香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Jinhai Medical Technology Limited 今海醫療科技股份有限公司 （股份代號：2225） （於開曼群島註冊成立的成員有限責任公司） 自願公告－業務發展最新情況 本公告乃由今海醫療科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出，旨在向其股東及潛在投資者提供有關本集團的業務近期發展最新情況。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司之間接全資附屬公司上海 今海醫療科技有限公司（「今海醫療」）正在積極籌辦參加於二零二五年十一月五 日至十日在中國（「中國」）上海舉辦的第八屆中國國際進口博覽會（「進博會」）。 於第八屆進博會期間，今海醫療將與美敦力中國骨科與神外業務集團（「美敦力中 國」）聯合發佈最新研發的導航下脊柱內鏡創新技術，該技術預計可應用於脊柱外 科手術，預期將為脊柱手術的精準化與智能化發展開闢全新路徑，縮短臨床醫生 在脊柱內鏡技術上的學習 ...

Core Insights - Medtronic plc (NYSE:MDT) is recognized as one of the Top 15 Growth Stocks for Long-Term Investors [1] - The company is the largest producer of biomedical devices and implantable technologies globally, operating through four main segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes [2] Growth Strategy - Medtronic pursues growth through internal innovation and strategic acquisitions, with a strong focus on research and development (R&D) driving organic expansion [3] - The company has established a significant presence in emerging markets such as China, India, and Africa, which are characterized by large populations and rapidly expanding economies [3] Financial Performance - Revenue from emerging markets has been growing at a double-digit pace, outpacing growth in the United States, which contributes just over half of Medtronic's total revenue [4] - In fiscal Q2 2025, Medtronic recorded $4.2 billion in revenue from US operations and $4.3 billion from international markets [4] Acquisitions and R&D Investment - Since 2021, Medtronic has completed nine tuck-in acquisitions worth over $3.3 billion, reflecting its commitment to expanding capabilities and product offerings [5] - The company consistently spends over $2 billion annually on R&D, which is central to its continuous product innovation and leadership in the medical technology space [5] Dividend Performance - Medtronic has increased its dividend for 48 consecutive years, highlighting its financial stability and shareholder-focused approach [6] - The current quarterly dividend is $0.71 per share, with a dividend yield of 2.98% as of October 12 [6]

Core Insights - Medtronic (MDT) has returned a total of $52 billion to shareholders over the last decade through dividends and share buybacks, ranking it as the 51st highest in shareholder returns in history [3][4] - The company’s capital returns are significant as they indicate management's confidence in financial health and sustainable cash flow generation [4] - Medtronic's stock has experienced substantial volatility, with notable declines during major market events, including a 40% drop during COVID-19 and a 45% decline due to inflation shocks [8][9] Financial Performance - Medtronic reported a revenue growth of 5.0% for the last twelve months (LTM) and a 3.3% average growth over the last three years [11] - The company has a free cash flow margin of nearly 15.5% and an operating margin of 19.4% for LTM [11] - Medtronic's stock trades at a price-to-earnings (P/E) multiple of 26.3, indicating a higher valuation compared to the S&P 500, despite lower revenue growth [11] Market Position - The total capital returned to shareholders as a percentage of current market capitalization appears inversely proportional to growth prospects for reinvestments, with companies like Meta and Microsoft showing faster growth but lower capital returns [6][7] - Medtronic's strong fundamentals provide some resilience against market volatility, although it is not immune to significant drops [8]

Core Viewpoint - The article discusses the challenges faced by Medtronic, including stagnation in growth, innovation fatigue, and pressure from activist investors, while exploring the potential for restructuring or revitalization [2][4]. Group 1: Activist Investor Involvement - Elliott Investment Management has entered Medtronic's shareholder list, advocating for a reassessment of the business portfolio and a focus on core assets to enhance shareholder returns [6][7]. - The entry of Elliott reflects a broader trend where undervalued large companies are pressured to divest non-core assets and improve capital efficiency [7][8]. - Medtronic's valuation disadvantage compared to peers indicates investor concerns regarding its management structure and innovation efficiency [8][9]. Group 2: Growth and Innovation Challenges - Medtronic's issues are traced back to the 2015 acquisition of Covidien, which has led to integration difficulties and cultural clashes [10][11]. - Financially, Medtronic reported approximately $32.3 billion in revenue for FY2024, with a net profit of about $5.1 billion, but its growth rate of 3% is below industry peers [11][12]. - The company's R&D spending of $2.6 billion represents only 8.1% of revenue, lower than competitors, indicating a slowdown in innovation output [14][15]. Group 3: Investor Perspective - Investors view Medtronic as a "sleeping giant," with stable financials but lacking growth appeal, as evidenced by a total shareholder return of less than 4% over the past five years [15][16]. - There is a demand for not just cost optimization but also significant innovation to change the valuation narrative [16][19]. Group 4: CEO's Response - CEO Geoff Martha asserts that Medtronic is in an "Innovation Super Cycle," with significant new products expected to launch between 2025 and 2027 [16][20]. - Martha emphasizes that the company's focus is on portfolio reshaping to enhance innovation rather than breaking up the company [19][20]. - The management is undergoing a dual reboot of structure and personnel to improve decision-making speed and execution [22][23]. Group 5: Future Directions - Medtronic aims to focus on financial recovery through divesting low-margin businesses and simplifying its organizational structure [23][24]. - The company is also working on bringing high-tech platforms to market, although the timeline for significant sales remains extended [24][25]. - The shift in focus from expansion to innovation reflects a recalibration towards core technological strengths, with the challenge of balancing innovation delivery and capital returns [25].

