Core Viewpoint - Shenzhen Huatai Medical Devices Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by advancements in its product offerings and market expansion in the medical device sector [6][8]. Company Overview and Financial Indicators - The company achieved a revenue of approximately RMB 1.21 billion, representing a 21.26% increase compared to the same period last year [6]. - The total profit reached approximately RMB 479.34 million, marking a 23.46% increase year-on-year [6]. - The net profit attributable to shareholders was approximately RMB 425.16 million, reflecting a 24.11% increase compared to the previous year [6]. - The company's net assets increased to approximately RMB 2.79 billion, an 11.05% rise from the end of the previous year [6]. Industry Position and Main Business - The company operates in the specialized equipment manufacturing industry, specifically in the medical instruments and devices sector [8]. - The domestic electrophysiology market is gradually closing the gap with foreign brands, with Huatai Medical emerging as a key player alongside established foreign companies like Johnson & Johnson and Abbott [8]. - The company has made significant strides in the atrial fibrillation treatment market, breaking the monopoly of foreign brands with its newly registered magnetic positioning pressure sensing ablation catheter [8][9]. Product Development and Market Expansion - The company has a comprehensive product line in electrophysiology and interventional medical devices, focusing on coronary access and cardiac electrophysiology [8]. - The PFA (Pulsed Field Ablation) technology has gained attention for its effectiveness and safety in treating atrial fibrillation, with over 800 procedures completed using this technology [14]. - The coronary intervention device market is shifting towards domestic brands, with Huatai Medical's products gaining significant market share in areas like microcatheters and contrast kits [8][9]. Research and Development - The company has consistently increased its R&D investment, with expenditures reaching approximately RMB 29.05 million in the first half of 2025, accounting for 12.95% of its revenue [18]. - Recent product registrations include high-density mapping catheters and pressure sensing RF ablation catheters, enhancing the company's competitive edge in the electrophysiology field [18]. Market Strategy and Sales Performance - The company has expanded its market coverage, with a notable increase in the number of hospitals using its coronary products, which grew by over 18% year-on-year [15]. - Huatai Medical has actively engaged in brand-building activities, conducting over 80 promotional events across various provinces, enhancing its market presence [16].

公司以人民币500万元投资栗亮医疗，其中人民币4.5455万元计入注册资本，495.4545万元计入资本公 积，投后持股比例为4.00%；成正辉先生以人民币600万元投资栗亮医疗，其中人民币5.4545万元计入注 册资本，594.5455万元计入资本公积，投后持股比例为4.80%；上海惠深以人民币200万元投资栗亮医 疗，其中人民币1.8182万元计入注册资本，198.1818万元计入资本公积，投后持股比例为1.60%；上海 惠圳以人民币200万元投资栗亮医疗，其中人民币1.8182万元计入注册资本，198.1818万元计入资本公 积，投后持股比例为1.60%；上述合计投资人民币1,500.00万元，其中人民币13.6364万元计入注册资 本，人民币1,486.3636万元计入资本公积。 格隆汇8月21日丨惠泰医疗(688617.SH)公布，公司与关联方成正辉先生、上海惠深创业投资中心（有限 合伙）（以下简称"上海惠深"）、上海惠圳创业投资中心（有限合伙）（以下简称"上海惠圳"）共同对 上海栗亮医疗科技有限公司（以下简称"栗亮医疗"）进行投资。 ...

深圳惠泰医疗器械股份有限公司 信息披露管理制度 第一章 总 则 1 第一条 为确保深圳惠泰医疗器械股份有限公司（以下简称"公司"）信 息披露的及时、准确、充分、完整，保护投资者合法权益，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《上海证券交易所科创板股票上市规则》 （以下简称《上市规则》）、《上海证券交易所科创板上市公司 自律监管指引第 1 号——规范运作》等法律、法规、规范性文件 及《深圳惠泰医疗器械股份有限公司章程》（以下简称《公司章 程》）的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度所称"重大信息"是指对公司股票及其衍生品种（以下统 称"证券"）交易价格可能或已经产生较大影响的、与投资者作 出价值判断和投资决策有关的以及证券监管部门要求披露的信息。 具体标准根据《上市公司信息披露管理办法》《上市规则》的有 关规定确定。 第三条 本制度所称信息披露义务人，是指公司及公司董事、高级管理人 员、股东、实际控制人，收购人，重大资产重组、再融资、重大 交易有关各方等自然人、单位及其相关人员，破产管理人及其成 员，以及法律、行政法规和中国证监会规定的其他承 ...

深圳惠泰医疗器械股份有限公司 信息披露暂缓与豁免事务管理制度 第一章 总则 第二章 暂缓、豁免披露信息的范围 第四条 公司及相关信息披露义务人有确实充分的证据证明拟披露的信息涉及国家 秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称国家秘密），依法豁免披露。 公司及相关信息披露义务人应当切实履行保守国家秘密的义务，不得通过 信息披露、投资者互动问答、新闻发布、接受采访等任何形式泄露国家秘 密，不得以信息涉密为名进行业务宣传。 第一条 为规范深圳惠泰医疗器械股份有限公司（以下简称"公司"）信息披露暂 缓、豁免行为，督促公司及相关信息披露义务人（以下简称"信息披露义 务人"）依法合规地履行信息披露义务，根据《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司信息披露暂缓与豁免管理规定》 《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 （以下简称《规范运作指引》）等法律、法规、自律规则及《深圳惠泰医 疗器械股份有限公司章程》（以下简称《公司章程》）、《深圳惠泰医疗 器械股份有限公司信息披露管理制度》（以 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2025-039 深圳惠泰医疗器械股份有限公司 2025年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 根据中国证券监督管理委员会 2020 年 12 月 7 日核发的《关于同意深圳惠泰 医疗器械股份有限公司首次公开发行股票注册的批复》（证监许可[2020]3359 号）， 深圳惠泰医疗器械股份有限公司（以下简称"公司"）向社会公众公开发行人民 币普通股（A 股）1,667 万股（每股面值人民币 1 元），并于 2021 年 1 月 7 日在 上海证券交易所科创板上市（以下简称"本次发行"）。本次发行的发行价格为 74.46 元/股，本次发行募集资金总额 1,241,248,200.00 元，扣除公司不含增值税 保荐及承销费以及其他发行费用后募集资金净额为 1,150,717,825.25 元。立信会 计师事务所（特殊普通合伙）2021 年 1 月 4 日出具信会师报字[2021]第 ZA10001 号 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2025-040 深圳惠泰医疗器械股份有限公司 关于变更财务负责人的公告 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： 深圳惠泰医疗器械股份有限公司（以下简称"公司"）董事会近日收到戴振 华先生的职务调整申请，戴振华先生因个人原因辞去公司财务负责人职务，仍将 继续担任公司董事、董事会秘书、副总经理职务。根据《中华人民共和国公司法》 （以下简称《公司法》）、《深圳惠泰医疗器械股份有限公司章程》等有关规定， 戴振华先生的职务调整申请自送达公司董事会之日起生效。 一、财务负责人离任情况 | | | | | | 是否继续 在上市公 | | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任 职务 | 离任时间 | 原定任期 到期日 | 离任 原因 | 司及其控 | 具体职务 （如适用） | 行完毕 | | | | | | | 股子公司 | | 的公开 | | | | | | | ...

