[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]

Group 1 - The medical device sector is experiencing a strong performance, with the CSI All Medical Device Index rising by 1.41% as of August 21, 2025, and notable stocks such as Meihua Medical increasing by 14.12% [1] - The Medical Device ETF (159797) has shown a consistent upward trend, achieving a 1.55% increase over the past week and a 1.17% rise on the day of reporting [1] - The Medical Device ETF has seen significant liquidity, with a turnover rate of 7.13% and nearly 20 million yuan in trading volume [1] Group 2 - The Medical Device ETF has reached a new high in scale at 255 million yuan and a new high in shares at 300 million, indicating strong investor interest [2] - Over the past 11 days, the ETF has experienced continuous net inflows, totaling 122 million yuan, with a peak single-day inflow of 31.28 million yuan [2] Group 3 - Recent government initiatives emphasize the importance of high-quality technological supply and policy support for the biopharmaceutical industry, aiming to enhance the quality and efficiency of medical products [5] - The total bid amount for medical devices in July reached 12.643 billion yuan, reflecting a year-on-year growth of 20%, with a total of 96.785 billion yuan for the first seven months, marking a 57% increase [5] - The Ministry of Industry and Information Technology has issued guidelines to promote the innovation of brain-computer interface technology, aiming for breakthroughs by 2027 [5] Group 4 - The brain-computer interface industry is expected to see significant growth driven by technological innovation, policy support, and capital investment, particularly in healthcare and consumer markets [6] - The Medical Device ETF encompasses a wide range of sectors, including high-value consumables and in-vitro diagnostics, with the top ten weighted stocks accounting for over 44% of the fund [6]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 0.91% as of August 20, 2025, with mixed performance among constituent stocks [1] - Heartbeat Medical led the gains with an increase of 3.13%, while Yuandong Biological experienced the largest decline [1] - The market for the Sci-Tech Medical ETF managed by Harvest saw a turnover rate of 24.05% and a transaction volume of 62.637 million yuan, indicating active trading [3] Group 2 - The latest scale of the Sci-Tech Medical ETF reached 263 million yuan, marking a one-month high and ranking first among comparable funds [3] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 6.157 million yuan, totaling 15.2382 million yuan [3] - The net value of the ETF increased by 56.59% over the past year, with the highest monthly return since inception being 23.29% [3] Group 3 - The total amount of business cooperation for innovative drugs in China is projected to reach 51.9 billion USD in 2024, with a record 1.25 billion USD upfront payment transaction between 3SBio and Pfizer in 2025 [4] - The Chinese innovative drug sector has seen a 25.02% increase year-to-date, ranking fourth among 31 industries, with a current PE ratio of 31.31 times [4] - The National Healthcare Security Administration has introduced a temporary management method for disease-based payment, promoting payment reform in the healthcare sector [4] Group 4 - As of July 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading companies including United Imaging and BeiGene [4][6] - The performance of individual stocks varied, with United Imaging down by 0.26% and BeiGene up by 0.95% [6] - Investors without stock accounts can access the Sci-Tech Medical ETF through the Harvest Sci-Tech Medical ETF linked fund [6]

Group 1 - The stock price of Huitai Medical closed at 287.92 yuan on August 18, 2025, down by 9.50 yuan, a decrease of 3.19% from the previous trading day [1] - The opening price was 298.50 yuan, with a highest point of 298.97 yuan and a lowest point of 286.13 yuan, with a trading volume of 17,098 hands and a transaction amount of 495 million yuan [1] - Huitai Medical specializes in the research, development, production, and sales of cardiovascular interventional and electrophysiological medical devices, covering vascular interventional, electrophysiological, and peripheral interventional equipment [1] Group 2 - The company is part of the medical device industry and is one of the stocks on the Sci-Tech Innovation Board priced over 100 yuan [1] - The current total market capitalization of Huitai Medical is 40.601 billion yuan [1] - On the same day, the net inflow of main funds into Huitai Medical was 32.1104 million yuan, with a cumulative net inflow of 87.6305 million yuan over the past five days [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日医疗器械板块主力资金净流出6.22亿元，游资资金净流入8454.45万元，散户资 金净流入5.38亿元。医疗器械板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300049 | 福瑞股份 | 1.46 Z | 11.88% | -1.05 Z | -8.52% | -4138.97万 | -3.36% | | 300003 | 乐普医疗 | 1.21 Z | 7.97% | -5108.00万 | -3.37% | -6962.47万 | -4.59% | | 600645 | 中源协和 | 9348.49万 | 9.75% | -3949.64万 | -4.12% | -5398.85万 | -5.63% | | 688271 | 联影医疗 | ...