Core Viewpoint - The article discusses the shift in growth strategies among global medical technology giants from traditional R&D-driven growth to capital-driven growth, emphasizing the importance of "tuck-in M&A" and partnerships with private equity (PE) to enhance innovation and manage risks in a challenging economic environment [2][3][4]. Group 1: Shift from R&D to Capital-Driven Growth - Historically, innovation in the medical technology industry was synonymous with R&D, but this approach is becoming less effective as R&D costs rise and the returns on new product sales decline [3][4]. - Major companies like Medtronic and Johnson & Johnson are now focusing on capital-driven growth, where capital serves as a tool for innovation rather than just a result of it [3][4]. Group 2: Tuck-in M&A as a Growth Strategy - Tuck-in M&A has become a key growth tool for medical technology giants, allowing them to embed critical capabilities or high-growth technology modules into their existing structures without large-scale mergers [5][6]. - This strategy enables companies to enhance their innovation density and growth flexibility while maintaining stability [5][6]. Group 3: Johnson & Johnson's M&A Strategy - Johnson & Johnson emphasizes that M&A is a core part of their strategy, focusing on high-growth and high-innovation areas while divesting from low-growth segments [8][9]. - Recent acquisitions, such as Abiomed and Shockwave Medical, illustrate their approach to strategically shift their portfolio towards more lucrative markets [8][9]. Group 4: Medtronic's Strategic Adjustments - Medtronic adopts a "shrink to grow" strategy, concentrating resources on areas where they have competitive advantages while executing smaller acquisitions to enhance their capabilities [12][13]. - The company has made significant decisions, such as splitting off its diabetes unit to improve cash flow and focus on core business areas [16][28]. Group 5: Role of Private Equity in Innovation - Private equity has emerged as a crucial partner in the medical device industry, helping companies share innovation risks and optimize their structures [18][20]. - Medtronic's collaboration with Blackstone exemplifies how PE can support R&D projects by sharing financial risks while allowing companies to maintain operational control [19][23]. Group 6: Trends in Capital Operations - The trend of divestitures and restructuring among major medical device companies reflects a broader industry shift towards optimizing growth quality through capital management [27][28]. - Companies are increasingly focusing on strategic divestitures to concentrate resources on high-growth areas, leading to a more dynamic industry landscape [27][32]. Group 7: Future of Chinese Medical Device Companies - Chinese medical device companies are at a turning point, transitioning from financing-driven growth to capital-driven growth, learning from the strategies of global giants [34][35]. - The future growth of these companies will depend on their ability to effectively manage capital for structural optimization and risk transfer [35][36].

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Medtronic has recently secured FDA approval for its Altaviva device on September 18, marking a significant milestone for the company [1]. Group 1 - Ryan Weispfenning, Vice President and Head of Investor Relations, hosted a call to showcase the Altaviva device [1]. - The event included a reminder that it would be recorded and available for replay on the company's website [2]. - Emily Elswick, President of the Pelvic Health business, was introduced as a special guest to discuss the Altaviva device [3].

Core Viewpoint - Medtronic has successfully secured FDA approval for its Altaviva device on September 18, marking a significant milestone for the company in the pelvic health sector [1]. Group 1 - Ryan Weispfenning, Vice President and Head of Investor Relations, is leading the call to showcase the Altaviva device [1]. - The event is being recorded, and a replay will be available on the company's website shortly after the call [2]. - The call includes forward-looking statements and will have a Q&A session for analysts and investors [2]. Group 2 - Emily Elswick, President of the Pelvic Health business, is introduced as a special guest to discuss the Altaviva device [3]. - The Pelvic Health business is one of the five segments within Medtronic's neuroscience portfolio [3].