深圳惠泰医疗器械股份有限公司 关于 2025 年度"提质增效重回报"行动方案的半年 度评估报告 为贯彻中央经济工作会议、中央金融工作会议精神，落实以投资者为本的理 念，推动上市公司持续优化经营、规范治理和积极回报投资者，大力提高上市公 司质量，助力信心提振、资本市场稳定和经济高质量发展，深圳惠泰医疗器械股 份有限公司（以下简称"公司"）于 2025 年 4 月 21 日制定了《2025 年度"提 质增效重回报"行动方案》。2025 年上半年，行动方案主要举措的进展及成效 情况如下： 一、聚焦经营主业，稳固核心竞争力 公司以"成为守护血管健康的核心力量，用科技和责任感，让更多患者受益" 为使命，在保持并巩固电生理和血管通路产品领域的竞争优势的同时，持续开发 与完善电生理、冠脉通路及外周血管介入领域的产品线布局。 2025 年上半年，公司结合当下市场状况，积极应对行业变化，及时进行产 品更新迭代，提升产品性能，并积极进行差异化宣传推广。公司通过构建以产品 为核心的线下学术交流和线上学术传播相结合的完整市场推广方案，围绕疾病疗 法，如冠脉通路、冠脉预规划、冠脉复杂病变、逆向 CTO、肿瘤栓塞通路等， 及时有效地向临 ...

证券代码：688617 证券简称：惠泰医疗 公告编号：2025-038 深圳惠泰医疗器械股份有限公司 关于与关联方共同投资暨关联交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 交易简要内容 深圳惠泰医疗器械股份有限公司（以下简称"公司"或"惠泰医疗"）与关 联方成正辉先生、上海惠深创业投资中心（有限合伙）（以下简称"上海惠深"）、 上海惠圳创业投资中心（有限合伙）（以下简称"上海惠圳"）共同对上海栗亮医 疗科技有限公司（以下简称"栗亮医疗"）进行投资。 公司以人民币 500 万元投资栗亮医疗，其中人民币 4.5455 万元计入注册资 本，495.4545 万元计入资本公积，投后持股比例为 4.00%；成正辉先生以人民币 600 万元投资栗亮医疗，其中人民币 5.4545 万元计入注册资本，594.5455 万元计 入资本公积，投后持股比例为 4.80%；上海惠深以人民币 200 万元投资栗亮医疗， 其中人民币 1.8182 万元计入注册资本，198.1818 万元计入资本公积，投后持股 比例为 ...

[Definitions](index=4&type=section&id=Item%201%20Definitions) This section defines common terms used in the report, including company names, medical technology, and certification standards, to aid reader comprehension [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions of common terms used in the report, covering company names, subsidiaries, industry giants, medical technology terms (e.g., coronary, electrophysiology, PCI, PFA, atrial fibrillation, atherosclerosis), and certification standards (e.g., OEM, MDSAP, CE, GMP, ISO13485), aiming to help readers understand the report content - Huatai Medical, the Company, or the company refers to Shenzhen Huatai Medical Devices Co., Ltd[10](index=10&type=chunk) - PFA (Pulsed Field Ablation) is a non-thermal ablation technology based on electroporation, used to ablate myocardial tissue and block arrhythmia conduction pathways[11](index=11&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance during the reporting period, highlighting significant growth in revenue and net profit [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) This section outlines Huatai Medical's basic information, including its full name, legal representative, and contact details - The company's Chinese name is Shenzhen Huatai Medical Devices Co., Ltd., abbreviated as Huatai Medical[13](index=13&type=chunk) - The company's legal representative is Ge Hao[13](index=13&type=chunk) - The company's registered and office address is Room 601, Building B, Tongfang Information Harbor, No. 11 Langshan Road, Songpingshan Community, Xili Street, Nanshan District, Shenzhen[13](index=13&type=chunk)[14](index=14&type=chunk) [Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Dai Zhenhua, and the Securities Affairs Representative is Chen Ranran[15](index=15&type=chunk) - The contact number is 0755-86951506, and the email address is ir@aptmed.com[15](index=15&type=chunk) [Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This section lists the company's designated newspapers and website for information disclosure, and the report's custody location - The company's designated newspapers for information disclosure include "China Securities Journal", "Shanghai Securities News", "Securities Times", and "Securities Daily"[16](index=16&type=chunk) - The website for semi-annual reports is www.sse.com.cn[16](index=16&type=chunk) [Company Stock/Depositary Receipt Overview](index=6&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange under stock code 688617, with no changes to the abbreviation - The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - The stock abbreviation is Huatai Medical, and the stock code is 688617[17](index=17&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, showing significant growth year-over-year 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,213,804,906.53 | 1,000,959,631.54 | 21.26 | | Total Profit (CNY) | 479,340,286.62 | 388,270,474.31 | 23.46 | | Net Profit Attributable to Shareholders of the Listed Company (CNY) | 425,160,981.21 | 342,560,640.88 | 24.11 | | Net Cash Flow from Operating Activities (CNY) | 444,648,652.93 | 343,477,427.31 | 29.45 | | Net Assets Attributable to Shareholders of the Listed Company (Period-end, CNY) | 2,794,367,389.65 | 2,516,339,545.43 | 11.05 | | Total Assets (Period-end, CNY) | 3,222,500,514.41 | 2,980,697,768.82 | 8.11 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 3.02 | 2.45 | 23.27% | | Diluted Earnings Per Share (CNY/share) | 3.01 | 2.43 | 23.87% | | Weighted Average Return on Net Assets (%) | 15.55 | 16.42 | Decrease of 0.87 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 12.95 | 13.38 | Decrease of 0.43 percentage points | - The company implemented capital reserve to share capital increase plans in both 2023 and 2024, leading to an increase in share capital[20](index=20&type=chunk)[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's H1 2025 non-recurring gains and losses, totaling **CNY 14.34 million**, primarily from government grants and financial asset fair value changes 2025 Semi-Annual Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -134,846.13 | | Government grants recognized in current profit or loss | 16,229,121.13 | | Gains and losses from changes in fair value of financial assets and disposal of financial assets | 2,971,622.16 | | Other non-operating income and expenses | -3,831,165.36 | | Income tax impact | -937,260.70 | | Impact on minority interests (after tax) | 42,779.50 | | **Total** | **14,340,250.60** | [Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=IX.%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) The company reported net profit after deducting share-based payment impact of **CNY 416.24 million** for the period, a **24.55%** increase year-over-year Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact (CNY) | 416,241,848.18 | 334,205,690.48 | 24.55 | [Management Discussion and Analysis](index=9&type=section&id=Item%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operational performance, industry position, R&D efforts, and strategic initiatives during the reporting period [Description of the Company's Industry and Main Business Operations](index=9&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations) This section elaborates on Huatai Medical's position in the medical device industry, focusing on electrophysiology and interventional medical devices, and describes its competitive landscape, technological advancements, and main business models in electrophysiology, coronary access, peripheral intervention, and non-vascular intervention product markets - The company belongs to "Special Purpose Equipment Manufacturing" within "Medical Instrument and Device Manufacturing" and "Biomedical Engineering Industry" within "Implantable and Interventional Biomedical Materials and Equipment Manufacturing"[28](index=28&type=chunk) - The company obtained the registration certificate for its magnetic-guided pressure-sensing ablation catheter at the end of 2024, breaking the monopoly of imported manufacturers in atrial fibrillation treatment[30](index=30&type=chunk) - In February 2025, the company's magnetic-guided linear pressure PFA catheter and magnetic-guided circular PFA catheter were successfully launched, offering new options for atrial fibrillation ablation treatment[30](index=30&type=chunk) [(I) Analysis of the Company's Industry Position](index=9&type=section&id=(I)%20Analysis%20of%20the%20Company's%20Industry%20Position) Huatai Medical is narrowing the gap with foreign brands in electrophysiology, making strides in PFA technology, and gaining market share in coronary and peripheral interventional devices - The domestic electrophysiology market for high-end products is still dominated by foreign brands, but domestic manufacturers are rapidly developing their technical capabilities and gradually narrowing the gap[29](index=29&type=chunk) - The company's registration certificate for its magnetic-guided pressure-sensing ablation catheter, obtained at the end of 2024, broke the monopoly of imported manufacturers in atrial fibrillation treatment[30](index=30&type=chunk) - The domestic market for coronary access devices is gradually shifting from foreign brand dominance to the rise of domestic brands, with the company holding significant advantages in microcatheters and angiography kits[31](index=31&type=chunk) [(II) Main Business Operations](index=10&type=section&id=(II)%20Main%20Business%20Operations) Huatai Medical specializes in R&D, production, and sales of electrophysiology and interventional medical devices, offering a