Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 361.6 million, representing a 7.5% increase from RMB 336.2 million for the fiscal year ending December 31, 2023[5]. - The company recorded a net loss of RMB 53.3 million for the fiscal year ending December 31, 2024, a significant reduction from a loss of RMB 471.5 million in the previous year[6]. - Gross profit increased by 9.3% to RMB 251.2 million, with a gross margin of 69.5%, up 1.1 percentage points from 68.4% in the previous year[5]. - The company's revenue for the year ending December 31, 2024, was RMB 361.6 million, an increase of 7.5% compared to RMB 336.2 million for the year ending December 31, 2023, driven by the commercialization of VitaFlow Liberty® and Alwide® Plus[45]. - The total comprehensive loss for the year was RMB 24.6 million, significantly improved from RMB 434.7 million in the previous year[74]. - The company reported a pre-tax loss of RMB 4,002,000 for 2024, slightly down from RMB 4,147,000 in 2023[86]. - The basic loss per share for the year ended December 31, 2024, was RMB 49,446,000, significantly improved from RMB 471,534,000 in 2023, indicating a reduction in losses[95]. - The company reported a net loss of RMB 208.153 million for 2024, compared to a loss of RMB 159.088 million in 2023[114]. Product Development and Innovation - The company has developed a product portfolio that includes 7 certified products, such as VitaFlow® and VitaFlow Liberty®, along with various TAVI, TMV, and TTV products at different development stages[11]. - The third-generation TAVI product, VitaFlow Liberty® Flex, received NMPA approval in December 2024, marking it as the world's only true coaxial self-expanding transcatheter aortic valve delivery system[9]. - The innovative design of VitaFlow Liberty® allows for multiple recoveries during the procedure, improving placement accuracy and overall success rates[16]. - The company is actively pursuing strategic partnerships for advanced products and technologies in the structural heart disease field, with the TMVR product AltaValve™ receiving two breakthrough device designations from the FDA[10]. - The company continues to focus on developing other in-progress products, including TAVI and left atrial appendage occluders, to reinforce its leadership in the structural heart device market[40]. - The company is developing the AccuSniper™ dual-layer balloon dilation catheter and the AltaValve™ transcatheter mitral valve replacement device[143]. - The company has developed the fourth generation TAVI product, VitaFlow® IV, which is part of its innovative product line[148]. Market Expansion and Commercialization - The TAVI products achieved substantial progress in global commercialization, entering over 80 new hospitals in China and nearly 100 hospitals in countries such as Argentina, Colombia, and Italy[8]. - TAVI products have been commercialized in 18 countries, entering over 650 hospitals in China and nearly 100 overseas, with more than 450 independent operators in China[28]. - The company aims to enhance its TAVI product sales in China by increasing hospital coverage and improving patient referral processes, targeting underdeveloped patient needs in lower-tier cities[36]. - The company aims to leverage its strong clinical data to support the global expansion of its products[14]. - The company has obtained CE mark and registration approvals for VitaFlow Liberty® in 17 overseas countries, supporting its international strategy[38]. - The company is focused on expanding its market presence through innovative medical technologies and products[148]. Research and Development - The company continues to enhance its R&D capabilities, focusing on projects that can quickly generate revenue while also advancing long-term projects[10]. - Research and development costs decreased by 35.4% to RMB 153.4 million for the year ending December 31, 2024, down from RMB 237.3 million for the year ending December 31, 2023, due to a prudent adjustment of project priorities and resource allocation[49]. - The total amount of government grants received in 2024 was RMB 8,944,000, an increase from RMB 3,585,000 in 2023, indicating enhanced support for R&D projects[85]. - The company emphasizes the importance of research and development in enhancing its product offerings[146]. Strategic Acquisitions - The company acquired a 51% stake in Shanghai Zuoxin, expanding its business into the high-growth potential segment of non-valvular atrial fibrillation stroke prevention[8]. - The company agreed to acquire 51% of Shanghai Zoxin for approximately RMB 141.32 million, making it a subsidiary after completion[33]. - The company plans to acquire all shares of Shanghai Xinyong for no more than RMB 380 million, which was approved by shareholders on September 30, 2024[33]. - The company acquired 100% equity of Shanghai Xinyong Medical Technology Co., Ltd. for a total consideration of RMB 377 million, completed in December 2024[103]. - The company acquired 51% of CardioAdvent for a total cash consideration of RMB 141,317,000, completed on January 31, 2024[122]. Operational Efficiency - The company has established a quality management system and improved manufacturing efficiency through advanced operational practices[27]. - The company has developed a multi-supplier strategy for raw materials to enhance supply chain resilience and reduce costs[27]. - Distribution costs decreased by 26.1% to RMB 164.8 million for the year ending December 31, 2024, from RMB 223.0 million for the year ending December 31, 2023, as the company enhanced operational efficiency while expanding sales[51]. - Administrative expenses decreased by 18.0% to RMB 57.6 million for the year ending December 31, 2024, down from RMB 70.2 million for the year ending December 31, 2023, due to strict control measures[52]. Governance and Compliance - The company has adopted and complied with the Corporate Governance Code throughout the reporting period[129]. - The company confirmed compliance with applicable laws and regulations, including the Companies Ordinance and Listing Rules, during the reporting period[131]. - The board of directors includes a diverse group of experienced professionals, ensuring strong governance and oversight[149]. Employee and Operational Metrics - As of December 31, 2024, the company had 430 full-time employees, a decrease from 592 employees as of December 31, 2023, with 10.70% in R&D and 36.74% in marketing and sales[32]. - The treatment solution promotion team has over 160 full-time employees, focusing on innovative transcatheter and surgical treatment solutions for structural heart diseases[29].
心通医疗-B(02160) - 2024 - 年度业绩