Summary of Medtronic's AltaViva™ Device Conference Call Company and Industry Overview - **Company**: Medtronic - **Industry**: Pelvic Health and Neuromodulation - **Product**: AltaViva™ device, recently FDA approved on September 18, 2023 Key Points and Arguments Product Launch and Market Opportunity - The AltaViva™ device is a significant product launch for Medtronic, expected to accelerate growth in the latter half of the fiscal year [8][44] - Approximately 16 million people in the U.S. suffer from urge urinary incontinence (UUI), with only 45% seeking treatment, indicating a large untapped market [9][10] - The addressable market for UUI is less than 10% penetrated, presenting a substantial opportunity for growth [7][12] - Medtronic aims to raise awareness among the 9 million individuals not currently seeking treatment [11][12] Device Features and Benefits - The AltaViva™ device offers a minimally invasive procedure with a 15-year battery life and same-day activation of therapy [15][19] - The procedure is designed to be simple, requiring only a 2-centimeter incision and can be performed in various care settings without sedation [13][18] - The device is MRI compatible, allowing patients to undergo scans without additional steps [19][25] - The proprietary battery technology ensures consistent performance over time, requiring only one or two recharges per year [20][19] Competitive Landscape - AltaViva™ competes with two other implantable tibial neuromodulation products: eCoin by Valencia Technologies and Revi by BlueWind Medical [23] - Key differentiators include immediate therapy activation, device longevity (15 years vs. 3-10 years for competitors), and MRI compatibility [24][25] - Clinical data from the TITAN 2 study showed that 80% of patients reported improvement after 12 months, with 61% experiencing a significant reduction in UUI episodes [27][28] Reimbursement and Market Access - Medicare provides coverage for implantable tibial devices, with ongoing efforts to secure broader market access and a Category I code [31][32] - Current coverage includes 21% at FDA approval and 27% based on medical necessity, with plans to address non-coverage through the Medtronic Patient Access Support Program [31][32] - The average payment for the procedure is comparable to sacral neuromodulation, facilitating easier adoption by healthcare providers [70] Marketing and Consumer Engagement - Medtronic is adopting a consumer-focused approach for the launch, including community events and advertising campaigns to raise awareness [35][41] - Initial feedback from physicians has been positive, with rapid training and patient treatment following the device's approval [39][40] - The marketing strategy aims to educate both patients and healthcare providers about the benefits of the AltaViva™ device [34][41] Additional Important Insights - The pelvic health market has been underserved, with significant stigma surrounding conditions like UUI and fecal incontinence [7][12] - Medtronic's commitment to patient education and awareness is seen as crucial for unlocking the potential of the AltaViva™ device [43][44] - The company is focused on ensuring that the launch of AltaViva™ does not cannibalize its existing sacral neuromodulation business but rather complements it by reaching a broader patient population [54][56] This summary encapsulates the key points discussed during the conference call regarding Medtronic's AltaViva™ device, its market potential, competitive advantages, and strategic approach to launch and reimbursement.

Core Insights - Medtronic's BrainSense™ Adaptive Deep Brain Stimulation (aDBS) has been recognized by TIME as one of the Best Inventions, marking a significant advancement in healthcare technology for Parkinson's disease patients [1][4]. Company Overview - Medtronic plc is a global leader in healthcare technology, headquartered in Galway, Ireland, with over 95,000 employees across more than 150 countries [6]. - The company has been a pioneer in deep brain stimulation (DBS) therapy for over 30 years, serving more than 200,000 patients with movement disorders [5]. Product Innovation - The BrainSense™ aDBS system is the world's first closed-loop DBS system, which personalizes therapy based on real-time brain activity, reducing the need for manual adjustments by patients [2][4]. - Medtronic has spent over 20 years developing this sensing-enabled DBS system, integrating therapeutic brain-computer interface (BCI) technology into its offerings [4]. Clinical Validation - The pivotal ADAPT-PD study published in JAMA Neurology demonstrated the clinical effectiveness, long-term safety, and patient preference for the BrainSense™ aDBS system [4]. - More than 1,000 patients worldwide have already received the adaptive therapy since its approval by CE Mark and U.S. FDA earlier this year [4]. Industry Recognition - TIME's annual Best Inventions list highlights innovations that significantly impact daily life, with Medtronic's technology being recognized for its intentional innovation and responsiveness to patient needs [3][5].