broad product line and OEM services through a distribution-led model - The company's main business is the R&D, production, and sales of electrophysiology and interventional medical devices, forming a business layout dominated by coronary access and cardiac electrophysiology[34](index=34&type=chunk) - The company's electrophysiology products include 3D cardiac electrophysiology mapping systems, multi-channel physiological recorders, electrophysiology electrode mapping catheters, radiofrequency ablation electrode catheters, and pulsed field ablation catheters[36](index=36&type=chunk) - The company's coronary access product line is complete, including angiography catheters, guide wires, vascular sheaths, and balloon catheters, with the coronary thin-wall sheath being a domestically exclusive product[41](index=41&type=chunk) - The company's sales model is primarily distribution-based, supplemented by direct delivery, with all overseas sales conducted through distribution[48](index=48&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company steadily advanced strategic initiatives, leveraging R&D, technology, and market advantages to strengthen medical-engineering integration and expand market reach - The company focuses on the market access and growth of core PFA products, having completed over **800 PFA pulsed field ablation procedures** and regularly conducting them in multiple leading centers nationwide[52](index=52&type=chunk) - Domestic electrophysiology traditional 3D non-atrial fibrillation procedures are accelerating, with nearly **8,000 procedures completed** during the reporting period[52](index=52&type=chunk) - International business maintained a good growth trend, with self-branded products continuously driving overall development, increasing by **34.56%** compared to the prior year period[56](index=56&type=chunk) - The company's R&D investment as a percentage of operating revenue for the past three years and the current period reached **14.38%, 14.42%, 14.06%, and 12.95%** respectively[57](index=57&type=chunk) - The company abolished the supervisory board, integrating its statutory powers into the audit committee of the board of directors, and revised the "Articles of Association" and internal governance systems to improve governance efficiency[61](index=61&type=chunk) [(I) Deepening Market Expansion, Further Increasing Product Market Coverage](index=13&type=section&id=(I)%20Deepening%20Market%20Expansion%2C%20Further%20Increasing%20Product%20Market%20Coverage) Huatai Medical expanded its electrophysiology and vascular intervention market presence domestically and internationally, with new product approvals and **34.56%** international business growth - The company's magnetic-guided pressure-sensing ablation catheter obtained its registration certificate and will gradually replace traditional magnetic-guided cold saline ablation catheters[53](index=53&type=chunk) - The launch of a series of electrophysiology products in the first half of the year marked the completion of the company's full 3D product line layout[53](index=53&type=chunk) - By the end of the reporting period, the number of hospitals entered by coronary products increased by over **18%** compared to the prior year period; the number of hospitals entered by peripheral products increased by over **20%** compared to the prior year period[54](index=54&type=chunk) - International business grew by **34.56%** compared to the prior year period, with strong performance in Europe, CIS, and Latin America[56](index=56&type=chunk) [(II) Adhering to Technological Innovation, Continuously Strengthening R&D Investment](index=14&type=section&id=(II)%20Adhering%20to%20Technological%20Innovation%2C%20Continuously%20Strengthening%20R%26D%20Investment) The company maintained high R&D investment, exceeding **12.95%** of revenue, achieving significant progress and new product registrations across its medical device lines R&D Investment as Percentage of Operating Revenue | Period | R&D Investment (CNY 10,000) | Operating Revenue (CNY 10,000) | Percentage (%) | | :--- | :--- | :--- | :--- | | Past three years and current period | 17,487.63 | | 14.38 | | | 23,791.56 | | 14.42 | | | 29,053.91 | | 14.06 | | Current reporting period | 15,723.23 | | 12.95 | - In the coronary product line, products such as coronary artery spinous balloon dilatation catheters and peripheral high-pressure balloon dilatation catheters successfully obtained registration certificates[57](index=57&type=chunk) - In the electrophysiology product line, core products such as high-density mapping catheters, magnetic-guided pressure-sensing radiofrequency ablation catheters, and pressure radiofrequency generators successfully obtained registration certificates[58](index=58&type=chunk) - In the urinary system product line, key products such as ureteral stent systems—ureteral covered stents and Class III double-J stents successfully obtained registration certificates[58](index=58&type=chunk) [(III) Respecting Talent, Winning Talent](index=15&type=section&id=(III)%20Respecting%20Talent%2C%20Winning%20Talent) The company retained talent through its 2021 restricted stock incentive plan, prioritized talent development, and strengthened academic-industry collaborations to build a high-caliber team - The company successfully completed the share registration for the third vesting period of the first grant and reserved portion of B-class restricted shares under the 2021 restricted stock incentive plan, with a total of over **300 incentive recipients**[60](index=60&type=chunk) - The company actively promoted the Leadership Development Program (LDP), effectively identifying and evaluating employees in key positions, and optimizing the LDP plan[60](index=60&type=chunk) - The company has built a high-caliber talent team covering multiple fields such as materials, medicine, biology, algorithms, software, and hardware, and strengthened industry-university-research cooperation with renowned universities[60](index=60&type=chunk) [(IV) Improving Enterprise Management Level, Strengthening Internal Control](index=15&type=section&id=(IV)%20Improving%20Enterprise%20Management%20Level%2C%20Strengthening%20Internal%20Control) During the period, the company reformed its governance by integrating supervisory board functions into the audit committee, revised internal regulations, and enhanced risk-oriented internal controls - The company abolished the supervisory board, integrating all its statutory powers into the audit committee of the board of directors, establishing a more centralized governance structure[61](index=61&type=chunk) - The company revised its "Articles of Association" and appendices, and reviewed and updated relevant internal governance systems to ensure governance practices align with the latest regulations[61](index=61&type=chunk) - The company continuously improved its risk-oriented internal control system, optimizing the risk control matrix to ensure legal and compliant business operations[61](index=61&type=chunk) [Analysis of Core Competitiveness](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness) Huatai Medical's core strengths include superior R&D, comprehensive product lines, leading production, robust quality management, and an excellent team, driving innovation and capacity expansion - As of June 30, 2025, the company had **514 R&D personnel**, accounting for **17.63%** of its total employees[63](index=63&type=chunk) - The company is the first domestic manufacturer to obtain market access and clinical application for electrophysiology electrode catheters, controllable radiofrequency ablation electrode catheters, and floating temporary pacing electrode catheters in China, breaking the monopoly of foreign products in this field[63](index=63&type=chunk) - As of June 30, 2025, the company had obtained **130 domestic medical device registration certificates or filing certificates**, including **84 Class III medical devices**; the company had obtained **19 EU CE certifications** for its products and completed registration and market access in over **90 countries and regions worldwide**[64](index=64&type=chunk) - After the full operation of Hunan Apt's new plant, the annual production capacity for vascular interventional products can reach **CNY 5 billion** (converted by output value)[67](index=67&type=chunk) [(I) Analysis of Core Competitiveness](index=15&type=section&id=(I)%20Analysis%20of%20Core%20Competitiveness) Huatai Medical's core competitiveness stems from its strong R&D and comprehensive product lines, particularly in electrophysiology