Group 1 - The A-share market experienced a strong upward trend on August 18, with the Shanghai Composite Index reaching a nearly 10-year high [1] - The STAR Market Composite Index ETF by Huatai-PB rose by 1.94%, indicating positive market sentiment [1] - The STAR Market Composite Index itself surged by 2.08%, with notable gains from constituent stocks such as Nanxin Pharmaceutical and Shunlian Bio, both increasing by over 20% [1] Group 2 - As of August 18, 2025, the top ten constituent stocks of the STAR Market ETF include companies like Saiwei Technology and Haiguang Information, with varying performance in terms of price changes and trading volumes [2] - The semiconductor industry in China saw a total investment of 455 billion yuan in the first half of 2025, reflecting a 9.8% year-on-year decline, while semiconductor equipment investment grew by 53.4%, highlighting a strategic focus on supply chain autonomy [3] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Microsoft planning to spend $88.2 billion in the 2025 fiscal year, followed by Google and Meta with substantial increases as well [3][4]

Group 1 - The core viewpoint of the news highlights the performance and growth of the CSI 500 Quality Growth Index and its associated ETF, indicating a positive market trend with significant inflows and stock price increases [1][2][3] - The CSI 500 Quality Growth Index consists of 100 stocks selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment opportunities for investors [2][3] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.47% of the index, with notable performers including Dongwu Securities, Kaiying Network, and Hengxuan Technology [3][5] Group 2 - The CSI 500 Quality Growth ETF has seen a significant increase in scale, with a growth of 24.6 million yuan over the past week, ranking in the top third among comparable funds [1] - The ETF's share count increased by 11 million shares in the same period, indicating strong investor interest and participation [1] - Recent trading activity shows that the ETF has attracted a total of 11.7 million yuan in inflows over the last five trading days, reflecting a stable demand for the fund [1][2]

Summary of the Conference Call on Electrophysiology Industry Overview - The electrophysiology (EP) industry in China is experiencing continuous growth, with a 10% increase in procedures in the first half of the year, and an expected nationwide growth of 10%-15% due to the adoption of new catheter ablation technologies like pulsed field ablation (PFA) and accelerated domestic substitution [2][3][4] - The patient base for atrial fibrillation (AF) is substantial, estimated at 14-18 million, with increasing incidence due to aging, although the penetration rate of catheter ablation remains low [2][4] Key Insights - **Procedure Growth**: The EP procedures are a highlight in the cardiovascular intervention field, with a 10% growth noted in a major center, and a higher national growth rate anticipated due to the increasing adoption of independent EP teams and local anesthesia techniques [3][4] - **Technology Trends**: - Cryoablation technology is being phased out, while radiofrequency ablation remains dominant. However, PFA is rapidly gaining traction due to its lower technical difficulty and higher safety profile [2][3][7] - In a specific center, radiofrequency ablation accounts for 60%-70% of procedures, while PFA represents 30%-40%, with expectations for PFA's share to increase further [7] - **Market Share**: In the thermal ablation market, Johnson & Johnson holds over 50% market share, Abbott has 30%-40%, and domestic brands have a smaller share. In the AF thermal ablation sector, Johnson & Johnson's market share exceeds 75% [2][9] Patient Treatment Dynamics - **Patient Willingness**: Paroxysmal AF patients typically try medication first, while persistent AF patients are more inclined to opt for catheter ablation due to poor medication efficacy [5][6] - **Success Rates**: Catheter ablation for AF has a high success rate of over 90%, but the recurrence rate is significant, especially for persistent AF [4][6] Competitive Landscape - **Domestic vs. International Brands**: In the PFA era, domestic brands like Jinjiang and Huitai are gaining market share due to their ability to perform procedures under local anesthesia, contrasting with foreign brands that rely on general anesthesia [10][11] - **Emerging Technologies**: The development of nanosecond PSA technology aims to reduce pain and anesthesia needs, although it is still in preclinical stages [15] Future Outlook - **Market Dynamics**: The competitive landscape is shifting, with foreign manufacturers like Abbott lagging behind in innovation. Domestic brands with robust 3D systems are expected to emerge as key players [26] - **Price Trends**: The overall trend in medical pricing is expected to become more affordable, although specific pricing for PFA terminal products remains undisclosed [27][28] Regulatory and Guideline Changes - **Clinical Guidelines**: The U.S. has updated its guidelines to position electrophysiology as a first-line treatment, which is expected to influence domestic guidelines in China [30] Additional Considerations - **One-stop Surgery**: The concept of one-stop surgeries combining electrophysiology and left atrial appendage closure is gaining traction, although it presents challenges in terms of cost and reimbursement [21][23] This summary encapsulates the key points from the conference call regarding the electrophysiology industry, highlighting growth trends, technological advancements, patient treatment dynamics, competitive landscape, future outlook, and regulatory changes.

Core Points - As of August 15, 2025, Huatai Medical (688617) closed at 297.42 CNY, up 3.17% from the previous week [1] - The company's market capitalization is currently 41.94 billion CNY, ranking 4th out of 126 in the medical device sector and 379th out of 5,152 in the A-share market [1] Company Announcements - Cheng Zhenghui plans to reduce his holdings by no more than 2,820,275 shares, which is up to 2% of the company's total share capital, through block trading [1] - Cheng Zhenghui holds 26,371,507 shares, representing 18.7014% of the total share capital, and together with his associate Wen Yiming, they hold 26,391,272 shares, accounting for 18.7154% [1] - The last reduction occurred on April 15, 2024, where 4,173,116 shares were sold at a price of 471.12 CNY per share, representing a reduction of 6.2414% [1] - Cheng Zhenghui committed not to transfer or delegate the management of his shares for 36 months from the date of listing and is limited to transferring no more than 25% of his holdings annually while serving as a director, supervisor, or senior management [1] - The reduction plan complies with relevant laws and regulations and will not significantly impact the company's governance structure or ongoing operations [1]