份有限公司关于 公司产品在秘鲁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： 结构及组成：冠脉球囊扩张导管为快速交换型（Rx 型）球囊扩张导管。主要由 TIP 头、球囊保护鞘、球囊、球囊内管、球囊外管、金属导管组成，球囊内有铂铱合金显影 环。产品经环氧乙烷灭菌，一次性使用，货架有效期 3 年。 适用范围：该产品适用于对冠状动脉的狭窄节段或搭桥狭窄部位进行球囊导管扩张， 以改善心肌灌注。 二、医疗器械基本情况 1、SC HONKYTONKTM冠脉球囊扩张导管 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 8 月向秘鲁医疗器械监管机构 Dirección General de Medicamentos，Insumos y Drogas （以下简称"DIGEMID"）递交了公司 SC HONKYTONKTM 冠脉球囊扩张导管的注册申报资料。 公司于近日收到 DIG ...

Group 1: Company Overview - Sino Medical Science and Technology Co., Ltd. is listed under stock code 688108 and is referred to as Sino Medical [1] - The investor relations activity took place on November 13, 2024, from 13:00 to 14:00 [1] Group 2: Performance and Market Strategy - The company is addressing investor concerns regarding its operational performance for the first three quarters of 2024 [1] - The introduction of the "3+N" procurement policy in Hebei has affected the market entry speed of the company's products, particularly the Spinal Balloon [2] - The company is actively pursuing both the implementation of procurement policies and expanding its non-procurement market to enhance sales [2] Group 3: Financial Growth and Future Prospects - The company has a diverse product range in coronary and neuro intervention, with over 20 products contributing to its revenue [2] - Ongoing research and commercialization of multiple products are expected to contribute to future revenue growth [2] - Continuous technical improvements and cost reduction measures are anticipated to enhance product gross margins [2] Group 4: Investor Engagement - The chairman expressed gratitude for investor participation and feedback during the earnings presentation [3] - The company aims to strengthen investor understanding and support through effective communication [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company has shown significant revenue growth, with a 30.20% year-on-year increase in revenue for the first three quarters of 2024, reaching 318 million yuan, primarily driven by a substantial rise in coronary product sales [1]. - The net profit attributable to shareholders for the same period was -7 million yuan, reflecting an 83.84% year-on-year increase, influenced by scale effects from revenue growth and a significant reduction in management expenses [1]. - The company’s gross margin improved by 2.64 percentage points to 61.29% due to increased revenue and optimized processes [1]. - The new drug-eluting stent's clinical trial results have demonstrated significant advantages, supporting its registration applications in overseas markets [1][2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 105 million yuan, a 25.76% increase year-on-year, while the net profit attributable to shareholders was -14 million yuan, a decrease of 18.72% [1]. - The company expects revenues of 470 million, 699 million, and 1.035 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 49%, and 48% [2][4]. Cost Structure - The comprehensive gross margin for Q3 2024 was 65.57%, with sales expense ratio at 17.21%, management expense ratio at 22.18%, and R&D expense ratio at 36.40% [2]. - The management expense ratio saw a significant decline due to the production commencement of a subsidiary, which reduced related costs in the management expenses [1][2]. Market Dynamics - The company’s coronary products have benefited from the national centralized procurement policy, leading to increased sales volumes and improved profitability [1]. - The new drug-eluting stent's follow-up results from clinical trials have validated its advantages, which is expected to accelerate its registration process in international markets [1][2].

赛诺医疗科学技术股份有限公司关于 公司产品在秘鲁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 2024 年 7 月向 秘鲁国家卫生监督局（以下简称"DIGEMID"）递交了公司 HT Supreme TM 药物洗脱支 架系统的注册申报资料。公司于近日收到 DIGEMID 通知，公司 HT Supreme TM 药物洗脱 支架系统的注册申报资料获得 DIGEMID 的批准。现将相关情况公告如下： 一、注册证内容 HT Supreme TM 药物洗脱支架系统 证书编号：DM29464E 证券代码：688108 证券简称：赛诺医疗 公告编号：2024-062 二、医疗器械基本情况 本次在秘鲁获得注册证的 HT Supreme™药物洗脱支架系统是基于我公司首创的"愈 合窗口期"理论为基础开发的新一类药物支架产品。该类产品不再是以抑制平滑肌增生， 降低再狭窄率为目标，而是以提高患者创伤愈合速度为目标，加速植入支架后血管内皮 ...

证券代码：688108 证券简称：赛诺医疗 公告编号：2024-061 赛诺医疗科学技术股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2024 年 11 月 5 日(星期二) 至 11 月 12 日(星期二)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@sinomed.com 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 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"）已于 2024 年 10 月 30 日发布《赛诺医疗科学技术股份有限公司 2024 年第三季度报告》，为便于 广大投资者更全面深入地了解公司 2024 年第三季度的经营成果、财务状况，公司计划 于 2024 年 11 月 13 日下午 13:00-14:00 举行赛诺医疗科学技术股份有限公司 2024 年 第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络文字互动形式 ...

Financial Performance - The company achieved a revenue of 318 million CNY in the first three quarters of 2024, representing a year-on-year growth of 30.2% [1] - The net profit attributable to shareholders was -6.74 million CNY, while the net cash flow from operating activities was 49.72 million CNY, showing a year-on-year increase of 37.18% [1] Product Development and Market Performance - The Nova stent's sales volume in the first three quarters approached the total sales of the previous year, indicating a steady growth despite not winning bids in the "3+N" procurement in Hebei [2] - The company maintains a stable pricing strategy for the Nova stent, considering both domestic and international market prices for future products like the self-expanding drug-eluting stent [2] - The revenue distribution for coronary and neuro-interventional products in the first three quarters was approximately 55% and 45%, respectively [4] Research and Development - The company has consistently maintained a high proportion of R&D investment, focusing on innovative products in the neuro-interventional field [3] - R&D expenses increased by approximately 5-6 million CNY in the third quarter, driven by clinical trials and product registrations [6] - Future R&D investments will focus on high-value products, with a potential decrease in R&D expenditure as revenue grows [6] Regulatory and Market Strategy - The company is in the process of registering the mesh stent, with expectations to obtain approval next year [3] - The company is actively preparing for the commercialization of the self-expanding stent, with a robust sales team in place [6] - The FDA submission for coronary stents is progressing smoothly, with expectations to submit final materials soon, which will enhance production processes and cost efficiency [5]