and vascular intervention, breaking foreign monopolies with leading production and quality management - The company's R&D team consists of **514 people**, accounting for **17.63%** of the total employees, covering multiple disciplinary fields[63](index=63&type=chunk) - The company's electrophysiology products AForcePlusTM catheter, PulstamperTM catheter, and cardiac pulsed electric field ablation system were approved for market, marking the company's official entry into the atrial fibrillation treatment field[37](index=37&type=chunk) - The annual production capacity for vascular interventional products can reach **CNY 5 billion**, with efficiency of main finished product lines increasing by **3%** and semi-finished product processes by **5%**[67](index=67&type=chunk) - All of the company's production bases have passed ISO13485 certification and GMP audits, and the vascular access product production base is among the first in the industry to pass MDSAP audits[68](index=68&type=chunk) [(III) Core Technologies and R&D Progress](index=18&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) Huatai Medical, with over 20 years of experience, has mastered core manufacturing processes and technology platforms, achieving structural innovations and continuous R&D growth with **19 new patent applications** - The company has mastered steel wire mesh reinforced extrusion technology, increasing production efficiency by approximately **10 times** and significantly reducing production costs[71](index=71&type=chunk) - The company developed dissimilar metal wire connection technology and corresponding production equipment, solving the problem of high brittleness in welding different types of metal wires[71](index=71&type=chunk) - The company independently developed PVP and PVM/MA two-system hydrophilic lubricating coating formulations, breaking the monopoly of foreign companies in this technical field[71](index=71&type=chunk) - During the reporting period, the company filed **19 new invention patent applications** and obtained **11 authorizations**; it filed **26 new utility model patent applications** and obtained **15 authorizations**[74](index=74&type=chunk)[75](index=75&type=chunk) R&D Investment Table | Indicator | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 157,232,347.35 | 133,893,513.26 | 17.43 | | Total R&D Investment | 157,232,347.35 | 133,893,513.26 | 17.43 | | Total R&D Investment as Percentage of Operating Revenue | 12.95 | 13.38 | Decrease of 0.43 percentage points | - As of the end of the reporting period, the company's ongoing R&D projects include spinous balloon dilatation catheters, abdominal aortic covered stent systems, vena cava filters, and pressure-sensing ablation catheters, with many already approved for registration or in clinical trial stages[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) R&D Personnel Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of company R&D personnel (persons) | 514 | 479 | | R&D personnel as percentage of total company employees (%) | 17.63 | 19.78 | | Total R&D personnel compensation (CNY 10,000) | 7,252.73 | 6,337.55 | | Average R&D personnel compensation (CNY 10,000) | 14.11 | 13.23 | [Risk Factors](index=24&type=section&id=IV.%20Risk%20Factors) The company faces R&D, talent, market competition, policy, and quality risks, alongside macroeconomic challenges like trade friction and centralized procurement, potentially impacting operations - R&D for interventional medical devices is highly difficult and has high barriers; failure to develop new products or industrialize them will affect the company's growth[84](index=84&type=chunk) - Stable, high-caliber R&D and management talent are crucial for the company's development; failure to offer competitive compensation and incentive mechanisms may lead to talent loss[85](index=85&type=chunk) - The domestic electrophysiology and vascular interventional medical device industry is still dominated by foreign brands, leading to fierce market competition, and centralized procurement policies may result in product price reductions and decreased gross margins[86](index=86&type=chunk)[87](index=87&type=chunk) - The company primarily uses a distribution-based sales model, posing a risk of negative impact on brand reputation due to improper sales or after-sales service by distributors[88](index=88&type=chunk) - Interventional medical device products carry certain risks in clinical application; significant quality issues could lead to claims or legal disputes[89](index=89&type=chunk) - The medical device industry is strictly regulated by the National Medical Products Administration, with constantly adjusting product registration and regulatory policies that may affect timely product launch[90](index=90&type=chunk) - Macroeconomic factors such as international trade friction, geopolitical uncertainty, domestic economic cycle fluctuations, and centralized procurement policies may pose challenges to the company's import/export business, market demand, and profitability structure[91](index=91&type=chunk) [Key Operating Performance During the Reporting Period](index=26&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the period, revenue grew **21.26%** to **CNY 1.214 billion**, net profit **24.11%** to **CNY 425 million**, with increased expenses, stable assets, and varied cash flows 2025 Semi-Annual Key Operating Data | Indicator | Amount (CNY) | Year-over-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 1,213,804,906.53 | 21.26 | | Operating Cost | 321,558,137.08 | 17.88 | | Sales Expenses | 209,259,920.94 | 18.10 | | Administrative Expenses | 56,675,950.00 | 22.43 | | R&D Expenses | 157,232,347.35 | 17.43 | | Operating Profit | 483,304,979.16 | 23.99 | | Net Profit Attributable to Shareholders of the Listed Company | 425,160,981.21 | 24.11 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses | 410,820,730.61 | 25.33 | - Operating revenue growth was primarily due to the company's continuous deepening of market expansion, leading to increased product coverage and hospital admission rates[95](index=95&type=chunk) - Net cash flow from operating activities increased by **29.45%**, mainly due to increased cash received from sales growth[95](index=95&type=chunk) - Net cash flow from investing activities decreased, primarily due to reduced expenditures on long-term assets and a smaller net outflow from the purchase and redemption of wealth management products[95](index=95&type=chunk) - Net cash flow from financing activities decreased, mainly due to reduced cash dividends paid for the 2024 fiscal year and lower equity transfer payments for the acquisition of minority shareholder equity in subsidiaries[96](index=96&type=chunk) [(I) Main Business Analysis](index=27&type=section&id=(I)%20Main%20Business%20Analysis) Main business revenue and costs grew, with cost growth lower than revenue, reflecting efficient management; expenses rose due to expansion, financial costs decreased, and operating cash flow increased Financial Statement Related Item Fluctuation Analysis | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,213,804,906.53 | 1,000,959,631.54 | 21.26 | | Operating Cost | 321,558,137.08 | 272,793,146.59 | 17.88 | | Sales Expenses | 209,259,920.94 | 177,190,097.33 | 18.10 | | Administrative Expenses | 56,675,950.00 | 46,293,844.04 | 22.43 | | Financial Expenses | -7,955,844.42 | -6,368,359.94 | Not applicable | | R&D Expenses | 157,232,347.35 | 133,893,513.26 | 17.43 | | Net Cash Flow from Operating Activities | 444,648,652.93 | 343,477,427.31 | 29.45 | | Net Cash Flow from Investing Activities | -265,931,085.15 | -716,423,928.07 | Not applicable | | Net Cash Flow from Financing Activities | -196,692,190.13 | -183,467,346.63 | Not applicable | - The increase in operating cost was lower than the increase in revenue, mainly due to the company's continuous strengthening of lean production management, cost reduction, and efficiency improvement[95](index=95&type=chunk) - The change in financial expenses was mainly due to increased exchange gains resulting from exchange rate fluctuations during the reporting period[95](index=95&type=chunk) [(III) Analysis of Assets and Liabilities](index=27&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Period-end asset-liability changes include increased trading financial assets and construction in progress, higher accounts payable and taxes, reduced other payables, new long-term borrowings, and significantly increased deferred income Asset and Liability Status Changes | Item Name | Period-end Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 