Financial Performance - Revenue for the first half of 2024 reached RMB 365.99 million, a 59.0% increase compared to RMB 230.13 million in the same period of 2023[2] - Gross profit for the first half of 2024 was RMB 260.91 million, up 52.9% from RMB 170.65 million year-on-year[2] - The company reported a net profit of RMB 68.87 million, a significant turnaround from a loss of RMB 35.51 million in the first half of 2023, representing a 293.9% increase[2] - The company achieved an adjusted net profit of RMB 78.17 million, a substantial increase of 1,515.6% compared to a loss of RMB 5.52 million in the previous year[2] - Operating profit for the first half of 2024 was RMB 36.6 million, a significant improvement from an operating loss of RMB 74.13 million in the same period of 2023[8] - The company reported a profit attributable to equity holders of RMB 68,865 thousand for the six months ended June 30, 2024, compared to a loss of RMB 35,514 thousand in the same period of 2023[23] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.2125, a significant improvement from a loss per share of RMB 0.1077 in the prior year[24] Revenue Breakdown - Sales from neurovascular intervention products increased by 46.7% year-on-year, driven by the growth of key products such as the Silver Snake intracranial support catheter and the Dragon CRD[3] - Sales from peripheral vascular intervention products surged by 88.2% year-on-year, attributed to the rapid growth of products like the UltraFree drug-eluting PTA balloon catheter[3] - Revenue from neurovascular intervention devices was RMB 243,510 thousand, up from RMB 166,038 thousand, reflecting a growth of 46.5% year-over-year[16] - Revenue from peripheral vascular intervention devices reached RMB 120,635 thousand, compared to RMB 64,093 thousand in the previous year, marking an increase of 88.3%[16] - Revenue from neurovascular intervention products accounted for 66.9% of total sales, increasing by 46.7% year-on-year, driven by key products like the Silver Snake intracranial support catheter and the Phoenix intracranial PTA balloon dilation catheter[73] - Revenue from peripheral vascular intervention products surged by 88.2% year-on-year, contributing 33.1% to total sales, attributed to the rapid growth of products like the UltraFree drug-eluting PTA balloon[73] International Business - International business revenue reached RMB 11.5 million, marking an 84.2% increase compared to the same period in 2023, primarily from Europe and Asia[5] - The company is actively expanding its international presence, with dedicated resources for international expansion in R&D, regulatory affairs, and production[5] - The company has received approvals for its products in overseas markets, including the Jiao Long thrombectomy stent and intracranial thrombectomy catheter in regions such as the EU, UK, Turkey, South Africa, Argentina, and Russia[44] Product Development and Launches - The company has launched 44 products in the Chinese market, solidifying its leading position in the neurovascular and peripheral vascular intervention medical device industry[4] - The company launched 37 medical device products in the Chinese market since early 2021, averaging five new products every six months[6] - The company has a total of 63 products and candidates strategically positioned, with 44 products commercialized in China and eight products receiving CE marking in the European Economic Area[41] - The company has successfully launched several innovative products to meet unmet clinical needs, including the CRD thrombectomy stent and ZYLOX Penguin venous stent system[98] Research and Development - R&D expenses decreased by 22.4% to RMB 101.5 million in the first half of 2024 compared to the same period in 2023[7] - The company is actively engaged in research and development to enhance its product offerings[111] - The company is focused on enhancing operational efficiency while organically increasing revenue[36] Operational Efficiency - The gross margin remained stable at 71.3% in the first half of 2024, attributed to continuous optimization of production and supply chain[7] - Sales and distribution expenses as a percentage of total revenue decreased from 32.6% in the first half of 2023 to 21.9% in the first half of 2024[7] - Administrative expenses decreased by 13.4% to RMB 43.6 million, with the percentage of total revenue dropping significantly from 21.9% to 11.9%[80] Corporate Governance and Shareholder Information - The company is committed to maintaining high standards of corporate governance and has adopted practices in line with the Corporate Governance Code[102] - The board has been authorized to repurchase up to 32,461,974 H shares, representing 10% of the total issued H shares as of June 6, 2023, with 108,000 shares repurchased during the reporting period[100] - The total cost for the repurchased shares amounted to HKD 971,090, with a maximum price of HKD 9.5 per share[101] - The company does not plan to declare any interim dividends for the reporting period[106] Market Trends and Future Outlook - The company anticipates that the revenue from unfulfilled contracts will be recognized within one year, indicating a positive outlook for future earnings[17] - The company plans to continue expanding its market share in the neurovascular and peripheral vascular interventional device industry, leveraging its strong commercialization and distribution capabilities[96] - Significant progress has been made in international markets, with ongoing efforts to enhance sales outside of China and strengthen partnerships with local doctors and distributors[97]
归创通桥-B(02190) - 2024 - 中期业绩