122,250,472.99 | Not applicable | Increase in unexpired wealth management products | | Construction in Progress | 81,283,867.86 | 75.40 | Increase in Shanghai Xihongqiao project of Shanghai Hongtong | | Accounts Payable | 80,736,637.51 | 74.32 | Increase in payables for materials and equipment | | Other Payables | 55,063,947.76 | -56.10 | Payment for equity acquisition of Shanghai Hongtong minority shareholders and project costs | | Long-term Borrowings | 3,840,000.00 | Not applicable | New long-term bank borrowings | | Deferred Income | 31,911,544.73 | 183.37 | Increase in government grants related to assets | - Overseas assets accounted for **1.31%** of total assets[100](index=100&type=chunk) - Major restricted assets at period-end included **CNY 18,196,498.85** in monetary funds (payment guarantees) and **CNY 12,006,406.93** in fixed assets (mortgaged)[102](index=102&type=chunk) [(IV) Analysis of Investment Status](index=30&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) External equity investment decreased by **99.88%** to **CNY 84,024**, mainly due to a new Dutch subsidiary, while the company holds **CNY 122 million** in trading financial assets and invested in a private equity fund Overall Analysis of External Equity Investments | Indicator | Investment Amount in Reporting Period (CNY) | Investment Amount in Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total External Equity Investment | 84,024.00 | 68,209,422.00 | -99.88 | - During the reporting period, the company's wholly-owned overseas subsidiary APT Medical (HongKong) Limited established APT Medical B.V. in the Netherlands, with a registered capital of **10,000 Euros**[106](index=106&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (CNY) | | :--- | :--- | | Other Equity Instrument Investments | 69,636,357.95 | | Trading Financial Assets | 122,250,472.99 | | **Total** | **191,886,830.94** | - Trading financial assets primarily consist of wealth management products purchased by the company using temporarily idle raised funds and自有资金[108](index=108&type=chunk) - The company invested in the private equity fund Shanghai Huatai Zhongcai Private Equity Investment Partnership (Limited Partnership), holding a **41.67% stake**, with a profit impact of **-CNY 126,700.84** during the reporting period[110](index=110&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=32&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial data for major subsidiaries like Hunan Apt, Shanghai Hongtong, and APT Medical (HongKong) Limited, with Hunan Apt being key, reporting **CNY 985 million** revenue and **CNY 439 million** net profit Major Holding and Participating Company Financial Data (Unit: CNY 10,000) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Apt Medical Devices Co., Ltd. | Subsidiary | 1,000 | 224,830.69 | 199,273.92 | 98,451.39 | 43,855.08 | | Shanghai Hongtong Industrial Co., Ltd. | Subsidiary | 2,654.8213 | 68,675.64 | 63,764.03 | 6,791.99 | -2,307.09 | | APT Medical(HongKong)Limited | Overseas Subsidiary | 387,520 shares | 3,626.02 | 1,442.12 | 7,552.89 | 111.67 | | Shanghai Huatai Zhongcai Private Equity Investment Partnership (Limited Partnership) | Holding Subsidiary | 8,400 | 6,062.75 | 6,062.75 | 0.00 | -30.41 | | Hunan Yiweidi Medical Devices Co., Ltd. | Holding Subsidiary | 2,898.6656 | 5,867.27 | 4,428.76 | 2,808.87 | -26.29 | - During the reporting period, the wholly-owned overseas subsidiary APT Medical (HongKong) Limited established APT Medical B.V. in the Netherlands, which had a minor impact on overall production, operations, and performance[114](index=114&type=chunk) [Corporate Governance, Environment, and Society](index=34&type=section&id=Item%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section outlines the company's plans for profit distribution, equity incentive programs, and contributions to poverty alleviation and rural revitalization [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=34&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company does not plan semi-annual profit distribution or capital reserve to share capital increase - The company's proposed profit distribution plan or capital reserve to share capital increase plan for the semi-annual period is "No"[116](index=116&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=III.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) On May 13, 2025, the company approved the cancellation of some unvested restricted shares and confirmed the vesting of B-class restricted shares from the 2021 incentive plan, which were listed on June 4, 2025 - On May 13, 2025, the company approved the proposal to cancel some granted but unvested restricted shares[117](index=117&type=chunk) - The first vesting results for the third vesting period of the initial grant and reserved portion of B-class restricted shares under the 2021 restricted stock incentive plan were listed on June 4, 2025[117](index=117&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=35&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) Huatai Medical supported rural revitalization in H1 2025, with its subsidiary Hunan Apt sponsoring **CNY 500,000** for literary works and donating **CNY 50,000** to education - In January 2025, Hunan Apt sponsored **CNY 500,000** to the Xiangxiang City Federation of Literary and Art Circles for compiling "Selected Literary and Art Works of Xiangxiang Through the Ages"[119](index=119&type=chunk) - In March 2025, Hunan Apt donated **CNY 50,000** to the Xiangxiang City Education Development Foundation to support the development of education[119](index=119&type=chunk) [Significant Matters](index=36&type=section&id=Item%205%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related party transactions, and the progress of raised funds utilization during the reporting period [Fulfillment of Commitments](index=36&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments by the company, its actual controllers, shareholders, and related parties, covering share lock-ups, land title, shareholding, buybacks, dilution mitigation, and independence, all strictly fulfilled - The company's former controlling shareholder, former actual controller Cheng Zhenhui, and former co-actual controller Cheng Ling committed not to transfer shares within **36 months** from the date of issuance and listing, and that the reduction price would not be lower than the issue price within two years after the lock-up period expires[124](index=124&type=chunk) - The company committed to repurchasing all newly issued shares in this public offering if the prospectus contains false records, misleading statements, or major omissions[135](index=135&type=chunk)[136](index=136&type=chunk) - The company and its former controlling shareholder, former actual controller, all directors, and senior management committed to taking multiple measures to mitigate the dilution of immediate returns, including enhancing business competitiveness, accelerating the construction of fundraising projects, and improving profit distribution policies and corporate governance[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk) - Controlling shareholder Shenmaikong and its controlling shareholder Mindray Medical committed to ensuring Huatai Medical's independence in personnel, assets, finance, organization, and business, and actively avoiding new horizontal competition with the listed company[176](index=176&type=chunk)[177](index=177&type=chunk) - All commitments were strictly fulfilled on time during the reporting period[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [Significant Related Party Transactions](index=52&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the period, the company engaged in various daily related party transactions, including sales, R&D services, and a loan agreement with a subsidiary, all conducted at market rates Related Party Transactions Related to Daily Operations (Unit: CNY) | Related Party | Related Party Transaction Type | Related Party Transaction Amount | Percentage of Similar Transaction Amount (%) | | :--- | :--- | :--- | :--- | | Hunan Ruikangtong Technology Development Co., Ltd. | Sales of products, goods | 10,317,238.01 | 0.85 | | Hunan Ruikangtong Technology Development Co., Ltd. | Sales of raw materials | 2,936,428.60 | 52.44 | | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | R&D services | 15,977,855.64 | 10.16 | | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | Procurement of materials | 212,389.38 | 0.08 | | Guilin Hongwen Investment Co., Ltd. | Consulting services | 283,018.88 | 0.38 | | **Total** | | **33,646,368.53** | | - Controlling subsidiary Shenzhen Haoying Medical Technology Co., Ltd. signed a loan agreement with Shanghai Huigu Enterprise Management Center (Limited Partnership), with a total loan amount of **CNY 10,000,000.00** and an annual interest rate of **3.00%**[184](index=184&type=chunk) [Explanation of Progress in Use of Raised Funds](index=56&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of period-end, net raised funds were **CNY 1.241 billion**, with **95.40%** invested; over-raised funds of **CNY 310 million** were over **100%** invested due to returns, with some projects extended and idle funds managed Overall Use of Raised Funds (Unit: CNY) | Indicator | Net Raised Funds (1) | Total Committed Investment (2) | Total Over-Raised Funds (3)=(1)-(2) | Cumulative Investment as of Period-end (4) | Investment Progress (%) (4)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 1,241,248,200.00 | 840,490,000.00 | 310,227,825.25 | 1,097,822,585.78 | 95.40 | - The cumulative investment progress of over-raised funds exceeding **100%** as of the end of the reporting period was due to the investment of wealth management income and interest income from over-raised funds[185](index=185&type=chunk) - On December 12, 2024, the company approved the "Proposal on Extending and Adjusting Investment Amounts of Certain Fundraising Projects," reducing the fundraising amount for the "Vascular Interventional Medical Device R&D Project" by **CNY 3 million** and using it, along with wealth management income and interest income totaling **CNY 19.654 million**, to implement the "Intelligent Manufacturing Base and Testing Center Project"[190](index=190&type=chunk) Cash Management of Idle Raised Funds (Unit: CNY 10,000) | Board Approval Date | Approved Quota | Period-end Cash Management Balance | | :--- | :--- | :--- | | December 12, 2024 | 170,000,000.00 | 52,000,000.00 | [Share Changes and Shareholder Information](index=62&type=section&id=Item%206%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure, including the total number of shares, top ten shareholders, and changes in holdings of directors, senior management, and core technical personnel [Share Capital Changes](index=62&type=section&id=I.%20Share%20Capital%20Changes) During the period, total share capital increased from **97.39 million** to **141.01 million shares**, due to share cancellations, incentive plan vesting, and a capital reserve to share capital increase Share Change Table (Unit: shares) | Category | Number Before This Change | Increase/Decrease in This Change (+,-) | Number After This Change | | :--- | :--- | :--- | :--- | | Unlimited outstanding shares | 97,393,764 | +43,620,032 | 141,013,796 | | Total shares | 97,393,764 | +43,620,032 | 141,013,796 | - On February 25, 2025, the company canceled **311,808 repurchased shares**, reducing total share capital[201](index=201&type=chunk) - On June 3, 2025, the share registration for the first vesting of the third vesting period of the initial grant and reserved portion of B-class restricted shares under the 2021 restricted stock incentive plan was completed, increasing total shares by **168,938 shares**[202](index=202&type=chunk) - On June 19, 2025, the company's 2024 annual equity distribution share registration was completed, with a capital reserve to share capital increase of **43,762,902 shares**[203](index=203&type=chunk) - The increase in share capital during the reporting period led to a corresponding dilution of basic earnings per share and net assets per share attributable to ordinary shareholders[204](index=204&type=chunk) [Shareholder Information](index=63&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **4,507** shareholders; top holders include Shenzhen Mindray Technology Holdings (**21.05%**) and Cheng Zhenhui (**18.70%**), with Cheng Zhenhui waiving **10%** voting rights - As of the end of the reporting period, the total number of ordinary shareholders was **4,507**[205](index=205&type=chunk) Top Ten Shareholders' Shareholding as of Period-end (Unit: shares) | Shareholder Name | Period-end Shareholding | Percentage (%) | | :--- | :--- | :--- | | Shenzhen Mindray Technology Holdings Co., Ltd. | 29,687,953 | 21.05 | | Cheng Zhenhui | 26,371,507 | 18.70 | | Zhuhai Tongsheng Investment Partnership (Limited Partnership) | 4,909,960 | 3.48 | | China Merchants Bank Co., Ltd. - Huaxia SSE STAR Market 50 ETF | 4,634,715 | 3.29 | | Hong Kong Securities Clearing Company Limited | 4,509,632 | 3.20 | - Shareholder Cheng Zhenhui voluntarily, permanently, and irrevocably waived the voting rights associated with **10%** of his shares in the company starting from January 28, 2024[208](index=208&type=chunk) - Shenzhen Mindray Technology Holdings Co., Ltd. and Zhuhai Tongsheng Investment Partnership (Limited Partnership) are parties acting in concert[208](index=208&type=chunk) [Information on Directors, Senior Management, and Core Technical Personnel](index=67&type=section&id=III.%20Information%20on%20Directors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) This section discloses changes in shareholdings of directors, senior management, and core technical personnel, affected by dividends, equity incentive vesting, or personal capital needs Shareholding Changes of Directors, Senior Management, and Core Technical Personnel (Unit: shares) | Name | Position | Beginning of Period Shareholding | End of Period Shareholding | Change in Shares During Reporting Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cheng Zhenhui | Vice Chairman, General Manager | 18,187,246 | 26,371,507 | 8,184,261 | Dividend distribution | | Dai Zhenhua | Director, Deputy General Manager, CFO, Board Secretary | 1,232,796 | 1,794,454 | 561,658 | Equity incentive vesting and dividend distribution | | Xu Yiqing | Deputy General Manager | 1,730,101 | 2,508,646 | 778,545 | Dividend distribution | | Han Yonggui | Deputy General Manager, Core Technical Personnel | 124,364 | 136,911 | 12,547 | Dividend distribution, share reduction due to personal capital needs | | Yuchen Qiu | Deputy General Manager, Core Technical Personnel | 23,931 | 38,759 | 14,828 | Equity incentive vesting and dividend distribution | - Company senior management Liu Fangyuan and Wang Wei increased their indirect shareholdings in the company through partnerships[211](index=211&type=chunk) - Company senior management Yuchen Qiu increased his indirect shareholdings in the company through partnerships[211](index=211&type=chunk) [Bond-Related Information](index=69&type=section&id=Item%207%20Bond-Related%20Information) This section confirms that the company has no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=69&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds or non-financial enterprise debt financing instruments[214](index=214&type=chunk) [Convertible Corporate Bonds](index=69&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[214](index=214&type=chunk) [Financial Report](index=70&type=section&id=Item%208%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and various financial statement items [Audit Report](index=70&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report has not been audited[4](index=4&type=chunk) [Financial Statements](index=70&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements Consolidated Balance Sheet Key Data (Unit: CNY) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Funds | 1,083,459,337.09 | 1,081,087,911.03 | | Trading Financial Assets | 122,250,472.99 | 0.00 | | Accounts Receivable | 87,543,973.01 | 83,293,511.26 | | Inventories | 441,006,063.06 | 399,316,319.82 | | Total Assets | 3,222,500,514.41 | 2,980,697,768.82 | | Accounts Payable | 80,736,637.51 | 46,315,037.80 | | Total Liabilities | 393,220,828.06 | 425,854,466.29 | | Total Equity Attributable to Parent Company Owners | 2,794,367,389.65 | 2,516,339,545.43 | Consolidated Income Statement Key Data (Unit: CNY) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Total Operating Revenue | 1,213,804,906.53 | 1,000,959,631.54 | | Total Operating Cost | 752,300,167.35 | 636,098,674.02 | | Total Profit | 479,340,286.62 | 388,270,474.31 | | Net Profit Attributable to Parent Company Shareholders | 425,160,981.21 | 342,560,640.88 | | Basic Earnings Per Share (CNY/share) | 3.02 | 2.45 | Consolidated Cash Flow Statement Key Data (Unit: CNY) | Item | 2025 Semi-Annual | 2024 Semi-Annual | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 444,648,652.93 | 343,477,427.31 | | Net Cash Flow from Investing Activities | -265,931,085.15 | -716,423,928.07 | | Net Cash Flow from Financing Activities | -196,692,190.13 | -183,467,346.63 | | Net Increase in Cash and Cash Equivalents | -15,825,072.79 | -555,371,134.42 | [Company Basic Information](index=88&type=section&id=III.%20Company%20Basic%20Information) Established in 2002 and listed in 2021, Shenzhen Huatai Medical Devices Co., Ltd. specializes in cardiovascular interventional devices, with a change in controlling shareholders and actual controllers in 2024 - The company was established on June 17, 2002, and listed on the Shanghai Stock Exchange in January 2021[246](index=246&type=chunk) - On January 28, 2024, the company's controlling shareholder changed to Shenmaikong, and the actual controllers changed to Li Xiting and Xu Hang (joint control)[249](index=249&type=chunk)[252](index=252&type=chunk) - As of June 30, 2025, the company's total issued share capital was **141,013,796 shares**[250](index=250&type=chunk) [Basis of Preparation of Financial Statements](index=89&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) These financial statements are prepared based on Accounting Standards for Business Enterprises and CSRC regulations, on a going concern basis - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" by the China Securities Regulatory Commission[254](index=254&type=chunk) - These financial statements are prepared on a going concern basis[255](index=255&type=chunk) [Significant Accounting Policies and Estimates](index=89&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statements, covering financial instruments, fixed assets, R&D, revenue, and government grants - The company classifies financial assets as those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[275](index=275&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20 years** for buildings and structures, and **5-10 years** for specialized equipment[324](index=324&type=chunk)[325](index=325&type=chunk) - R&D expenditures are divided into research and development phases, with development phase expenditures recognized as intangible assets when specific conditions are met[340](index=340&type=chunk)[341](index=341&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, using either a point-in-time or over-time recognition method based on the nature of the performance obligation[361](index=361&type=chunk)[363](index=363&type=chunk)[364](index=364&type=chunk) - Government grants are classified as asset-related or income-related; asset-related grants are recognized as deferred income and amortized into profit or loss over the useful life of the asset[373](index=373&type=chunk)[375](index=375&type=chunk) [Taxation](index=116&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, along with corporate income tax and VAT preferential policies for high-tech and small-micro enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services income | 6%, 9%, 11%, 13%, 21% | | Urban Maintenance and Construction Tax | Actual VAT and consumption tax paid | 5%, 7% | | Education Surcharge | Actual VAT and consumption tax paid | 5% | - The company and its subsidiaries, including Hunan Apt, Shanghai Hongtong, Hunan Yiweidi, and Shenzhen Haoying, have all passed the high-tech enterprise qualification review and enjoy a **15%** corporate income tax preferential rate[397](index=397&type=chunk)[398](index=398&type=chunk)[399](index=399&type=chunk) - Grandchildren companies Shanghai Puruinuo and Hunan Huatai meet the criteria for small and micro enterprises and are subject to a **5%** preferential corporate income tax rate[399](index=399&type=chunk) - The company and its subsidiaries enjoy tax pre-deduction policies for R&D expenses, as well as value-added tax additional deduction policies for advanced manufacturing enterprises[400](index=400&type=chunk)[402](index=402&type=chunk) [Notes to Consolidated Financial Statement Items](index=118&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major consolidated financial statement items, including assets, liabilities, equity, income, expenses, and cash flows, with period-end and beginning-of-period balances and changes Monetary Funds (Unit: CNY) | Item | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Cash on hand | 77,601.89 | 20,706.46 | | Bank deposits | 1,065,185,133.17 | 1,081,067,101.39 | | Other monetary funds | 18,196,602.03 | 103.18 | | **Total** | **1,083,459,337.09** | **1,081,087,911.03** | - Of other monetary funds, **CNY 18,196,498.85** is for payment guarantees and is restricted[404](index=404&type=chunk) Trading Financial Assets (Unit: CNY) | Item | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Wealth management products | 122,250,472.99 | 0.00 | Accounts Receivable (Unit: CNY) | Age | Period-end Book Balance | Beginning-of-Period Book Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 90,070,894.71 | 87,505,577.47 | | 1 to 2 years | 2,689,801.39 | 77,033.00 | | 2 to 3 years | 74,033.00 | 203,172.50 | | Over 3 years | 1,154,639.65 | 947,925.08 | | **Total** | **93,989,368.75** | **88,733,708.05** | Inventory Classification (Unit: CNY) | Item | Period-end Book Value | Beginning-of-Period Book Value | | :--- | :--- | :--- | | Raw materials | 218,120,378.25 | 203,873,275.76 | | Finished goods | 127,481,196.05 | 114,240,565.61 | | **Total** | **441,006,063.06** | **399,316,319.82** | Fixed Assets Book Value (Unit: CNY) | Item | Period-end Book Value | Beginning-of-Period Book Value | | :--- | :--- | :--- | | Buildings and structures | 239,058,618.93 | 216,649,624.69 | | Specialized equipment | 390,719,527.07 | 367,865,106.67 | | **Total** | **661,812,927.78** | **614,907,995.23** | Construction in Progress (Unit: CNY) | Item | Period-end Book Value | Beginning-of-Period Book Value | | :--- | :--- | :--- | | Equipment to be installed | 18,266,323.36 | 10,113,115.01 | | Intelligent Manufacturing Base and Testing Center Project | 6,567,549.79 | 18,701,365.73 | | Shanghai Xihongqiao Project | 46,794,991.22 | 10,422,710.83 | | **Total** | **81,283,867.86** | **46,321,760.66** | Intangible Assets Book Value (Unit: CNY) | Item | Period-end Book Value | Beginning-of-Period Book Value | | :--- | :--- | :--- | | Land use rights | 371,968,548.96 | 376,220,806.56 | | Patent rights | 19,786,626.45 | 21,833,161.31 | | Software | 3,955,760.54 | 3,941,299.31 | | **Total** | **395,710,935.95** | **401,995,267.18** | Goodwill Book Value (Unit: CNY) | Name of Investee | Period-end Balance | Beginning-of-Period Balance | | :--- | :--- | :--- | | Shanghai Hongtong Industrial Co., Ltd. | 4,503,351.59 | 4,503,351.59 | | Hunan Yiweidi Medical Devices Co., Ltd. | 26,215,550.64 | 26,215,550.64 | | Shenzhen Haoying Medical Technology Co., Ltd. | 25,761,046.32 | 25,761,046.32 | | **Total** | **56,479,948.55** | **56,479,948.55** | Operating Revenue and Operating Cost (Unit: CNY) | Item | Current Period Amount (Revenue) | Current Period Amount (Cost) | Prior Period Amount (Revenue) | Prior Period Amount (Cost) | | :--- | :--- | :--- | :--- | :--- | | Main business | 1,208,205,107.78 | 317,642,053.88 | 991,643,339.55 | 265,630,017.38 | | Other business | 5,599,798.75 | 3,916,083.20 | 9,316,291.99 | 7,163,129.21 | | **Total** | **1,213,804,906.53** | **321,558,137.08** | **1,000,959,631.54** | **272,793,146.59** | Operating Revenue by Product Type (Unit: CNY) | Product Type | Operating Revenue | Operating Cost | | :--- | :--- | :--- | | Electrophysiology | 245,601,375.51 | 61,087,007.91 | | Coronary Access | 654,284,608.47 | 170,962,959.57 | | Peripheral Intervention | 212,577,731.99 | 48,581,600.00 | | Non-Vascular Intervention | 22,838,199.44 | 8,746,166.70 | | OEM | 72,903,192.37 | 28,264,319.70 | R&D Expenses (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee compensation | 72,527,291.38 | 63,375,486.05 | | Material costs | 27,054,548.27 | 19,040,174.61 | | Testing fees | 19,118,207.00 | 26,870,605.67 | | Outsourced R&D fees | 15,977,855.64 | 0.00 | | **Total** | **157,232,347.35** | **133,893,513.26** | [Research and Development Expenses](index=171&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the composition of the company's R&D expenditures by expense nature for the current and prior periods, totaling **CNY 157 million** for the current period, a **17.43%** increase R&D Expenses by Expense Nature (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Employee compensation | 72,527,291.38 | 63,375,486.05 | | Material costs | 27,054,548.27 | 19,040,174.61 | | Testing fees | 19,118,207.00 | 26,870,605.67 | | Outsourced R&D fees | 15,977,855.64 | 0.00 | | **Total Expensed R&D Expenditures** | **157,232,347.35** | **133,893,513.26** | [Changes in Consolidation Scope](index=172&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed due to the establishment of APT Medical B.V. in the Netherlands by its Hong Kong subsidiary - In February 2025, the company's wholly-owned overseas subsidiary Hong Kong Huatai invested in and established APT Medical B.V. in the Netherlands, with a registered capital of **10,000 Euros**[580](index=580&type=chunk) [Interests in Other Entities](index=173&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including wholly-owned entities and controlled partnerships, as well as equity in associates Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Shareholding Ratio (%) (Direct) | Shareholding Ratio (%) (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | | Hunan Apt Medical Devices Co., Ltd. | 100.0000 | | Business combination under common control | | Shanghai Hongtong Industrial Co., Ltd. | 100.0000 | | Business combination not under common control | | APT Medical (HongKong) Limited | 100.0000 | | Establishment | | PT APT Medical Indonesia | 51.0000 | 49.0000 | Establishment | | APT Medical B.V. | | 100.0000 | Establishment | | Shanghai Huatai Zhongcai Private Equity Investment Partnership (Limited Partnership) | 41.6700 | | Establishment | | Hunan Yiweidi Medical Devices Co., Ltd. | 42.3380 | 11.0888 | Business combination not under common control | | Shenzhen Haoying Medical Technology Co., Ltd. | 11.9048 | 21.4906 | Business combination not under common control | - The company holds a **41.67%** stake in Shanghai Huatai Zhongcai Private Equity Investment Partnership (Limited Partnership) and is included in the consolidation scope due to its dominant influence[583](index=583&type=chunk) - The company holds a **33.3954%** equity stake in Shenzhen Haoying Medical Technology Co., Ltd. and is included in the consolidation scope due to its dominant influence[583](index=583&type=chunk) Key Financial Information of Significant Associate Ruikangtong (Shanghai) Technology Development Co., Ltd. (Unit: CNY) | Item | Period-end Balance/Current Period Amount | Beginning-of-Period Balance/Prior Period Amount | | :--- | :--- | :--- | | Total Assets | 120,998,792.89 | 103,458,509.74 | | Total Liabilities | 22,232,897.60 | 22,914,853.07 | | Equity Attributable to Parent Company Shareholders | 98,765,895.29 | 80,543,656.67 | | Operating Revenue | 76,195,887.67 | 62,686,138.46 | | Net Profit | 15,753,174.97 | 14,276,211.62 | [Government Grants](index=178&type=section&id=XI.%20Government%20Grants) This section discloses government grant liabilities and income, with deferred income for grants at **CNY 31.91 million** and **CNY 16.23 million** recognized in current profit or loss Liability Items Involving Government Grants (Unit: CNY) | Financial Statement Item | Beginning-of-Period Balance | Amount of New Grants in Current Period | Transferred to Other Income in Current Period | Period-end Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 11,261,255.46 | 21,646,108.40 | 995,819.13 | 31,911,544.73 | Asset-related or related to expenses incurred in subsequent periods | Government Grants Recognized in Current Profit or Loss (Unit: CNY) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | 995,819.13 | 950,821.46 | | Income-related | 15,233,302.00 | 12,523,103.70 | | **Total** | **16,229,121.13** | **13,473,925.16** | [Risks Related to Financial Instruments](index=179&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate, exchange rate, price) through diversified investments, credit monitoring, cash flow forecasts, and foreign currency transaction oversight - The company faces credit risk, liquidity risk, and market risk (exchange rate risk, interest rate risk, and other price risks)[596](index=596&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, and accounts receivable, controlled by assessing customer creditworthiness and regularly monitoring credit records[597](index=597&type=chunk) - Liquidity risk is managed by monitoring cash balances, marketable securities, and rolling forecasts of cash flows for the next **12 months**[599](index=599&type=chunk) - As of June 30, 2025, if the RMB appreciates or depreciates by **5%** against the USD or other foreign currencies, the company's net profit will decrease or increase by **CNY 15,440,724.72**[604](index=604&type=chunk) - As of June 30, 2025, if the value of equity instruments increases or decreases by **5%**, the company's other comprehensive income will increase or decrease by **CNY 2,959,545.21**[605](index=605&type=chunk) [Disclosure of Fair Value](index=182&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses period-end fair values of assets and liabilities, categorized by measurement levels, with trading financial assets using Level 2 and other equity investments using Level 3 Period-end Fair Value Measurement Items (Unit: CNY) | Item | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 122,250,472.99 | | 122,250,472.99 | | Other Equity Instrument Investments | | 69,636,357.95 | 69,636,357.95 | | **Total Assets Continuously Measured at Fair Value** | **122,250,472.99** | **69,636,357.95** | **191,886,830.94** | - Trading financial assets are valued using the discounted cash flow method, with the recent yield of corresponding products as the expected yield for key parameters[612](index=612&type=chunk) - Unlisted equity investments are valued using the comparable public company method and recent transaction price reversal method, considering liquidity discounts and control premiums[614](index=614&type=chunk) [Related Parties and Related Party Transactions](index=185&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and transactions, including sales, services, and fund borrowings, all conducted at market rates - The company's parent company is Shenzhen Mindray Technology Holdings Co., Ltd., with a shareholding ratio of **21.05%**, and the ultimate controlling parties are Li Xiting and Xu Hang (joint control)[619](index=619&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Unit: CNY) | Related Party | Related Party Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Hebei Tieyu Electronic Technology Co., Ltd. | Procurement of materials | 4,364,281.44 | | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | R&D services | 15,977,855.64 | | Guilin Hongwen Investment Co., Ltd. | Consulting services | 283,018.88 | Related Party Transactions for Sale of Goods/Provision of Services (Unit: CNY) | Related Party | Related Party Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Hunan Ruikangtong Technology Development Co., Ltd. | Sales of goods | 10,317,238.01 | | Hunan Ruikangtong Technology Development Co., Ltd. | Sales of materials | 2,936,428.60 | | Hangzhou Xinchang Medical Devices Co., Ltd. | Sales of goods | 79,646.02 | - Controlling subsidiary Shenzhen Haoying Medical Technology Co., Ltd. has fund borrowings with Shanghai Huigu Enterprise Management Center (Limited Partnership), totaling **CNY 10,000,000.00**[626](index=626&type=chunk) Key Management Personnel Compensation (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Key management personnel compensation | 5,074,097.60 | 5,274,927.62 | [Share-Based Payment](index=189&type=section&id=XV.%20Share-Based%20Payment) This section discloses the 2021 restricted stock incentive plan's share-based payment, with **168,938 B-class shares** vested for **CNY 9.34 million**, and outstanding options having a **CNY 84.01-93.74** exercise price and **10-month** term Share-Based Payment Details (Unit: shares, CNY) | Category of Grantee | Number of Shares Exercised in Current Period | Amount Exercised in Current Period | | :--- | :--- | :--- | | Company directors, senior management, core technical personnel, core business personnel, etc. |

Group 1 - The medical device industry experienced a slight increase of 0.07% on August 21, with a net outflow of 596 million yuan in main capital [1] - Among the component stocks, 55 stocks rose while 41 stocks fell [1] - The companies with the highest net outflow of main capital included Xinhua Medical (11.58 million yuan), Libang Instruments (10.77 million yuan), and Jiukang Bio (10.73 million yuan) [1] Group 2 - The latest prices and performance of selected medical companies include: Meihua Medical at 23.41 with an increase of 8.09% and a net inflow of 6.44 million yuan [2] - Mindray Medical at 245.71 with an increase of 3.87% and a net inflow of 879.86 million yuan [2] - Other notable companies include Yingke Medical at 37.43 with an increase of 1.08% and a net inflow of 599.81 million yuan, and Aibo Medical at 77.31 with an increase of 1.15% and a net inflow of 4360.64 million yuan [2]